ISFI 8.1.4 Conditions of operating Islamic windows
(1) An authorised firm that operates an Islamic window—
(a) must identify the part or parts of its business that are to be conducted in accordance with Shari'a; and
(b) must establish and maintain policies, procedures, systems and controls that ensure that that part or those parts are so conducted.
(2) An authorised firm that operates an Islamic window must comply with—
(b) chapter 5;
in relation to the part or parts of its business conducted by means of the window.
(3) For the application of chapter 3 and chapter 5 to such a firm, references to an Islamic financial institution are to be read as references to the firm.
(4) The firm must ensure that the disclosures required by AAOIFI FAS 18 are made to each customer with or for whom it conducts Islamic financial business.
|Amended by QFCRA RM/2019-4 (as from 1st January 2020).|