Entire Section

  • Schedule 1 — Schedule 1 — Interpretation

    • 1. Rules of interpretation

      (1) In the Law, a reference to:
      (a) a statutory provision includes a reference to the statutory provision as amended or re-enacted from time to time;
      (b) a person includes any natural person, body corporate or body incorporated, including a company, partnership, unincorporated association, government or state;
      (c) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in the Law, include publishing or causing to be published in printed or electronic form;
      (d) unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official State holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day;
      (e) a calendar year shall mean a year of the Gregorian calendar; and
      (f) a reference to the masculine gender includes the feminine.
      (2) The headings in the Law shall not affect its interpretation.

    • 2. Legislation in the DIFC

      References to legislation and Guidance in the Law shall be construed in accordance with the following provisions:

      (a) Federal Law is law made by the federal government of the State;
      (b) Dubai Law is law made by the Ruler, as applicable in the Emirate of Dubai;
      (c) DIFC Law is law made by the Ruler (including, by way of example, the Law), as applicable in the DIFC;
      (d) the Law is The Law Regulating Islamic Financial Business, DIFC Law No.13 of 2004 made by the Ruler;
      (e) the Rules are legislation made by the DFSA under the Law and are binding in nature;
      (f) Guidance is indicative and non-binding and may comprise (i) guidance made and issued by the Chief Executive as notations to the Rules; and (ii) any standard or code of practice issued by the DFSA Board of Directors which has not been incorporated into the Rules; and
      (g) references to "legislation administered by the DFSA" are references to DIFC Law and Rules conferring functions and powers on the DFSA.

    • 3. Defined Terms

      In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

      Term Definition
      Authorised Firm a person who holds a Licence to carry on one or more Financial Services prescribed pursuant to Article 42(1) of the Regulatory Law 2004.
      Authorised Market Institution a person who is licensed by the DFSA in relation to the carrying on of one or more Financial Services prescribed pursuant to Article 42(1) of the Regulatory Law 2004.
      Authorised Person has the meaning given in Schedule 1 to the Regulatory Law 2004.
      DFSA Board of Directors the governing body of the DFSA, established under Chapter 2 of Part 2 of the Regulatory Law 2004.
      DFSA the Dubai Financial Services Authority.
      DIFC the Dubai International Financial Centre.
      Financial Markets Tribunal the Financial Markets Tribunal referred to in Article 26 of the Regulatory Law 2004.
      FMT the Financial Markets Tribunal.
      Financial Service is an activity prescribed in the Rules made under Article 41(3) of the Regulatory Law.
      Law the Law Regulating Islamic Financial Business 2004.
      Licence a Licence granted by the DFSA under Chapter 2 of Part 3 of the Regulatory Law.
      Markets Law the Markets Law 2012.
      Regulatory Law the Regulatory Law 2004.
      Rules has the meaning given in Article 2 of Schedule 1 to the Regulatory Law 2004.
      Shari'a Supervisory Board a board appointed by an Authorised Firm or Authorised Market Institution pursuant to Article 13(1) of this Law.
      State United Arab Emirates