A Guide To Islamic Finance PDF

© 2007 Praesidium LLP refers to the DIFC Incorporated LLP,
with registration number 0436.

www.praesidium.ae
CONTENTS
Section 1: About Praesidium LLP 3
Section 2: DIFC, the centre of Islamic excellence 4
Section 3: Industry Spotlight 7

Need for innovation 8
Standardisation 8
Regulatory streamlining 9
Opportunities 9
Section 4: Introduction to Islamic finance 10

History of Islam 10
Principles of Islamic finance 11
Role of Shari’a scholars in Islamic finance 13
Future of Islamic finance – the principle of Tayyab 14
Section 5: Regulatory environment for Islamic finance

in or from the DIFC 16
DFSA regulatory environment 16
DFSA operating environment for the conduct
of Islamic finance 18
Seeking an endorsement to operate either as a wholly
Islamic financial Institution or as an Islamic window 23
Operating a DIFC Islamic fund 25
Shari’a-compliant Real Estate Investment Trusts (REITs) 26
Shari’a-compliant REITs under the DFSA
Regulatory regime 27
Marketing DIFC Islamic fund and foreign
Islamic funds 28
Legal Framework in the DIFC 30
Section 6: Operating environment for Islamic Finance products

and instruments in or from the DIFC 32
Offer of securities in or from the DIFC 33
Listing on the DIFX 33
Sukuks in or from the DIFC 34
Section 7: The DIFC’s Islamic finance regime:

Comparative position 37
Challenges and opportunities ahead
for Islamic finance 37
Current DIFC Initiatives for Islamic Finance 40
Section 8: Glossary 42
DISCLAIMER
Praesidium LLP has developed this guide to assist those parties interested
in learning about Islamic finance generally as well as to gain an
understanding of the operating environment of the DIFC in respect of
Islamic finance. This guide provides a summary of the underlying concepts
in Islamic finance and examines the issues facing the Islamic financial
services industry, both in the DIFC and beyond; now and in the future.
This guide also sets out the DFSA regulatory environment for Islamic
finance and the scope for application of such requirements to new product
offerings, such as Shari’a-compliant REITs.
This guide provides an introduction to Islamic finance as well as a summary

of the regulatory requirements and the applicable operating environment
for the offer of Islamic finance in or from the DIFC.
This document does not constitute Shari’a or financial advice, nor does it
replace the regulatory requirements of the DFSA or DIFC. It should be read
in conjunction with the detailed requirements of the DFSA and DIFC
to form a definitive view in terms
of the application of the relevant operating environment in the DIFC

to each individual set of circumstances.
The contents of the Guide do not necessarily represent the views

or opinions of the DIFC.
This guide was prepared in December 2007 and to the best of the author’s
knowledge was based on information current and accurate at that time.
2
SECTION 1: ABOUT PRAESIDIUM
Praesidium LLP is a leading regulatory, compliance and client advisory firm

that provides a wide range of services globally to a substantial and diversified
client base that includes corporations, financial institutions and governments.
The firm is headquartered in the Dubai International Financial Centre and
maintains its commitment to service its clients in most of the major
financial centres around the world within the next five years. The firm
was established in 2007 by three partners.
The firm is managed by ex-DFSA regulator, Hari Bhambra. Hari’s

commercial experience began with Goldman Sachs. She was also part
of the development team of both the FSA and DFSA in creating their
respective regulatory regimes and was the creator of the ‘Shari’a Systems’
regulatory regime for the DIFC. Hari has authored a number of articles on
Islamic finance and is a member of numerous committees in this field. She
speaks globally on Islamic Finance and was recently appointed by the US
FSVC as the sole adviser to a secular Islamic market on the introduction of
Islamic contracts for the first time. Hari supplements her commercial
experience with regular Shari’a training from scholars in Egypt.
The firm’s other two partners include the economic adviser to

governments in the MENA region, and a senior capital markets lawyer
who has advised banks and governments across the region on
conventional and Islamic structures.
The firm is also an Accredited Training Provider for the London

based Securities & Investment Institute to deliver the syllabus training
for the Islamic Finance Qualification (IFQ) as well as the DIFC Rules
and Regulations.
Since establishment, the firm already has an impressive list of clients,

including Fortune 500 companies to which it provides services. Praesidium
provides real hands- on experience, both international and regional, to
ensure that clients’ regulatory needs are met, enabling them to focus on
seamless business growth.
To obtain specific information and professional advice on any aspect

of the DFSA regulatory regime for both conventional and Islamic Finance,
please contact us:
Praesidium LLP. Level 6 Al Attar Business Tower, Sheikh Zayed Road,

PO Box 506676, Dubai, United Arab Emirates.
Tel: +971 4 332 8839, Fax:+971 4 332 8869, www.praesidium.ae
3
SECTION 2: DIFC, THE CENTRE OF ISLAMIC EXCELLENCE
The Dubai International Financial Centre (DIFC), the world’s fastest growing
global financial hub, was declared open for business in 2004. The DIFC is
ideally located to bridge the gap between existing financial centres of
London and New York in the West and Hong Kong and Tokyo in the East
and services a region with the largest untapped emerging market for
financial services.
The vision of the DIFC is to shape tomorrow’s financial map as a global

gateway for capital and investment. Its mission is to be a catalyst for
regional economic growth, development and diversification by positioning
the DIFC as a globally recognised financial centre.
Critical to the DIFC’s success is Dubai’s established track record of realizing

projects of scale in an environment that is safe, vibrant and exciting. HH
Sheikh Mohammed Bin Rashid Al Maktoum, the Prime Minister of the UAE
and Ruler of Dubai, has continued to lead efforts that have established the
Emirate as one of the fastest growing cities in the world. During the period
2000-2006, Dubai GDP grew by cumulative annual growth rate (CAGR) of 13
per cent in real terms.
Dubai has a well-diversified economy based on international trade,

