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Additional info for A Guide To Islamic Finance : In Or From The DIFC

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28 Option 1: Marketing Foreign Designated Islamic Funds 29 Option 2: Marketing of Foreign Non-Designated Islamic Funds Specific additional requirements exist for specialist funds such as property funds which are not described in Figure above. The summaries are equally applicable to conventional funds. Legal Framework in the DIFC Although subject to the UAE’s criminal laws, including anti-money laundering and counter-terrorist financing laws, the DIFC is subject to its own legal system based on common law, influenced by the UK legal system.

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. 37 The Shari’a Systems model, provides benefits from two perspectives: firstly, financial institutions that operate in financial markets which are consistent with the international regulatory standards can transfer their business and compliance models into the DIFC with relative ease by implementing the Shari’a System prescribed by the DFSA as an overlay to the compliance and risk-management infrastructure commonly used in conventional finance, subject to appropriate degree of modification.

The DIFC and participants in the DIFC have a genuine belief in the underlying legitimacy and value of Islamic Finance, and this feature is a core strength which demonstrates not only the DIFC’s commitment but passion to provide the most conducive, world class operating environment for Islamic Finance. 41 SECTION 8: GLOSSARY 42 AAOIFI Accounting and Auditing Organisation for Islamic Financial Institutions which provides relevant provisions for Islamic finance, including recommended Shari’a review practices.

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