Entire Section

  • IFR 6.3 IFR 6.3 External Shari'a reviews and periodic reports

    • IFR 6.3.1

      A Fund Manager of a Domestic Fund that is a Public Fund, other than a Fund relying on the exemption in IFR Rule 6.2.1(3), must ensure that all Shari'a reviews of the Fund are undertaken by the Shari'a Supervisory Board in accordance with AAOIFI GSIFI No 2.

      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 RM139/2014 (Made 21st August 2014). [VER8/06-14]

    • IFR 6.3.2 IFR 6.3.2

      (1) In the case of a Domestic Fund that is a Public Fund other than a Fund relying on the exemptions in IFR Rule 6.2.1(3), the Fund Manager must commission an interim and an annual report relating to the Fund operations from the Shari'a Supervisory Board which complies with AAOIFI GSIFI No 1.
      (2) The Fund Manager must deliver a copy of the annual interim report referred to in (1) to the Unitholders in accordance with CIR Rule 9.4.4 and must include the report of the Shari'a Supervisory Board in the annual report required under CIR Rule 9.4.5.
      Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
      [Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]
      Amended in accordance with Notice of Amendments to Legislation April 2011 [VER3/02-11]
      [Amended] DFSA RM139/2014 (Made 21st August 2014). [VER8/06-14]

      • IFR 6.3.2 Guidance

        Although the Fund Managers of Exempt Funds and Qualified Investor Funds are not subject to the Shari'a review process required under IFR section 6.3, they would need to ensure that the Exempt Fund or Qualified Investor Fund continues to meet the Shari'a requirements, particularly for the purposes of their annual and interim reports, which are required to be prepared under CIR section 9.4. However, the manner in which they demonstrate to the Unitholders of the Fund how they achieve such compliance is a matter left to negotiation (i.e. subject to contractual terms) between the Unitholders and the Fund Manager.

        [Added] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]
        [Amended] DFSA RM139/2014 (Made 21st August 2014). [VER8/06-14]