IFR 4.2 IFR 4.2 Financial statements — specific disclosures
IFR 4.2.1 IFR 4.2.1
Authorised Personcarrying on Islamic Financial Businessmust ensure that its financial statements required under GEN chapter 8 contain the following disclosures:(a) the role and authority of the Shari'a Supervisory Boardin overseeing the Authorised Person's Islamic Financial Business;(b) the method used in the calculation of the Zakah base;(c) whether Zakah has been paid by the Authorised Person;(d) where Zakah has been paid by the Authorised Person, the amount which has been paid; and(e) where Zakah has not been paid by the Authorised Person, sufficient information to allow a shareholder or other investor to compute the amount of his own liability to Zakah.
[Deleted][Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]
Authorised Personwho operates an Islamic Windowmust ensure that its financial statements required under GEN chapter 8 contain the following disclosures:(a) a detailed statement of the funds mobilised according to Shari'a rules and principles and the assets financed by those funds;(b) a detailed statement of the income and expenditure attributable to its Islamic Financial Business; and(c) whether funds attributable to Islamic Financial Businessare commingled with funds attributable to conventional financial services.
Authorised Firmwhich is a Takaful Insurermust ensure that the financial statements required under GEN chapter 8 for each Insurance Fundcontain the following disclosures:(a) income from contributions to the Insurance Fund;(b) revenues and gains from the Insurance Fund'sinvestments;(c) amounts paid to the Takaful operator;(d) amounts paid for reinsurance cover, net of any commissions;(e) amounts paid to Takaful contributors as a distribution of surplus;(f) amount of any loan received from, or repaid to the Takaful operator;(g) changes in the actuarial reserves of the Insurance Fund; and(h) the position of the Insurance Fundat the end of the period, including actuarial reserves, policyholders' surplus and any loans outstanding.
Authorised Firmwhich Manages a Profit Sharing Investment Account("PSIA") must ensure that its financial statements required under GEN chapter 8 contain the following disclosures:(a) an analysis of income according to types of investments and their financing by customers;(b) the basis for the allocation of profits between owners' equity and PSIA holders;(c) the equity of PSIA holders at the end of the reporting period;(d) the bases used to determine any Profit Equalisation Reserveor Investment Risk Reserve;(e) the changes which have occurred in such reserves during the reporting period;(f) any deductions made by the Authorised Firmfrom its share of income, and any expenses borne by the Authorised Firmon behalf of PSIA holders, as a contribution to increase the income of PSIA holders, if such contribution was material; and(g) the identity of any person to whom any remaining balances of any Profit Equalisation Reserveor Investment Risk Reserveis attributable in the event of liquidation.