Entire Section

  • IFR 3.7 IFR 3.7 Internal Shari'a Review

    • IFR 3.7.1

      An Authorised Person must perform an internal Shari'a review to assess the extent to which the Authorised Person complies with fatwas, rulings and guidelines issued by its Shari'a Supervisory Board.

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

    • IFR 3.7.2

      An Islamic Financial Institution must perform the internal Shari'a review in accordance with AAOIFI GSIFI No. 3.

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

    • IFR 3.7.3 IFR 3.7.3

      An Authorised Person which operates an Islamic Window must, to the extent possible, perform the internal Shari'a review in accordance with AAOIFI GSIFI No. 3 and must document the manner in which it will conduct that part of the internal Shari'a review that is not conducted in accordance with AAOIFI GSIFI No. 3.

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

      • IFR 3.7.3 Guidance

        GSIFI No. (3) (Internal Shari'a Review) establishes standards and provides guidance on the internal Shari'a review in institutions that conduct business in accordance with Shari'a. The standard covers the following:

        a. objectives;
        b. internal Shari'a Review;
        c. independence and objectivity;
        d. professional proficiency;
        e. scope of work;
        f. performance of the internal Shari'a Review work;
        g. management of the internal Shari'a Review;
        h. quality assurance; and
        i. elements of an effective internal Shari'a Review control system.
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]

    • IFR 3.7.4 IFR 3.7.4

      An Authorised Person must ensure that the internal Shari'a review is performed by the internal audit function or the compliance function of the Authorised Person and that the individuals or departments involved in performing the review are competent and sufficiently independent to assess compliance with Shari'a.

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

      • IFR 3.7.4 Guidance

        For the purposes of assessing competency of personnel or departments which perform the internal Shari'a review, an Authorised Person should consult AAOIFI GSIFI No. 3 paragraphs 9 to 16 inclusive.

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