banking and finance, information and communication technology,
tourism and real estate. In 2005, oil contributed less than 6% of Dubai’s
GDP; down from around 50% in 1985 and 24% in 1993. In contrast, by
2010 the share of oil in the economy is expected to be less than 1% of
GDP. This economic diversification is continuing with the establishment
of new industries, private sector growth through acquisition and
increased regional economic integration. The establishment of the DIFC
is the next logical step in Dubai’s economic development and aims to
cement the Emirate as the region’s main financial hub.
The DIFC has been designed to:
• Attract regional liquidity back into investment opportunities within the

region and contribute to its overall economic growth.
• Facilitate planned privatisations in the region and enable initial public

offerings by privately owned companies, giving impetus to the programme
of deregulation and market liberalization throughout the region.
• Create added insurance and reinsurance capacity.
• Develop a global centre for Islamic finance - this is now an over $400
billion international market serving large Islamic communities stretching
from Malaysia and Indonesia to the United States.
4
Since its launch, DIFC has attracted international firms such as Morgan
Stanley, Goldman Sachs, BNY Mellon, Barclays Capital, Credit Suisse and
Deutsche Bank who have all received a licence to operate from the DIFC.
Institutions receive a number of benefits when joining the DIFC, including:
• 100 per cent foreign ownership

• Zero per cent tax rate on income and profits.
• A wide network of double taxation treaties available to the UAE
incorporated entities.
• No restrictions on foreign exchange.
• Freedom to repatriate capital and profits without restrictions.
• High standards of rules and regulations
• Ultra-modern office accommodation and sophisticated infrastructure.
• Operational support and business continuity facilities of uncompromis-
ingly high standards.
Unlike ‘offshore’ tax havens, the DIFC is a fully fledged ‘onshore’ capital
market, comparable to Hong Kong, London, and New York.
The DIFC focuses on several sectors of financial activity: Banking &

Brokerage Services, Capital Markets, Re-insurance & Captives, Islamic
Finance, Wealth Management and Ancillary Service Providers.
Financial services in the DIFC are regulated to international standards by

the Dubai Financial Services Authority (DFSA).
DIFC
Judicial
Authority
Registrar of Securities
5
Jurisdictions across the globe, including the DIFC, are seeking to become
the hub for Islamic finance.
The DIFC is a proven success story. It has a number of distinct advantages

in maintaining that position, namely:
• Its unitary, risk-based Shari’a Systems Regulator;

• Regulations based on international standards, duly modified for
Islamic finance
• A legal environment based on common law that provides certainty and
familiarity
• An impressive list of authorised firms, including international
conventional institutions, Islamic institutions and Islamic windows where
expertise and skills can be shared and developed
• DIFC is in the heart of the Middle East, the home of Islamic Finance
DIFC’s strength is not just to become the centre of Islamic finance, but in
the true essence of Islam, to share that knowledge and experience with
other financial centres to facilitate the sustainable growth of the Islamic
financial services industry for the benefit of all.
The DIFC is a key catalyst to position Islamic Finance in the global arena,
not just through the creation of an international financial centre, but
through its commitment to Islamic finance as evidenced by the creation of
the DIFC Islamic Finance Advisory Council (IFAC) which aims to tackle the
real issues and impediments facing the Islamic financial services industry.
DIFC has also provided an impressive infrastructure for developing human
capital in the field of Islamic finance with its introduction of training pro-
grammes for Islamic finance practitioners, including the CASS MBA and is
at the forefront of new initiatives to benefit Islamic Finance, such as the
pioneering Waqf project of the DIFC, and the Hawkamah Institute which
is promoting good governance across the region in conventional and
Islamic institutions.
Section 7 of this guide sets out the strengths of the DIFC in providing the
most conducive operating environment for Islamic Finance supporting its
aspirations to become the centre of excellence in Islamic finance.
The DIFC’s forward thinking and continuous support for Islamic finance as
described in this guide provides a conducive environment for Islamic
finance to evolve and secure its place in the global arena.
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SECTION 3: INDUSTRY SPOTLIGHT
The Islamic Financial services industry is growing at a phenomenal rate.

What emerged as a niche industry has now pervaded almost every major
financial market in the world. Markets are seeking to introduce Islamic
products in various forms as either Islamic Finance, Shari’a-Compliant
Finance, or even Alternative Finance, but whatever title is used, it is
without doubt one of the fastest growing financial sectors in the world.
Banking Industry • The total size of the Islamic Banking industry is

currently estimated to be USD 800 billion to USD
1trillion, and an estimated global potential of
USD 4 trillion.
• Growth rate is 15%-20% per annum
• Within the next 8-10 years, the Islamic banking
industry is estimated to capture half of the
savings of the worlds 1.6 billion Muslims.
Funds •Assets under management in Islamic Funds are

estimated to be between USD 50 billion to USD
70 billion.
Sukuks • The total value of sukuks issued to date is valued

at USD 88 billion. USD 13 billion worth of which
are listed on the DIFX.
• 44% of the total sukuks issued originated from
the GCC in 2007.
Takaful • Global Takaful contributions are currently

estimated to be approximately USD 4.3 billion
and estimated to reach USD 7.4 billion by 2015.
Worlds Muslim • Middle East and North Africa

population - 204 million Muslims
• South East Asia
- 16 million Muslims in Malaysia
- 195 million Muslims in Indonesia
• Sub-continent
- 439 million Muslims in India, Pakistan and
Bangladesh
• Other
- 16 million Muslims in UK, US, Germany and France
*Figures courtesy of HSBC Amanah , S&P, Eurekahedge Data 2007, Islamic Finance
News, ICMIF, IFIS, Grail Research
7
Challenges and opportunities ahead for Islamic Finance
The global financial system has seen the rise of Islamic Finance. As it
approaches its fourth decade, the Islamic financial services industry has
spanned across the globe – reaching into Islamic and non-Islamic
jurisdictions, as well as secular and secular Islamic jurisdictions.
There are clearly a number of potential challenges facing the industry,

including innovation, standardisation, and streamlining.
Need for innovation

The Islamic financial services industry has taken great strides in offering
competitive products to its customers, vis-a-vis their conventional
counterparts. However, for an industry which is approximately four
decades old, there is so much more potential to be uncovered. Innovation
is needed both in terms of what is offered to customers, but also from a
liquidity management perspective. There should be more innovative
structures for short term liquidity, for example the current reliance has
been on commodity Murabaha, which led to use of the ‘controversial’
Tawarruq structures.
Other alternatives should be introduced into the market, in many areas of

