IFR 6.6.1

Past version: effective from 23/12/2012 - 20/08/2014
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A Fund Manager of an Islamic Fund which is a Private Fund must state in the Fund's Prospectus:

(a) that all the operations in relation to the Fund will be conducted in accordance with Shari'a;
(b) if the Fund has a Shari'a Supervisory Board appointed to it, the names of the members of the Shari'a Supervisory Board and their qualifications and experience and, whether or not the Fund Manager's Shari'a Supervisory Board is appointed to the Fund pursuant to IFR Rule 6.2.1(2);
(c) if the Fund does not have a Shari'a Supervisory Board appointed to it pursuant to IFR Rule 6.2.1(3), what widely acceptable screening methodologies are used by the Fund to ensure Shari'a compliance with respect to investments made for the Fund and the board that has approved them;
(d) if applicable, the manner and frequency of Shari'a reviews;
(e) how earnings prohibited by Shari'a will be disposed of;
(f) whether Zakah is the responsibility of the Fund or the responsibility of the Unitholders;
(g) the additional disclosure, if applicable, prescribed under section A1.1 of App 1 of CIR.
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 RM106/2012 (Made 23rd December 2012). [VER6/12-12]