COLL 1.3.11 Islamic Funds

A QFC scheme, or a subscheme of a QFC umbrella scheme, is an Islamic fund if the constitutional document of the scheme states that the scheme or subscheme is an Islamic fund.

Note 1 Umbrella scheme and subscheme are defined in r 1.2.11. Constitutional document is defined in r 3.1.1.

Note 2 The following provisions must be complied with in relation to Islamic funds:

•   r 5.6.1 (2) and (3) (Accounting standards—all QFC schemes)
•   pt 8.10 (Shari'a Supervisory Board—all Islamic funds)
•   sch 2 (Constitutional document content—QFC schemes), r S2.4 (Islamic funds)
•   sch 3 (Prospectus content—QFC qualified investor schemes), r S3.2 (e) (Description of scheme etc) and r S3.3 (Islamic funds)
•   sch 4 (Prospectus content—QFC retail schemes), r S4.2 (f) (Description of scheme etc) and r S4.3 (Islamic funds).
Derived from QFCRA RM/2010-05 (as from 1st January 2011)