4.3. Legal opinions on Tier 2 Capital instruments

(1) An AIFC-Incorporated Takaful Operator must obtain a written external legal opinion stating that the requirements of Rules 4.1 or 4.2 have been met in respect of any perpetual qualifying hybrid capital instrument or subordinated debt that the AIFC-Incorporated Takaful Operator is proposing to include as Eligible Capital.

(2) An AIFC-Incorporated Takaful Operator must provide copies of the opinions referred to in subrule (1) to the AFSA if requested by the AFSA to do so.