Home   Browse contents   View updates   Search  
     Quick search
Go
   

Whole SectionText only Print Print Manager Link


  Versions
(2 versions)
 
Up to Aug 20 2014Aug 21 2014 onwards

11. Application for an endorsement



Whole Section PDF

To view past versions of this module in PDF format, please visit the Archive.

(1) An application for an endorsement on a Licence authorising an Authorised Person to conduct Islamic Financial Business as an Islamic Financial Institution or by operating an Islamic Window may be made to the DFSA by any:
(a) body corporate; or
(b) partnership;

when applying for a Licence under Article 45 of the Regulatory Law 2004.
(2) An Authorised Person may apply to the DFSA for an endorsement to conduct Islamic Financial Business as an Islamic Financial Institution or by operating an Islamic Window, or to vary such an endorsement.
(3) The DFSA Board of Directors may make Rules providing that certain persons or categories of person may not be granted an endorsement in relation to Islamic Financial Business.
(4) The DFSA Board of Directors may make Rules:
(a) prescribing the requirements an applicant applying for an endorsement must meet before an endorsement can be granted by the DFSA. Such Rules may include requirements relating to the legal form an applicant must adopt;
(b) providing for such requirements referred to in Article 11(4)(a) to be varied in cases where an application is made by a person which is, at the time of application, regulated in a jurisdiction other than the DIFC;
(c) prescribing certain persons or categories of person to be exempted from the requirements referred to in Article 11(4)(a); and
(d) providing for any such exemptions to be:
(i) limited to certain Islamic Financial Business activities or specified circumstances; or
(ii) subject to certain conditions and restrictions.
(5) The DFSA may grant an application for an endorsement or for a variation to an endorsement if it is satisfied that the requirements for an endorsement or variation of an endorsement under this Article have been met.
(5A) The DFSA may refuse an application if it not satisfied that the requirements for an endorsement or variation of an endorsement under this Article have been met.
(6) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under Article 11(5A).
(7) If the DFSA decides to exercise its power under Article 11(5A), the applicant may refer the matter to the FMT for review.