GENE 2.4.3 Additional requirement for Islamic financial institutions

(1) An applicant for authorisation that proposes to conduct its business in accordance with Shari’a must state that fact in its application.
(2) The Regulatory Authority may grant an authorisation as an Islamic financial institution only if the applicant’s constitutional documents require the business to be conducted in accordance with Shari’a.
(3) If the Authority grants an authorisation as an Islamic financial institution, the Authority must impose on the authorisation a condition that the business must be conducted in accordance with Shari’a.

 

Derived from QFCRA RM/2021-1 (as from 1st July 2021)