Islamic Finance, including short term Shari’a compliant liquidity, such as
short term Sukuks. However, it is important to ensure that such
innovation remains in keeping with the underlying principles of Shari’a.
It is therefore essential, at this next phase of development for Islamic
finance, that the industry, both Islamic and conventional, understands
that Shari’a-compliant finance has a legitimate purpose and is not just an
artificial alternative to conventional finance. Innovative structures,
although necessary to the next stage of development, should remain in
line with the spirit of Shari’a.
Standardisation
Standardisation in Islamic finance would inevitably reduce some of the
costs and time faced by financial institutions offering Shari’a compliant
products. To achieve this, there would need to be standardisation, or at
least an agreed set of fatwa’s issued by Shari’a scholars, in respect
of financial transactions.
Although standardisation of fatwa’s would not alleviate the differences

across the Schools of Thought, it would at least provide some indication of
what structures would be acceptable from a Shari’a perspective.
To begin to aid the industry, some jurisdictions collate fatwa’s issued in
8
their market which can act as a useful aid to those structuring Islamic
financial transactions.
Collation of fatwa’s may also facilitate innovation in the industry,

particularly if there is a general understanding of how basic transactions
should be structured. Innovative concepts could then be introduced and
discussed with the Shari’a scholars.
The work of the IFSB and AAOIFI is important in not only encouraging and
facilitating standardisation, but in raising the international profile of
Islamic finance.
Regulatory streamlining
To aid the growth of the Islamic financial services Industry, greater
streamlining and co-ordination of regulatory requirements may facilitate
the growth of the industry.
The DFSA entered into a mutual recognition arrangement with Malaysia

for the cross border flow of Islamic funds. This initiative was recognised in
November 2007 with the award for Best Regulator being awarded jointly
to the DFSA and SC, Malaysia.
This arrangement itself has much potential, including providing a model

for other jurisdictions or be furthered by a full ‘passporting’ arrangement,
similar to that operating across Europe for Islamic funds across the MENA
region which could present a unique opportunity for the industry.
Opportunities
Although there are key challenges facing the industry, the opportunities, at
this juncture are endless. New products are being structured continuously,
from Shari’a- compliant hedge funds based on Arboun and Salam structures,
to Shari’a-compliant ETFs and REITs. There is also a growing interest in
providing Shari’a-compliant finance at a micro level through the structuring
of certain Islamic contracts into models for Shari’a-compliant microfinance.
The DIFC, as indicated in this document, is promoting the importance of

Islamic finance and has already put in place a framework conducive
to its development.
These are just the foundations and much more can be done for the sustainable
development of the Islamic financial services industry. As a financial centre, the
DIFC has clearly indicated its ability and its commitment for it to become the
centre of excellence for Islamic finance.
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SECTION 4: INTRODUCTION TO ISLAMIC FINANCE
Islamic finance is the financial services industry which offers finance

compliant with Shari’a, the underlying principles and codes of conduct of
the religion of Islam.
Islamic finance has commonly been recognised as an interest-free financing

system, or a form of ethical finance. Such association has emerged from
two perspectives. Firstly the interpretation of the prohibition on Riba,
essentially a prohibition on an unjust increment or increase. Interest
charged for loan repayments is commonly associated with Riba. In
addition to Riba, Shari’a also prohibits Gharar and Maisir which should also
be excluded from Islamic financial transactions.
Secondly, the analogy with ‘ethical finance’ and Islamic finance is often
drawn based on the restrictions on engaging in transactions which are
‘Haram’ – i.e., contrary to the underlying principles in Islam – such as
avoiding investments in tobacco and the weapons industry. This ‘ethical’
feature of Islamic finance often attracts non-Muslims to Islamic finance.
However, there is much more to Islamic finance than these broad

analogies. The underlying principles of Islamic finance involve equity,
fairness, justice, and social responsibility and morality. (See Figure 1 below).
To understand the essence of Islamic finance, the subject should

be understood from its root and in its entirety as opposed to
isolated concepts.
History of Islam
While part of the Abrahamic tree of monotheistic religions tracing its roots
to Adam and Eve, the religion of Islam as we know it today began when
the Word of God was revealed to the Prophet Mohammed (PBUH). The
word Islam means peace and has also been interpreted as meaning
‘submission’, or the total surrender of oneself to God. The followers of
Islam are known as a Muslims, meaning ‘one who submits (to God)’.
Muslims believe that God revealed the Qur’an to Prophet Mohammad
(PBUH), God’s final prophet, and regard the Qur’an, Sunnah and Hadith
(the words and deeds of Prophet Muhammad (PBUH)) as the primary
source of Shari’a, supported by secondary sources such as Ijma, Qiya’s and
subject to jurisdictional application, Ijtihad.
Islam includes many religious practices. Followers are generally required

to observe the Five Pillars of Islam, five duties that unite Muslims
into a community.
10
The Qur’an is recognised by Muslims as the unequivocal word of God and
the Qur’an is better described as prescribing a code of conduct or a way of
life for Muslims. Islam prescribes codes of conduct for everyday life,
commercial interactions, and underlying principles of behaviour, conduct
and dealings in certain products which are acceptable – ie, denoted as
Halal. Prohibited behaviour and dealings are denoted as Haram. These
codes, principles, and classification of Halal and Haram are collectively
referred to as Shari’a. Within Shari’a, there are principles which apply to
dealings in commerce and business known as ‘fiqh al muamalat’. It is from
these principles that Islamic finance emerged in the 1970s with the
establishment of the world’s first commercial Islamic bank.
Principles of Islamic finance

