IFR 1 IFR 1 Introduction
IFR 1.1 IFR 1.1 Application
IFR 1.1.1 IFR 1.1.1
This module (IFR) applies to:(a) every
Personwho carries on, or holds itself out as carrying on, a Financial Servicein or from the DIFCas in accordance with Shari'a;(b) a Domestic Fundwhich is operated or held out as being operated as an Islamic Fund;(c) a Personmaking an Offerin or from the DIFCrelating to an Investmentwhich is held out as Islamic or Shari'a compliant.
IFR 1.1.1 Guidance1. Most of the requirements that apply to
Personsconducting Financial Servicesor distributing Securitiesas Islamic or Shari'a compliant are included in this module. There are other more generic requirements relating to such Financial Servicesor activities that are included in other modules of the DFSA Rulebook.2. To enable Personscarrying 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.3. Investment Tokens are Investments defined in GEN A2.1.1(3). An Investment Token is likely to be held out as being Islamic or Shari’a compliant when it is referred to using terms such as ‘Islamic investment token, ‘Islamic security token’, ‘sukuk token’, ‘Islamic fund token’ or any other name that suggests or implies it is Islamic or Shari’a compliant.
IFR 1.2 IFR 1.2 Overview of the IFR Module
IFR 1.2 Guidance1. 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 Personwho carries on any Financial Serviceas 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 Firmthat carries on the Financial Serviceof Managing Profit Sharing Accounts.4. IFR Chapter 6 contains the additional requirements that apply to a Fund Managerof an Islamic Fund.5. IFR Chapter 7 contains specific requirements that apply to Reporting Entitieswhich Offer Securitiesas Shari'a compliant. However, the general requirements that apply to such Offers with which the Reporting Entitiesmust comply continue to be in the Market Rules (MKT module).6. IFR Chapter 8 contains the additional requirements applying to Personswho carry on Insurance Businessor Insurance Intermediationas Takaful Insurance.