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Dubai Financial Services Authority (DFSA): Contents

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  • IFR 4 Accounting and Auditing

    • IFR 4.1 Application

      • IFR 4.1.1

        This chapter applies to every Authorised PersonG carrying on Islamic Financial BusinessG .

        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
        [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

        • IFR 4.1.1 Guidance

          GEN chapter 8 contains the general accounting and audit requirements applying to Authorised PersonsG .

          Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
          [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]
          [Amended] DFSA RM139/2014 (Made 21st August 2014). [VER8/06-14]

      • IFR 4.1.2 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.2 Financial statements — specific disclosures

      • IFR 4.2.1

        An Authorised PersonG carrying on Islamic Financial BusinessG must ensure that its financial statements required under GEN chapter 8 contain the following disclosures:

        (a) the role and authority of the Shari'a Supervisory BoardG in overseeing the Authorised Person'sG Islamic Financial BusinessG ;
        (b) the method used in the calculation of the Zakah base;
        (c) whether Zakah has been paid by the Authorised PersonG ;
        (d) where Zakah has been paid by the Authorised PersonG , the amount which has been paid; and
        (e) where Zakah has not been paid by the Authorised PersonG , sufficient information to allow a shareholder or other investor to compute the amount of his own liability to Zakah.
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
        [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

        • [Deleted]

          [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.2.2

        An Authorised PersonG who operates an Islamic WindowG must ensure that its financial statements required under GEN chapter 8 contain the following disclosures:

        (a) a detailed statement of the funds mobilised according to Shari'a rules and principles and the assets financed by those funds;
        (b) a detailed statement of the income and expenditure attributable to its Islamic Financial BusinessG ; and
        (c) whether funds attributable to Islamic Financial BusinessG are commingled with funds attributable to conventional financial services.
        [Added] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.2.3

        An Authorised FirmG which is a Takaful InsurerG must ensure that the financial statements required under GEN chapter 8 for each Insurance FundG contain the following disclosures:

        (a) income from contributions to the Insurance FundG ;
        (b) revenues and gains from the Insurance Fund'sG investments;
        (c) amounts paid to the Takaful operator;
        (d) amounts paid for reinsurance cover, net of any commissions;
        (e) amounts paid to Takaful contributors as a distribution of surplus;
        (f) amount of any loan received from, or repaid to the Takaful operator;
        (g) changes in the actuarial reserves of the Insurance FundG ; and
        (h) the position of the Insurance FundG at the end of the period, including actuarial reserves, policyholders' surplus and any loans outstanding.
        [Added] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.2.4

        An Authorised FirmG which Manages a Profit Sharing Investment AccountG ("PSIA") must ensure that its financial statements required under GEN chapter 8 contain the following disclosures:

        (a) an analysis of income according to types of investments and their financing by customers;
        (b) the basis for the allocation of profits between owners' equity and PSIA holders;
        (c) the equity of PSIA holders at the end of the reporting period;
        (d) the bases used to determine any Profit Equalisation ReserveG or Investment Risk ReserveG ;
        (e) the changes which have occurred in such reserves during the reporting period;
        (f) any deductions made by the Authorised FirmG from its share of income, and any expenses borne by the Authorised FirmG on behalf of PSIA holders, as a contribution to increase the income of PSIA holders, if such contribution was material; and
        (g) the identity of any person to whom any remaining balances of any Profit Equalisation ReserveG or Investment Risk ReserveG is attributable in the event of liquidation.
        [Added] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.3 [Deleted]

      [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.3.1 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.3.4 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

        • IFR 4.3.5 [Deleted]

          [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

        • IFR 4.3.6 [Deleted]

          [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.4 [Deleted]

      [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.4.1 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.4.2 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.4.3 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.4.4 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

        • [Deleted]

          [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.4.5 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.4.6 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.5 [Deleted]

      [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.5.1 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.6 [Deleted]

      [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.6.1 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.6.2 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • IFR 4.6.3 [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]