Entire Section

  • IFR 3.8.3 IFR 3.8.3

    (1) An Authorised Firm which operates an Islamic Window must, subject to (3), disclose to its Clients whether or not it commingles funds attributable to its Islamic Financial Business with funds attributable to conventional financial business.
    (2) An Authorised Market Institution which operates an Islamic Window must disclose to any Person granted access to its facilities whether or not it commingles funds attributable to its Islamic Financial Business with funds attributable to conventional financial business.
    (3) An Authorised Firm does not have to make the disclosure required under (1) if it is a Fund Manager of an Islamic 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.
    Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
    [Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]
    [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]
    [Amended] DFSA RMI249/2019 (Made 18th December 2019). [VER14/12-19]

    • IFR 3.8.3 Guidance

      1. See Guidance 3 for the type of information required to be included in a Prospectus. The disclosures required under Rule 3.8.3(1) and (2) should initially be made in writing at the beginning of the relationship with a Client or with a person granted access to an Authorised Market Institution's facilities. Additional disclosure should also be made if the Authorised Firm changes its policy relating to commingling of funds attributable to its Islamic Financial Business with funds attributable to conventional financial business.
      2. The requirements in Rule 3.8.3 will also apply to an Authorised Firm that uses a Fund Platform and has both Islamic and conventional Funds on the Fund Platform.
      [Added] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]
      [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]
      [Amended] DFSA RMI249/2019 (Made 18th December 2019). [VER14/12-19]