Authorised Person must ensure that the Islamic Financial Business policy and procedures manual it is required to maintain under IFR Rule 3.4.1 provides that:
(a) a member of the
Shari'a Supervisory Board is obliged to notify the Authorised Person of any conflict of interest that such member may have with respect to the Authorised Person or, in the case of an Investment Trust, the Trustee; and
Authorised Person will take appropriate steps to manage any such conflict of interest so that the Islamic Financial Business is carried out appropriately and in compliance with Shari'a, the interest of a Client is not adversely affected and all Clients are fairly treated and not prejudiced by any such interests.
(2) If an
Authorised Person is unable to manage a conflict of interest as provided above, it must dismiss or replace the member as appropriate.
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]