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Dubai Financial Services Authority (DFSA): Contents

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  • IFR 1 Introduction

    • IFR 1.1 Application

      • IFR 1.1.1

        This module (IFR) applies to:

        (a) every Person who carries on, or holds itself out as carrying on, a Financial Service in or from the DIFC as in accordance with Shari'a;
        (b) a Domestic Fund which is operated or held out as being operated as an Islamic Fund; and
        (c) a Person making an Offer in or from the DIFC relating to an Investment which is held out as Islamic or Shari'a compliant.
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]

        • IFR 1.1.1 Guidance

          1. Most of the requirements that apply to Persons conducting Financial Services or distributing Securities as Islamic or Shari'a compliant are included in this module. There are other more generic requirements relating to such Financial Services or activities that are included in other modules of the DFSA Rulebook.
          2. To enable Persons carrying on or proposing to carry on Islamic finance activities to easily access the Islamic finance related requirements applicable to their activities, the DFSA has created a web-based Islamic Finance Handbook. This handbook allows electronic navigation to reach the relevant provisions in the IFR and other DFSA Rulebook modules where Islamic finance related requirements applicable to specific Islamic finance activities are located. The handbook is accessible from the DFSA web-site.
          Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]

    • IFR 1.2 Overview of the IFR Module

      • IFR 1.2 Guidance

        1. Rules in this module are made under or for the purposes of a number of laws, including the Regulatory Law 2004, the Law Regulating Islamic Financial Business 2004 and the Collective Investment Law 2010. Guidance may indicate the relevant legislation.
        2. Chapters IFR 2 and IFR 3 contain the general requirements and obligations that apply to an Authorised Person who carries on any Financial Service as Islamic Financial Business. IFR Chapter 4 contains the accounting and audit requirements that apply to such Persons.
        3. IFR Chapter 5 contains additional requirements that apply to an Authorised Firm that carries on the Financial Service of Managing Profit Sharing Accounts.
        4. IFR Chapter 6 contains the additional requirements that apply to a Fund Manager of an Islamic Fund.
        5. IFR Chapter 7 contains specific requirements that apply to Reporting Entities which Offer Securities as Shari'a compliant. However, the general requirements that apply to such Offers with which the Reporting Entities must comply continue to be in the Market Rules (MKT module).
        6. IFR Chapter 8 contains the additional requirements applying to Persons who carry on Insurance Business or Insurance Intermediation as Takaful Insurance.
        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]