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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Rulebook Modules
Islamic Finance Rules (IFR) [VER14/12-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases

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IFR 6.2.1

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(1) A Fund ManagerG of a Domestic FundG other than an Exempt FundG must, subject to (3), appoint a Shari'a Supervisory BoardG to its FundG that meets the following requirements:
(a) the Shari'a Supervisory BoardG has at least three members;
(b) the members appointed to the Shari'a Supervisory BoardG are competent to perform their functions as Shari'a Supervisory BoardG members of the FundG ;
(c) any appointments, dismissals or changes in respect of members of the Shari'a Supervisory BoardG are approved by the Governing BodyG of the Fund ManagerG ; and
(d) no member of the Shari'a Supervisory BoardG is a director or Controller of the FundG or its Fund ManagerG .
(2) A Fund ManagerG may comply with the requirement in (1) by appointing to the FundG the same Shari'a Supervisory BoardG as it has appointed to the firm in accordance with IFR Rule 3.5.1, provided the requirements in (1) are also met.
(3) A Fund ManagerG is not required to comply with the requirement in (1) where it relies, for the purposes of making investments for the FundG , on a widely accepted Shari'a screening process such as investing in securities included in, or recognised by reference to, an Islamic index, sukuk, or treasury instruments issued by a Shari'a compliant financial services provider regulated by a Financial Services RegulatorG .
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
[Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]