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IFR 6.2.1

Past version: effective from 01/03/2010 - 10/07/2010
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An Operator of an Islamic Fund must appoint a Shari'a Supervisory Board to its Fund that meets the following requirements:

(a) the Shari'a Supervisory Board has at least three members;
(b) the members appointed to the Shari'a Supervisory Board are competent to perform their functions as Shari'a Supervisory Board members of the Fund;
(c) any appointments, dismissals or changes in respect of members of the Shari'a Supervisory Board are approved by the Governing Body of the Fund; and
(d) no member of the Shari'a Supervisory Board is a director or Controller of the Fund or its Operator.
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]