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Mar 1 2010 - Dec 22 2012Dec 23 2012 onwards

IFR 5.4.3

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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) In addition to Rules in IFR 5.2.4, an Authorised FirmG Managing a PSIAG must set out in a written policy how it proposes to organise and control the activities that arise from such business and ensure that its activities are conducted in accordance with Shari'a.
(2) The policy must as a minimum address, where appropriate, the following matters:
(a) how the interests of shareholders and PSIAG holders are safeguarded;
(b) how the Authorised FirmG will limit exposures of PSIAG holders to the Authorised FirmG ;
(c) a description of the controls to ensure that the funds of the PSIAG are invested in accordance with the investment guidelines agreed in the investment contract;
(d) the basis for allocating profits and losses to the PSIAG holders;
(e) the policy for making provisions and reserves and, in respect of PSIAsG , to whom these provisions and reserves revert in the event of a write-off or recovery;
(f) the Authorised Firm'sG policy on the prioritisation of investment of own funds and those of Unrestricted PSIAG holders;
(g) how liquidity mismatch will be monitored;
(h) the basis for allocating expenses to PSIAG holders; and
(i) how the Authorised FirmG will monitor the value of its assets.
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
[Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]