Entire Section

  • IFR 6.1.1 IFR 6.1.1

    (1) This section applies in the case of a Domestic Fund:
    (a) which is an Islamic Fund, to its Fund Manager and where appointed, its Trustee;
    (b) which is an Umbrella Fund with one or more Islamic Sub-Funds, to its Fund Manager and where appointed, its Trustee in respect of those Sub-Funds; or
    (c) which is an Islamic Fund on a Fund Platform, to the Fund Manager using the Fund Platform, in respect of that Fund.
    (2) The requirements that apply to a conventional Fund under the Collective Investment Law 2010 and CIR apply equally to an Islamic Fund, except as otherwise provided in this chapter.
    (3) The requirements in MKT chapter 6 that apply to a conventional Listed Fund apply equally to an Islamic Fund, if it is or is to be a Listed Fund, except as otherwise provided in this chapter.
    (4) In this chapter, except where otherwise provided, any reference to a Fund is to an Islamic Fund, to an Islamic Sub-Fund of an Umbrella Fund, or to an Islamic Fund on a Fund Platform, as the case may be and any reference to a Fund Manager is a reference to a Fund Manager of such a Fund.
    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 RM272/2010 (Made 11th July 2010). [VER2/07-10]
    [Amended] DFSA RM220/2018 (Made 22nd February 2018). [VER13/12-18]
    [Amended] DFSA RMI249/2019 (Made 18th December 2019). [VER14/12-19]

    • IFR 6.1.1 Guidance

      1. While the CIR module contains the key requirements relating to the management and operation of conventional Collective Investment Funds, this module sets out the additional requirements that apply where such a Fund is managed or held out as being managed as an Islamic Fund. There are other requirements that applying to such firms which are found in other modules of the DFSA rulebook, such as the GEN module, COB module and PIB module.
      2. While section 3 contains the requirements that apply to Authorised Firms which are Fund Managers of Collective Investment Funds, the requirements in this section mainly focuses on Shari'a compliance related requirements that apply at the Fund level. For example, while the systems and controls required under IFR section 3.3 relate to the systems and controls that a firm must have in order to comply with its Shari'a obligations, IFR Rule 6.1.3 sets out systems and controls that must be established and maintained at the Fund level.
      Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
      [Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]