These principles are derived from the Qur’an, Sunnah and Hadith (and
supporting Ijma and Qiya’s (as well as Ijtihad in certain markets)) which are
approximately a thousand years old. These principles underpin the Islamic
finance industry, and their application in modern day finance requires
persons appropriately skilled in both Islamic jurisprudence (‘fiqh’) and
finance to interpret and apply them to financial structures to ensure that
they accurately conform with Shari’a compliance. Such persons are referred
to as Shari’a scholars and their role is key to the current and future
direction of Islamic Finance. (Illustrated in Figure 1).
Figure 1: Principles and Prohibitions in Islamic Finance.
1. Principles of Profit and Islamic Finance requires participation in

Loss Sharing. and sharing of profit and potential losses in
financial enterprise.
2. Prohibition on Riba. Riba is translated as an ‘excess’ or ‘unjust

increment’ and is classified in two forms:
1. Riba Al Fadl- which is described as excess
compensation or an unequal exchange or sale
of goods, usually relating to the exchange or
sale of specified commodities including gold,
silver, barley, wheat, salt and dates. Historically
these commodities were treated as money and
therefore the exchange of these commodities
had to be in equal amounts. Any excess
in the exchange of one or more of the
11
commodities would be unfair to one party
and was and is prohibited.
2. Riba Al Nasiah- is described as any excess
over the principal amount paid which is
charged for the delay in repayment. It is Riba
Al Nasiah which is associated with the
prohibition on interest.
3. Avoidance of Transactions have to be real and be certain

speculation (Maisr) and not based on uncertainty or speculation.
and uncertainty Islamic Finance is essentially about real trans
(Gharar). actions which are based on identifiable assets
and transparent contractual terms. Derivatives
are often prohibited where the transaction is
purely speculative.
4. Prohibition on dealing All dealings, commercial or otherwise

in items which are in prohibited items, i.e. those denoted
Haram and the as ‘haram’ are strictly prohibited. Prohibited
requirement to items include:
deal only in Halal items. • Riba
• Pork
• Pornography (as this corrupts morality)
• Tobacco and Alcohol (any form of
intoxication which impairs the senses
removing responsibility is prohibited)
• Weapons and arms (Islam is a religion which
promotes peace, tolerance and acceptability,
unjust wars are prohibited).
• Conventional financial services (as conve-
ntional financial services may deal in prohib-
ited or haram items, such as interest and
debt).
• Speculation and uncertainty
(including casino’s).
5. Requirement for fair Islam requires that commercial dealings are

and transparent fair and transparent to ensure that all par-
dealings. ties are aware of their respective rights
and obligations.
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Role of Shari’a scholars in Islamic finance
To ensure that the underlying financing structure is Shari’a-compliant –
i.e., conforms with these underlying principles of Islam, the role of Shari’a
scholars becomes critical. Shari’a scholars play a pivotal role in applying
Islamic jurisprudence to financial transactions, by identifying how the
underlying Islamic principles can be applied to ensure that the financing
structure meets the required principles of Islam.
Their interpretation and application of the underlying principles of Islam,

(collectively referred to as Shari’a) which is issued in the form of a ruling, is
referred to as a fatwa.
Shari’a scholars will give a ruling on whether a financing structure meets

the requirements of Shari’a to qualify as Shari’a-compliant. In the context
of Islamic Finance, the fatwa’s issued by Shari’a scholars are applied to
financial transactions by financial institutions to ensure that the products
and financing structures are Shari’a-compliant.
Put simplistically in order to provide an analogy, the Shari’a interpretation

and oversight function of Shari’a scholars is in some respects similar to that
of judges in common law systems, where judges interpret and apply
doctrines prescribed by statutes, laws and precedents which evolve to
reflect the market.
In the context of Islamic finance, Shari’a scholars interpret and apply

Shari’a. In both common law and Islamic jurisprudence, case law and fatwa
evolve to reflect the current environment. It is worth noting however that
fatwa are essentially opinion’s issued by qualified Shari’a scholars, and as
such fatwa’s do not necessarily have legal force and it is possible for schol-
ars to have a different opinion.
In respect of the interpretation and application of Shari’a, there are five

perspectives, four of which are predominant perspectives, or put another
way, there are differences in how Shari’a is interpreted. These are referred
to as Schools of Thought – i.e., religious perspectives, and the
interpretation and application of Shari’a may vary across these Schools of
Thought. Certain jurisdictions have a predominant School of Thought, and
hence a particular perspective on the interpretation of Shari’a. Such
differences often lead to different interpretations and accepted and
prohibited modes of Shari’a-compliant finance across the Schools of
Thought and across jurisdictions.
Within jurisdictions a 3 member Shari’a Supervisory Board is common

practice across the Middle East to ensure that there is a majority consensus
amongst the Scholars when issuing fatwa’s.
13
Even with the differences in Shari’a opinions and the common analogies
with conventional products, there is clearly an objective and legitimate
purpose that Islamic finance is fulfilling which is not being met by the
conventional markets. How the Islamic financial services industry evolves
from this point forward will influence the perception and credibility of
Islamic finance.
Future of Islamic finance – the principle of Tayyab

