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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  • IFR 3.5.1

    When an Authorised PersonG appoints a Shari'a Supervisory BoardG , it must ensure that:

    (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;
    (c) any appointments, dismissals or changes in respect of members of the Shari'a Supervisory BoardG are approved by the Governing BodyG of the Authorised PersonG ; and
    (d) no member of the Shari'a Supervisory BoardG is a director or ControllerG of the Authorised PersonG .
    Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]

    • IFR 3.5.1 Guidance

      For the purposes of IFR Rule 3.5.1, an Authorised PersonG should consider the previous experience and qualifications of the proposed Shari'a Supervisory BoardG members to assess whether the proposed Shari'a Supervisory BoardG member is competent to advise on the Islamic Financial BusinessG to be undertaken by the Authorised PersonG .

      Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]