A Guide To Islamic Finance : In Or From The DIFC by DIFC Incorporated LLP

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The DIFX has therefore implemented the DIFX Listing Rules and DIFX Business Rules. The DIFX currently provides a platform for the listing and trading of securities which are admitted to the official list of securities maintained by the exchange. Currently the DIFX provides a platform for the listing and trading of: • Equity • Debentures • Certificates • Units of Funds • Index products • Islamic Securities • Designated Investments The DIFX permits primary and secondary listings. When an issuer proposes to list securities the requirements of the DIFX must be adhered to.

1. Shari’a systems model The DFSA’s regulatory structure for Islamic finance is referred to as the Shari’a System. This means that the firm must implement appropriate systems, controls and processes to ensure that the financial services and products offered are in compliance with Shari’a. The Shari’a Systems model obliges DFSA authorised firms to implement adequate systems to ensure compliance with Shari’a. The DFSA provides detail on what such systems should include and also requires that the relevant provisions of AAOIFI’s governance standards (GSIFI) are implemented to ensure initial and ongoing Shari’a compliance.

A cross-sectoral, unitary regulator, like the DFSA is able to address these risks more effectively. From a business perspective, the unitary structure makes it easier for authorised firms to raise issues relating to new products and financial services with a unitary regulator, as opposed to having to seek clearance and approval from a number of sector specific regulators operating in a single jurisdiction. 4. The importance of a level playing field, including a reverse level playing field in Islamic finance It is important to ensure that all financial institutions operating within the DIFC, and other financial centres, are subject to the same standard of regulation.

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