The underlying principles discussed earlier have formed the basis of Islamic
finance since its inception 35 years ago. There are other concepts and
principles established in the Qu’ran which are applicable to Islamic finance
and which can facilitate greater Shari’a compatibility of finance transactions.
The industry stands at a very important junction in terms of its development,
success and credibility for the future. The industry, although a key
component in the global financial system, must ensure that it can justify its
legitimacy as an industry. Such legitimacy is to be found in ensuring that the
underlying spirit of Shari’a is complied with as the industry faces pressure to
innovate new Shari’a-compliant financial products.
Complying with the letter and spirit of Shari’a provide greater opportunities
to promote greater Shari’a-compliance than has been the case in respect of
some of the current Islamic financing structures. In essence, Islamic finance is
an equity-based, not a debt-based system. Some practitioners, such as RHT
Partners in Dubai are pioneering the future direction of Islamic Finance to
encourage adherence to both the letter and spirit of Shari’a by taking a
holistic view on Shari’a- compliant finance by applying the additional
principle of Tayyab.
Tayyab is the underlying principle associated with consumption of that which

is ‘wholesome and more beneficial’, not just ‘compliant’. In the context of
Islamic finance, Tayyab ensures that Islamic financial products are developed
with a focus on holistic, equitable Islamic criteria of transparency,
accountability, and fairness to ensure the credibility of the Islamic finance
industry as a whole is maintained.
The future of Islamic finance depends on ensuring compliance with the

underlying principles and purposes of Shari’a, not just the letter of Shari’a
but the spirit too.
The DIFC provides a forum for such innovation and development in the
field of Islamic Finance. The Shari’a system’s regulatory infrastructure
provides the necessary degree of flexibility to encourage greater
innovation in Islamic finance. In the absence of a centralized Shari’a Board,
14
the appointment of a three-member Shari’a Supervisory Board ensures that
the products comply with both the letter and spirit of Shari’a.
This guide summarises the regulatory obligations which apply to firms

which seek to be licensed to offer Islamic finance in or from the DIFC by
setting out the operating environment in the DIFC (See Figure 2). Section 6
of this guide summarises the products and instruments, specifically capital
market instruments which can be offered from the DIFC by both DFSA
Authorised Firms as well as non authorised entities.
Figure 2: Summary of Islamic Finance in or from the DIFC in the context
of the DIFC Law Regulating Islamic Financial Business
15
SECTION 5: REGULATORY ENVIRONMENT FOR ISLAMIC FINANCE
IN OR FROM THE DIFC
The DFSA regulatory environment

The Dubai Financial Services Authority (DFSA) is the independent
integrated regulatory authority of the Dubai International Financial Centre
(DIFC) created by Dubai Law No 9 of 2004. The DFSA supervises financial
institutions authorised to conduct financial services in or from the DIFC,
and oversees the provision of certain ancillary services to DFSA authorised
firms such as auditing, accounting, and legal services. The DFSA is
empowered by the DIFC Regulatory Law, Law No 1 of 2004 to make rules
and regulations and also enforce these regulatory requirements.
The supervisory philosophy of the DFSA is to be a ‘risk-based’ regulator

which means that the DFSA will focus on the risks within DFSA authorised
firms, and the impact of those risks on the centre, to clients and the
potential impact on the DFSA’s ability and resources required to meet the
DFSA’s regulatory objectives as stipulated in the DIFC Regulatory Law
(See Figure 3).
Figure 3: Impact of the risk profile of an Authorised Firm on the DFSA

Regulatory Objectives
16
The DFSA’s ‘risk-based’ philosophy is a continuous process for the
identification, assessment, prioritisation, and mitigation of risks which arise
within authorised firms. The DFSA has a range of regulatory tools available
to monitor such risks, including risk assessment visits, theme reviews,
desk-based reviews, including review and analysis of prudential returns,
auditor reports, and Shari’a reports, to name a few. As a risk-based
regulator, the DFSA focuses on the risks which the authorised firm poses
regardless of whether it is an Islamic (including an Islamic window) or
conventional firm.
In the context of Islamic finance, the DFSA is a Shari’a systems

regulator – not a Shari’a regulator. It does not regulate finite points of
Shari’a, but the systems put in place to ensure compliance with Shari’a.
In the context of the supervisory cycle, the same regulatory model of

supervision applies to all regulated firms. The emphasis of focus may
change to reflect the product range, but the overall supervisory
philosophy of review and monitoring remains the same across all
DFSA authorised firms (See Figure 4).
Figure 4: Example of a regulatory cycle for institutions offering financial services and
products in accordance with Shari’a.
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DFSA operating environment for the conduct of Islamic finance
The DFSA will consider applications from authorised firms as well as new
applicants to offer Islamic financial business in or from the DIFC.
To understand how this works, it is important to understand the overall
licensing process which is summarised below. For further details, the AUT
module of the DFSA rulebook should be consulted.
1. Selection of financial services

Applicants intending to offer financial services as defined by the DFSA in or
from the DIFC require authorisation by the DFSA. The applicant’s business
plan should detail what activities are to be offered and how these relate to
the financial services as defined in the GEN module of the DFSA rulebook.
In the context of Islamic finance, the applicant will need to explain, as

part of its business plan, what Islamic structures or contracts are to be
used and map these structures and contracts into the financial services
definitions of the DFSA.
2. Financial Services
Applicants intending to offer the following financial services in or from the
DIFC must be authorised by the DFSA (See Figure 5).
Figure 5: Financial Services Table for Authorised Firms
18
3. In or from concept
When considering which activities an applicant intends to offer, the
requirement to be authorised applies where the financial services are to be
offered by a DFSA authorised firm in the DIFC or from the DIFC.
4. Authorisation process
The Authorisation Department of the DFSA will assess all applications for
authorisation to ensure that the proposed business has a clear strategy, is
managed effectively and prudently, and intends to operate in compliance
with the DIFC laws and DFSA regulations. The Authorisation Department,
will, among other things, consider the collective suitability, fitness and
properness of those involved in the business.
The same authorisation approach applies to both Islamic and conventional

firms. Once satisfied, the DFSA will authorise the applicant to offer
financial services in or from the DIFC.
5. Single licence structure

