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  Versions
(1 version)
 
Mar 1 2010 onwards

IFR 3.4.1



Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

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

An Authorised PersonG undertaking Islamic Financial BusinessG must implement and maintain an Islamic Financial BusinessG policy and procedures manual which addresses the following matters:

(a) the manner in which the compliance function will be undertaken, in respect of Shari'a compliance;
(b) the manner in which the Shari'a Supervisory BoardG will oversee and advise in regard to the Islamic Financial BusinessG conducted by the Authorised PersonG ;
(c) the manner in which Shari'a Supervisory BoardG fatwas, rulings and guidelines will be recorded, disseminated and implemented and the internal Shari'a review undertaken;
(d) the manner in which disputes between the Shari'a Supervisory BoardG and the Authorised PersonG in respect of Shari'a compliance will be addressed;
(e) the process for approving those internal systems and controls which are in place to ensure not only that the Islamic Financial BusinessG is carried out in compliance with Shari'a, but that information is disseminated, using an appropriate method and manner, to investors and, in the case of an Authorised Market InstitutionG , PersonsG to whom access to its facilities are provided;
(f) the manner in which conflicts of interest will be identified and managed including where prescribed; and
(g) in respect of an Authorised PersonG operating an Islamic WindowG , the systems and controls in place to ensure the appropriate separation of the Islamic Financial BusinessG of the Authorised PersonG from its conventional business.
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]