Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player



  • IFR 7 Offers of Islamic Securities

    • IFR 7.1 Application

      • IFR 7.1.1

        (1) Subject to (2), this chapter applies to any PersonG who Offers Islamic SecuritiesG in or from the DIFC.
        (2) A PersonG making Offers of Islamic SecuritiesG in or from the DIFC must comply with the requirements in the Markets Law 2012 and the MKT module except to the extent otherwise provided in this chapter.
        (3) Islamic SecuritiesG , for the purposes of this chapter, do not include UnitsG of an Islamic FundG .
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
        [Amended] DFSA RM94/2012 (Made 14th June 2012). [VER4/06-12]
        [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

        • IFR 7.1.1 Guidance

          1. The issue of SecuritiesG is not an activity that constitutes a Financial ServiceG . Therefore, the activities such as the issue of SharesG , DebenturesG (SukuksG ) or WarrantsG do not attract the Financial ServicesG prohibitions in the Regulatory Law 2004. However, the OfferG of SecuritiesG is an activity to which the Markets Law 2012 and the MKT module apply. Under the Markets Law 2012, a PersonG making an OfferG of SecuritiesG in or from the DIFC is subject to numerous disclosure requirements, unless exempt.
          2. Offers of Islamic SecuritiesG which are Units of a Fund are not subject to the requirements in this section because the Collective Investment Law 2010 and CIR module provide for such activities to be regulated. IFR Chapter 6 of this module sets out additional requirements that apply to the Fund ManagerG when Offering Units of an Islamic FundG .
          3. The definition of the term Islamic SecuritiesG is in the GLO module.
          Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
          [Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]
          [Amended] DFSA RM94/2012 (Made 14th June 2012). [VER4/06-12]
          [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 7.2 Contents of a Prospectus for Islamic Securities

      • IFR 7.2.1 [Deleted]

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

      • IFR 7.2.2 [Deleted]

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

      • IFR 7.2.3

        Where the relevant SecuritiesG are held out as being in accordance with Shari'a, the ProspectusG relating to those SecuritiesG must include:

        (a) details of the members of the Shari'a Supervisory BoardG appointed by the IssuerG who have undertaken the review of the relevant SecuritiesG ;
        (b) details of the qualifications and experience of each of those Shari'a Supervisory BoardG members;
        (c) in the case of issuance of SukuksG :
        (i) the opinion of the Shari'a Supervisory BoardG in respect of whether the SecuritiesG are Shari'a compliant;
        (ii) a description of the structure of the underlying transaction and an explanation of the flow of funds; and
        (iii) where applicable, the disclosures required by the Shari'a StandardsG published from time to time by AAOIFI in respect of investment SukuksG ; and
        (d) instead of the statement required under MKT Rule 2.5.1(3)(d), a prominent disclaimer in bold, on the front page of this ProspectusG as follows:

        "The DFSAG does not accept any responsibility for the content of the information included in the ProspectusG , including the accuracy or completeness of such information. The liability for the content of the ProspectusG lies with the issuer of the ProspectusG and other Persons, such as Experts, whose opinions are included in the ProspectusG with their consent. The DFSAG has also not assessed the suitability of the Securities to which the ProspectusG relates to any particular investor or type of investor and has not determined whether they are Shari'a compliant. If you do not understand the contents of this ProspectusG or are unsure whether the Securities to which the ProspectusG relates are suitable for your individual investment objectives and circumstances, you should consult an authorised financial advisor."
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
        [Amended] DFSA RM94/2012 (Made 14th June 2012). [VER4/06-12]
        [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 7.3 Continuing Disclosure Relating to Islamic Securities

      • IFR 7.3.1

        The Reporting EntityG responsible for Islamic SecuritiesG must, without delay, disclose to the markets and the DFSA details of any changes to the membership of its Shari'a Supervisory BoardG , the identity, qualifications and experience of any new Shari'a Supervisory BoardG members and the identity of any Shari'a Supervisory BoardG members who resign or are dismissed.

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

      • IFR 7.3.2

        A Listed EntityG with Islamic SecuritiesG admitted to the Official List of SecuritiesG must make the required market disclosures in accordance with the requirements under section A2.1 and comply with the other continuing obligations under section A2.2.

        Derived from DFSA RM119/2013 (Made 13th June 2013). [VER7/07-13]

    • IFR 7.4 [Deleted]

      [Deleted] DFSA RM169/2016 (Made 10th February 2016). [VER10/04-16]

      • IFR 7.4.1 [Deleted]

        [Deleted] DFSA RM169/2016 (Made 10th February 2016). [VER10/04-16]