IFR 5.2.4

Where an Authorised FirmManages a PSIA, its Islamic Financial Business policy and procedures manual must address the following additional matters:

(a) the basis upon which a PSIA will be deemed restricted or unrestricted;
(b) the basis for allocation of profit or loss to the PSIA;
(c) the basis for allocation of expenses to the PSIA;
(d) the manner in which an Authorised Firm's own funds, funds of restricted PSIAs and funds from unrestricted PSIAs are to be controlled;
(e) the manner in which the funds of each type of investment account holder will be managed;
(f) the manner in which it will determine priority for investment of own funds and those of holders of unrestricted PSIAs;
(g) how provisions and reserves against equity and assets are to be applied; and
(h) the manner in which losses incurred as a result of the misconduct or negligence for which the Authorised Firm is responsible will be dealt with.
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
[Amended] DFSA RM106/2012 (Made 23rd December 2012). [VER6/12-12]