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
sch 4 (Prospectus content—QFC retail schemes), r S4.2
(f) (Description of scheme etc) and r S4.3