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  Versions
(1 version)
 
Mar 1 2010 onwards

IFR 3.5.4



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.

(1) The Authorised PersonG must ensure that the Islamic Financial BusinessG policy and procedures manual it is required to maintain under IFR Rule 3.4.1 provides that:
(a) a member of the Shari'a Supervisory BoardG is obliged to notify the Authorised PersonG of any conflict of interest that such member may have with respect to the Authorised PersonG or, in the case of an Investment TrustG , the TrusteeG ; and
(b) the Authorised PersonG will take appropriate steps to manage any such conflict of interest so that the Islamic Financial BusinessG is carried out appropriately and in compliance with Shari'a, the interest of a ClientG is not adversely affected and all ClientsG are fairly treated and not prejudiced by any such interests.
(2) If an Authorised PersonG is unable to manage a conflict of interest as provided above, it must dismiss or replace the member as appropriate.
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]