INMA 9.1.6 Financial statements — specific disclosures

(1) An Islamic INMA firm that manages restricted PSIAs must ensure that its financial statements contain the following disclosures:
(a) the role and authority of the Shari’a supervisory board in overseeing the manager’s business;
(b) the method used in the calculation of the zakat base;
(c) if zakat has been paid, the amount that has been paid;
(d) if zakat has not been paid, information to allow an IAH or prospective IAH to compute its liability to zakat.
(2) The financial statements must also contain the following disclosures in relation to each PSIA managed by the firm:
(a) an analysis of its income according to types of investments and their financing;
(b) the basis for allocating profits between the owner and IAHs;
(c) the equity of the IAHs at the end of the reporting period;
(d) the basis for determining any profit equalisation reserve or investment risk reserve;
(e) the changes that have occurred in any of those reserves during the reporting period;
(f) to whom any remaining balances of any of those reserves is attributable in the event of liquidation.
(3) Any deductions by the firm from its share of income, and any expenses borne by the firm on behalf of the IAHs, as a contribution to the income of IAHs, must also be disclosed in the firm’s financial statements if the contribution is significant.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).