PRIV 1.2.9 What is an Islamic Fund?

A scheme, or a subscheme of an umbrella scheme, is an Islamic fund if the constitutional document of the scheme states that the scheme or subscheme is an Islamic fund.

Note 1 Umbrella scheme and subscheme are defined in r 1.2.8. Constitutional document is defined in r 3.1.1.

Note 2 The following provisions must be complied with in relation to Islamic funds:

•   r 5.5.1 (2) and (3) (Accounting standards)
•   pt 6.9 (Shari'a Supervisory Board)
•   sch 1 (Constitutional document content), r S1.4 (Islamic funds)
•   sch 2 (Prospectus content), r S2.2 (f) (Description of scheme etc) and r S2.4 (Islamic funds).
Derived from QFCRA RM/2010-06 (as from 1st January 2011)