INMA 9.1.1 Introduction

(1) This Chapter describes the nature of restricted PSIAs and sets out the responsibilities of Islamic INMA firms in relation to policies, warnings, provisions, reserves, terms of business and financial and other periodic statements. An Islamic INMA firm is an INMA firm whose authorisation includes a condition that the whole of the firm’s business must be conducted in accordance with Shari’a.
(2) Because an Islamic INMA firm is an Islamic financial institution, it must comply with the CTRL, Chapter 9.

Note Interest-bearing deposits are not permitted by Shari’a, so Islamic financial institutions typically raise funds through PSIAs and other Shari’a-compliant sources of funding.
Derived from QFCRA RM/2014-4 (as from 1st January 2015)
Amended by QFCRA RM/2021-1 (as from 1st July 2021).