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  • IFR 2.3 Conducting Islamic Financial Business

    • IFR 2.3 Guidance

      1. Article 9 of the Law Regulating Islamic Financial Business 2004 provides that in order to conduct Islamic Financial BusinessG , the Authorised PersonG must have an endorsed Licence authorising it to conduct such business:
      a. as an Islamic Financial InstitutionG ; or
      b. by operating an Islamic WindowG .
      2. Article 11 of the Law Regulating Islamic Financial Business 2004 governs the making of an application for an endorsement to conduct Islamic Financial BusinessG .
      3. Article 11(5) of the Law Regulating Islamic Financial Business 2004 governs the grant of an endorsement to conduct Islamic Financial BusinessG as either an Islamic Financial InstitutionG or by operating an Islamic WindowG . A PersonG must obtain the relevant endorsement before carrying on Islamic Finance BusinessG as an Islamic Financial InstitutionG or through an Islamic WindowG .
      4. An Authorised PersonG with an endorsement to operate an Islamic WindowG may conduct some of its activities as a conventional Financial ServiceG while conducting its Islamic Financial BusinessG through the Islamic WindowG .
      5. If Islamic Financial BusinessG (whether through an Islamic Financial InstitutionG or Islamic WindowG ) is provided to Retail ClientsG , the Authorised PersonG must also have a Retail EndorsementG on its LicenceG .
      6. A PersonG may, subject to any restrictions in the DFSA Rules, carry on more than one Financial ServiceG , provided that PersonG has the relevant authorisations or endorsements on its LicenceG 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]