Once approved, the DFSA will issue a single licence which lists the
financial services that the firm can offer in or from the DIFC. The DFSA
does not issue licences by category, although there is a common
reference to the prudential category which the authorised financial
services lead to (See Figure 6).
Figure 6: Explanation of the Single Licence process and categorisation

of Authorised Firms
19
6. Prudential categories
The financial services shown below are those that determine which
prudential category is applicable to the firm – ie, where the applicant
identifies a range of financial services to offer in or from the DIFC, if the
selection includes one of the financial services below, that will determine
the prudential category for the firm (the determinant).
Figure 7: Prudential Categories as set out in the PIB Module of the DFSA Rulebook
20
Where the firm is to offer one or more of the determinant financial
services, the highest prudential category applies, for example an
applicant intending to provide credit, deal as principal, and arrange
custody will be a prudential Category 1 firm. Where the firm is to be a
wholly Islamic financial institution (not an Islamic window) and also
manages a profit-sharing investment account (PSIA) other than as a
collective investment vehicle, for example where it mobilizes funds
through PSIA’s it will be subject to prudential Category 5.
Where a wholly Islamic financial institution intends to provide other

financial services, other than manage a profit-sharing investment
account, such as ‘deal as principal’, then the appropriate prudential
category will apply. In this example it will be a prudential Category 2
firm. A firm which is an Islamic window will be subject to prudential
Category 1-4 according to the selected financial services
(See Figure 7 previous page).
7. Benefits of a single licence

A single licence has many advantages, most significantly where
additional financial services are to be added at a later stage. In such a
case, a ‘change in scope of licence’ application using DFSA form SUP 4 can
be submitted to the DFSA and additional financial services can be added
to the existing licence, subject to regulatory approval. This model provides
flexibility and ease of processing for both the DFSA and authorised firms.
8. Islamic finance endorsement

In the context of Islamic finance, the DFSA does not issue Islamic finance or
Islamic banking licences, but will issue an endorsement across the financial
services licence to indicate that the firm is to operate either as a wholly
Islamic financial institution or as an Islamic window. Again, this provides
the necessary degree of flexibility. For example, where additional Islamic
contracts or structures are to be proposed at a later stage, a ‘change in
scope of licence’ application can be submitted to add the equivalent
financial service which relates to the Islamic contract or structure.
9. Holding out
In accordance with the DIFC Law Regulating Islamic Financial Business, a
financial institution cannot ‘hold itself out’ as conducting Islamic
financial business unless it is endorsed to operate as either a wholly
Islamic financial institution or an Islamic window. The concept of ‘holding
out’ has two functions. Firstly, financial institutions that want actively to
21
market themselves as offering financial services in accordance with
Shari’a – i.e., Islamic Finance – must be duly endorsed and have the
requisite Shari’a oversight systems in place. The second function is that
those financial institutions that offer financial services in accordance with
Shari’a without intending to – such as mutual funds, ethical finance, and
certain conventional products which meet the principles for Shari’a and
Halal by default – are not required to seek an endorsement where the
financial institution has no intention of holding itself out to the market as
offering financial services in compliance with Shari’a. This ensures that the
regime only applies to the correct financial institutions.
When a financial institution is proposing to offer Islamic finance in or

from the DIFC, they must first consider if they are intending to ‘hold
themselves out’ to the market that they are providing Shari’a-compliant
financial services. For example, advisors who advise on financial structures
which are Shari’a-compliant may not necessarily need to be endorsed if
they provide a purely advisory role in the same manner as they would
provide for a conventional product – ie, with no specific additional service
being provided as a result of the Shari’a nature of the product.
In the context of the DFSA’s operating environment, financial institutions

that ‘hold themselves out’ as offering Shari’a-compliant finance must seek
an endorsement from the DFSA.
10. Identification of appropriate financial services

Financial institutions that intend to offer Islamic products in or from the
DIFC must select the appropriate financial service as defined by the DFSA
which equates to the proposed Islamic product. To do this, the underlying
purpose, effect, and risk profile of the Islamic product needs to be
understood so as to select the most relevant DFSA financial service.
11. Types of Islamic firm in the DIFC

The DFSA defines two types of financial institution which can be
endorsed to offer financial services in accordance with Shari’a – a wholly
Islamic firm, and an Islamic window. A wholly Islamic firm is one whose
entire business operations are undertaken in accordance with Shari’a, as
stated in its constitutional documents. An Islamic window is a
conventional financial institution which also offers Shari’a compliant
financial products and services as well as conventional financial
products and services.
22
Seeking an ‘endorsement to operate’ either as a wholly Islamic
financial institution or as an Islamic window
Figure 8: The following 7 Steps summarise the process to be considered when plan-
ning to offer Islamic Finance in or from the DIFC.
23
Figure 9: Summary of the 3 core considerations for seeking an Islamic endorsement to
operate as a Wholly Islamic Financial Institution or an Islamic Window
24
Operating a DIFC Islamic fund
The DFSA has implemented a regime for the oversight of collective
investment funds (CIF). The DFSA categorises these into two types: DIFC
domestic funds (established in the DIFC under the laws of the DIFC); or
foreign funds (established in a jurisdiction other than the DIFC).
In the context of DIFC domestic Islamic funds, an authorised firm must, as a

minimum, be authorised to ‘operate a collective investment fund’. The
operator will be responsible for the fund’s overall operations and is
required to ensure that any delegation arrangements with fund
administrators, custodians, or managers are undertaken following careful
due diligence. In the context of Islamic finance, the operator must also
implement the Shari’a system to ensure sufficient Shari’a oversight of the
fund. The same process described in Steps 3-7 in Figure 8 above applies.
Figure 10: Operating a DIFC Domestic Islamic Fund
It is common for the Shari’a scholars to form a three-member Shari’a

