10.1 Terms & Conditions
Effective from Sep 11 2022 - Feb 28 2023
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| The terms and conditions of a contract for a PSIA must be clear, concise and easily understandable by an IAH. The contract must state the type, purpose, terms and period of the contract and the profit-sharing ratio agreed at the time of the opening of the account. A bank must ensure that the following information is included in the terms and conditions given to an IAH: | ||
| a. | How the funds of the IAH will be managed and invested; | |
| b. | The PSIA’s investment objectives; | |
| c. | The basis for allocating profits and losses; | |
| d. | A summary of the policies for valuing the PSIAs assets | |
| e. | If the bank uses PER/IRR reserves as a smoothing technique, a summary of the policies for transferring funds to and from the reserve | |