Islamic Finance Business supplement notes

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This section contains information to assist you in completing the Islamic Financial Business supplement. Each note relates to a question in the Islamic Financial Business supplement. Eg IF2 below provides information to assist you to complete the question at IF2 of the Islamic Financial Business supplement.

Section 1: Corporate governance, strategy and business model

IF1. Set out your track record in Islamic Financial Business and how you are regulated in other jurisdictions in relation to Islamic Financial Business.
IF2. Please refer to GLO for the definitions of Islamic Financial Business, Islamic Financial Institution and Islamic Window.
IF3. Explain how each financial Transaction effected as part of your Islamic Financial Business takes place. This should take account of Murabaha, Mudaraba, Musharaka, Ijarah, Istisna, Salam, Kefala, Sukuk, Bai Bithman Ajil, Arboun, Takaful, and any other types of Islamic Contract. Identify the prudential risks involved in a transaction and which party carries those risks. See chapter IFR 3 and IFR 5 for the prudential treatment of Islamic Contracts.
IF4. See IFR chapter 3 for requirements in relation to your Shari'a Supervisory Board (SSB).
IF5. See IFR chapter 3 on appointment, dismissal and remuneration.
IF6. -
IF7. See IFR Rule 3.5.4

Section 2: Financial and operational risks

IF8. -
IF9. -
IF10. See IFR section 3.4.
IF11. See IFR chapter 3.
IF12. See IFR section 3.6 and IFR section 3.7.

Section 3: Conduct of business risks to clients and markets

IF13. See IFR section 3.8.
IF14. See IFR section 3.8.
IF15. See chapters IFR 3 and IFR 5. Please also refer to PIB chapter 3 for prudential treatment.
IF16. See IFR chapter 5.
IF17. See IFR chapter 5.
IF18. -
IF19. -
IF20. See IFR chapter 6
IF21. -
IF22. See IFR Rule 3.7.2.