Entire Section

  • IFR 3.5.1 IFR 3.5.1

    When an Authorised Person appoints a Shari'a Supervisory Board, it must ensure that:

    (a) the Shari'a Supervisory Board has at least three members;
    (b) the members appointed to the Shari'a Supervisory Board are competent to perform their functions as Shari'a Supervisory Board members;
    (c) any appointments, dismissals or changes in respect of members of the Shari'a Supervisory Board are approved by the Governing Body of the Authorised Person; and
    (d) no member of the Shari'a Supervisory Board is a director or Controller of the Authorised Person.
    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 Person should consider the previous experience and qualifications of the proposed Shari'a Supervisory Board members to assess whether the proposed Shari'a Supervisory Board member is competent to advise on the Islamic Financial Business to be undertaken by the Authorised Person.

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