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  • IFR 2.3 Guidance

    1. Article 9 of the Law Regulating Islamic Financial Business 2004 provides that in order to conduct Islamic Financial Business, the Authorised Person must have an endorsed Licence authorising it to conduct such business:
    a. as an Islamic Financial Institution; or
    b. by operating an Islamic Window.
    2. Article 11 of the Law Regulating Islamic Financial Business 2004 governs the making of an application for an endorsement to conduct Islamic Financial Business.
    3. Article 11(5) of the Law Regulating Islamic Financial Business 2004 governs the grant of an endorsement to conduct Islamic Financial Business as either an Islamic Financial Institution or by operating an Islamic Window. A Person must obtain the relevant endorsement before carrying on Islamic Finance Business as an Islamic Financial Institution or through an Islamic Window.
    4. An Authorised Person with an endorsement to operate an Islamic Window may conduct some of its activities as a conventional Financial Service while conducting its Islamic Financial Business through the Islamic Window.
    5. If Islamic Financial Business (whether through an Islamic Financial Institution or Islamic Window) is provided to Retail Clients, the Authorised Person must also have a Retail Endorsement on its Licence.
    6. A Person may, subject to any restrictions in the DFSA Rules, carry on more than one Financial Service, provided that Person has the relevant authorisations or endorsements on its Licence as are applicable.
    Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
    [Amended] DFSA RM139/2014 (Made 21st August 2014). [VER8/06-14]