In identifying conflicts of interest, Wahed will consider all of the factual circumstances. A conflict of interest which may give rise to a material risk of damage to Clients’ interests may arise for example, where either Wahed or any relevant third party could make a financial gain, or avoid a financial loss, at the expense of a Client or has an interest in the outcome of a service provided to the Client or of a transaction carried out on behalf of the Client, which is distinct from the Client’s interest in that outcome. However, Wahed notes that not all circumstances which appear to involve differing interests amongst the parties involved will constitute a conflict of interests.