Supervisory Board (SSB) to issue fatwa’s. In the case of funds, the SSB may
issue broad investment guidelines pertaining to the fund with ongoing
Shari’a-compliance monitoring undertaken by the financial institution.
25
Islamic Funds are usually required to comply with industry and financial filters.
The industry filters are in place to ensure that prohibited stocks, ie those that
are ‘Haram’ are not included in the investments. Financial filters are in place to
ensure that certain thresholds are maintained, for example common financial
filters will prohibit investments to be made in companies that have certain
financial positions, including but not limited to certain debt to equity ratio’s
and certain interest income thresholds.
Other fund structures may track Islamic indexes, such as the Dow Jones
Islamic Index, or FTSE Islamic Index. Such indices are also subject to
approval by a SSB.
Shari’a-compliant REITs
In the context of Shari’a compliant funds, REITs are becoming increasingly
popular fund structures that can be offered in accordance with Shari’a.
Shari’a-compliant REITs are essentially listed collective investment schemes
where funds from investors are pooled and invested in a portfolio of
Shari’a-compliant real estate assets, or real estate related assets. These
assets are usually leased out to a third party (commonly under an Ijara
structure) and rentals from the leased assets form the income of the REIT
which can be distributed to Unitholders.
Recent Shari’a-compliant REIT structures have used Ijara as the basis of the
investment. The typical Ijara REIT structure is set out in Figure 11 below.
Figure 11: Summary of an Ijara based REIT
26
Shari’a-compliant REITs under the DFSA regulatory regime
The DFSA CIR module permits REITs to be established and offered in or

from the DIFC. Although there is no specific DFSA module for
Shari’a-compliant REITs, the regime does permit REIT structures, and also
permits Shari’a-compliant funds to be established and offered in or from
the DIFC. An example of a REIT established in the DIFC could have the
characteristics set out in Figure 12 below.
Figure 12: An example of a DFSA REIT structure incorporating a Shari’a System

(Author’s view only)
27
Where REITs are to be offered as Shari’a-compliant, a Shari’a system,
as described in steps 3-7 in Figure 8 and Figure 10 must also be put
in place.
The DFSA CIR module could be used to permit Shari’a-compliant REITs

to invest in real property that can subsequently be leased out under
an Ijara structure using the rental income as the returns which are
distributed to Unitholders.
The DFSA CIR Module also permits REITs to invest in property under
development, provided that the contract value of the property under
development does not exceed 30 per cent of the net asset value of the
fund property and that the REIT will hold the developed property
upon completion.
Marketing DIFC Islamic funds and foreign Islamic funds

All funds to be marketed in or from the DIFC must be marketed by a
DFSA authorised firm, which must at least be appropriately authorised.
1. Marketing DIFC Domestic Islamic funds

In respect of DIFC domestic Islamic funds, units of such funds can also
be marketed into Malaysia with minimal regulatory intervention.
DIFC domestic Islamic fund units can be offered into Malaysia via
an approved distributing agent under the Mutual Recognition
arrangement between the DFSA and Securities Commission Malaysia.
The prospectus must make a number of clear statements pertaining to
the fund and provide clear information about the Shari’a oversight
arrangements, including details of the SSB, and confirmation that the
Shari’a oversight satisfies the requirements imposed by the respective
regulatory regime.
2. Marketing foreign Islamic funds

In relation to the marketing of foreign funds (those not domiciled in
the DIFC), DFSA authorised firms can market and offer units in such
foreign funds where they are either ‘designated funds from recognised
jurisdictions’, or which satisfy the requirements relating to the
marketing of non-designated funds. The information below
summarises the requirements in the DFSA rulebook which should be
consulted for full details.
28
Option 1: Marketing Foreign Designated Islamic Funds
29
Option 2: Marketing of Foreign Non-Designated Islamic Funds
Specific additional requirements exist for specialist funds such as property

funds which are not described in Figure above. The summaries are equally
applicable to conventional funds.
Legal Framework in the DIFC

Although subject to the UAE’s criminal laws, including anti-money
laundering and counter-terrorist financing laws, the DIFC is subject to its
own legal system based on common law, influenced by the UK legal
system. A full set of laws have been developed to operate in the Centre,
some of which are administered by the DFSA, others administered by
the DIFCA.
30
DIFC Laws administered by DIFC Laws administered by
the DFSA DIFCA
• Regulatory Law • Strata Title Law

• Markets Law • Real Property Law
• Law Regulating Islamic • Data Protection Law
Financial Business
• Limited Partnership Law
• Trust Law
• Companies Law
• Investment Trust Law
• Personal Property Law
• Collective Investment Law
• Law Relating to the
Application of DIFC
Laws(Amended and Restated)
• Employment Law
• Law of Obligations
• Implied Terms in Contract and
Unfair Terms
• Law of Damages and Remedies
• Law of Security
• Law on the Application of Civil
and Commercial Laws
• Law on Application of DIFC
Laws
• Limited Liability Partnership
Law
• Contract Law
• Insolvency Law
• Arbitration Law
• Court Law
• General Partnership Law
These laws, particularly those pertaining to the legal vehicles which are
permitted in the Centre are equally applicable to Islamic Finance. The DIFC
was one of the first jurisdictions in the Gulf to introduce specific Trust Laws
which were internationally recognised by the prestigious Society of Trust
and Estate Practitioners (STEP) body.
31
SECTION 6: OPERATING ENVIRONMENT FOR THE OFFER
OF ISLAMIC SECURITIES IN OR FROM THE DIFC
The DIFC provides scope for the ‘offer of securities’ in or from the DIFC,
and listing on its own exchange, the Dubai International Financial
Exchange ‘DIFX’ which was authorised by the DFSA as an Authorised
Market Institution (AMI) on 26th September 2005.
Offers of Securities In or From the DIFC

