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  • IFR 4.2 IFR 4.2 Financial statements — specific disclosures

    • IFR 4.2.1 IFR 4.2.1

      An Authorised Person carrying on Islamic Financial Business must ensure that its financial statements required under GEN chapter 8 contain the following disclosures:

      (a) the role and authority of the Shari'a Supervisory Board in 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.
      Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
      [Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

      • [Deleted]

        [Deleted] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.2.2

      An Authorised Person who operates an Islamic Window must 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 Business are commingled with funds attributable to conventional financial services.
      [Added] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.2.3

      An Authorised Firm which is a Takaful Insurer must ensure that the financial statements required under GEN chapter 8 for each Insurance Fund contain the following disclosures:

      (a) income from contributions to the Insurance Fund;
      (b) revenues and gains from the Insurance Fund's investments;
      (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 Fund at the end of the period, including actuarial reserves, policyholders' surplus and any loans outstanding.
      [Added] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]

    • IFR 4.2.4

      An Authorised Firm which 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 Reserve or Investment Risk Reserve;
      (e) the changes which have occurred in such reserves during the reporting period;
      (f) any deductions made by the Authorised Firm from its share of income, and any expenses borne by the Authorised Firm on 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 Reserve or Investment Risk Reserve is attributable in the event of liquidation.
      [Added] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]