PRIV 6.9.1 Islamic Fund Must have a Supervisory Board

(1) The operator of a scheme that is an Islamic fund, or an umbrella scheme that has a subscheme that is an Islamic fund, must ensure that there is at all times a Shari'a Supervisory Board for the fund (or subscheme).

Note Islamic fund is defined in r 1.2.9. Umbrella scheme and subscheme are defined in r 1.2.8.
(2) Any decision relating to the appointment or dismissal of a member of the Shari'a Supervisory Board, or to a change affecting the board, must be made by the operator.
(3) CTRL, Part 9.3, applies to a scheme that is an Islamic fund, or an umbrella scheme that has a subscheme that is an Islamic fund, as if—
(a) the scheme (or subscheme) were an authorised firm to which the Part applies; and

Note Authorised firm is defined in the glossary.
(b) a reference to the authorised firm or its governing body were, subject to subrule (2), a reference to the scheme (or subscheme) or the operator, as the context requires; and
(c) all other necessary changes were made.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)
Amended by QFCRA RM/2021-1 (as from 1st July 2021)