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  • 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]