The DFSA Rulebook Islamic Finance Rules (IFR)

IFR/VER22/12-25 

1. INTRODUCTION

1.1. Application 

1.1.1

This module (IFR) applies to:

(a) every Person who carries on, or holds itself out as carrying on, a Financial Service in or from the DIFC as in accordance with Shari’a;

(b) a Domestic Fund which is operated or held out as being operated as an Islamic Fund;

(c) a Person making an Offer in the DIFC relating to a Security (other than a Unit) which is held out as Islamic or Shari’a compliant; and 

(d) a Person making an Offer in or from the DIFC relating to a Unit of a Fund which is operated or held out as being operated as an Islamic Fund. 

Guidance 

1. Most of the requirements that apply to Persons conducting Financial Services or distributing Securities as Islamic or Shari’a compliant are included in this module. There are other more generic requirements relating to such Financial Services or activities that are included in other modules of the DFSA Rulebook. 

2. To enable Persons carrying on or proposing to carry on Islamic finance activities to easily access the Islamic finance related requirements applicable to their activities, the DFSA has created a web-based Islamic Fi...