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  • Disclosure Relating to Shari'a Supervisory Board

    • IFR 3.8.1 IFR 3.8.1

      (1) An Authorised Firm, subject to (2), must disclose to each Client:
      (a) at the outset of the relationship and thereafter at any time on request, details of the members of the Authorised Firm's Shari'a Supervisory Board; and
      (b) at any time on request, details of the manner and frequency of Shari'a reviews.
      (2) An Authorised Firm does not have to make the disclosure required under (1) if it is a Fund Manager of a Fund and is making an Offer of Units of that Fund in accordance with the disclosure requirements in the Collective Investment Law 2010, the CIR module and this module.
      (3) An Authorised Market Institution must disclose the following information to each Person granted access to its facilities at the outset of the relationship, and thereafter whenever the information changes:
      (a) the members of the Authorised Market Institution's Shari'a Supervisory Board; and
      (b) if the Person granted access to its facilities requests, the manner and frequency of Shari'a reviews.
      Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
      [Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]

      • IFR 3.8.1 Guidance

        1. An Authorised Firm may make the initial disclosures required under IFR Rule 3.8.1(a) by including such information in the Client Agreement provided under COB chapter 3.
        2. An Authorised Firm Managing a PSIA may make additional disclosure required to be made relating to PSIA by including such information in the Client Agreement. See IFR chapter 5 for additional disclosure for PSIAs.
        3. A Fund Manager making an Offer of a Unit of a Fund it manages is required under Rules CIR 14.3.1(b) and CIR 14.3.2(b) to include information specified in IFR Rule 3.8.1(1) in the Prospectus which it must prepare and make available to Clients, hence the exemption in IFR Rule 3.8.1(2). A similar exemption is available to Fund Managers with regard to key information that must be provided to a Client under COB Rule 3.3.1(e).
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
        [Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]