COLL S1.16 Profit Sharing Investment Accounts

(1) A profit sharing investment account is not an arrangement that is a scheme.
(2) In this rule:

profit-sharing investment account (or PSIA) is an account, portfolio or fund that satisfies the following conditions:
(a) it is managed by an authorised firm in accordance with Shari'a and is held out as such;
(b) under the management agreement with the firm, the investment account holder concerned and the firm agree to share any profit in a specified ratio, and the holder agrees to bear any loss not caused by the firm's negligence or breach of contract.
Amended by QFCRA RM/2014-3 (as from 1st January 2015)