Securities can be offered in or from the DIFC. The DIFC Markets Law
prohibits the offer of securities in or from the DIFC unless the offer
is made in accordance with the relevant provisions of the DIFC Markets
Law and offered as either a full prospectus offer or exempt offer.
Where the offer is made in the DIFC, i.e. if the offer is directed at
or received by a person in the DIFC at the time of making the offer and
is capable of acceptance by such an offeree, then the offer can either
be a Prospectus offer or an Exempt offer. Such offers are subject to the
DIFC Markets Law and the DFSA Offered Securities Rules Module (OSR).
An exempt offer is an offer of securities which are offers of Securities

made by the following offerors:
(a) by recognised governments or other persons on the list of exempt

offerors maintained by the DFSA in the Offered Securities Rules;
(b) made to and directed at Professional Investors;
(c) made in connection with a takeover offer; or
(d) as may be prescribed by the Offered Securities Rules. The DFSA OSR
prescribes in detail what type of offers are Exempt offers.
Where the offer is not an exempt offer and falls within the
requirements, a full Prospectus offer must be made.
A full Prospectus offer of securities requires the appointment
of a Sponsor and Underwriter.
Where the offer is made from the DIFC i.e. if the person making the offer
is located inside the DIFC, the person to whom the offer is made is located
outside the DIFC and the offer is capable of being accepted by that person,
the person making the offer must notify the DFSA providing the relevant
information as set out in the DFSA OSR Module including details of the
jurisdiction to be targeted and confirmation that the offeror will comply
with the relevant obligations in that target jurisdiction.
32
DIFC Markets Law
DFSA Offered Securities Rules (OSR)
Full prospectus required

Prospectus Offer as prescribed by the
DFSA OSR Module
Offer in the DIFC
Exempt Offer Statement

Exempt Offer required as prescribed by
the DFSA OSR Module
Notification to the DFSA

as prescribed in DFSA OSR Offer from the DIFC
Offers of Islamic Securities

Where the offer relates to Islamic securities, the prospectus must also include
details of the Shari’a scholars that have approved the offer and any other
disclosures required by AAOIFI’s Shari’a Standards in respect of Sukuk offers.
Listing on the DIFX

The DIFC boosts its own international financial exchange which is home to
the worlds largest Sukuk market. Under the provisions of the DIFC Markets
Law, and the DFSA Authorised Market Institution Rules (AMI Module), the
DFSA requires the DIFX to put in place appropriate listing requirements
33
and business requirements. The DIFX has therefore implemented the DIFX
Listing Rules and DIFX Business Rules.
The DIFX currently provides a platform for the listing and trading of
securities which are admitted to the official list of securities maintained
by the exchange. Currently the DIFX provides a platform for the listing
and trading of:
• Equity
• Debentures
• Certificates
• Units of Funds
• Index products
• Islamic Securities
• Designated Investments
The DIFX permits primary and secondary listings. When an issuer proposes
to list securities the requirements of the DIFX must be adhered to. The
DIFX is then under an obligation to notify the DFSA of its intention to list
the securities at which point the DFSA may object to the admission of the
securities to the official list of securities maintained by the exchange.
Sukuks in or from the DIFC

The DIFC is recognised as being home to the largest sukuk market in the
world. Several sukuks have been offered in or from the DIFC, and listed
on the DIFX.
Sukuks are often referred to or associated with conventional bonds.

However there are some key differences with this association, namely that
sukuks are asset-backed or based and the certificate holders, or sukuk
holders, are deemed to be owners of the underlying assets and therefore
entitled to the profit generated from those assets.
A common sukuk structure is based on an underlying Ijara contract (lease

structure), whereby initial funds are raised from sukuk holders with the
asset(s) identified as part of the structure leased out.
The rental income from such a lease is used to pay periodic returns, which can
be variable although based on a fixed formula (tantamount to coupons), to
the sukuk holders at fixed periods. Other sukuk models are being offered into
the market the Sukuk-Al-Ijara has been the most the common structure to
date although newer structures such as Sukuk-Al-Musharaka, and the DIFC
Investments own Sukuk (issued by the Dubai Sukuk Centre) are introducing
new Sukuk structures to the market.
34
Figure 13: Common Sukuk Structure – Sukuk-Al-Ijara
DIFC Investments issued a Sukuk in 2007 which is structured as a Sukuk-Al

Mudaraba. The structure is set out below (as derived from the prospectus).
Figure 14- Dubai Sukuk Centre Sukuk-Al Mudaraba
Dubai Sukuk Centre Sukuk

USD 1.25 billion
DIFC Investments LLC Capital is

(DIFCI) passed to
the
MUDARIB
Mudarib to
Mudaraba invest in
Agreement accordance
entered into by $ profit with an
agreed
DIFCI and DSC
Investment
Plan
DIFC
Investments LLC Dubai Sukuk Centre
OBLIGOR (DSC)
(purchase and sale
undertakings) ISSUER
Obligor rated
A+ S & P Declaration of
A1 Moody’s Trust established Periodic Distribution
to protect the $ and Final
investments on dissolution amounts.
behalf of the
Certificate holder Certificate holders
35
Aside from being the largest Sukuk market in the world, the DIFX is also
seeking to provide a conducive environment for Islamic Finance more gen-
erally and also offers products such as the Islamic Certificate Index products
and recently developed a family of indices with HSBC, including the Sukuk
Indices (SKBI), Middle Eastern Conventional Bond Indices (MEBI), and
Middle Eastern Aggregate Indices (MEAG).
36
SECTION 7: THE DIFC’s ISLAMIC FINANCE REGIME:
COMPARATIVE POSITION
Challenges and opportunities ahead for Islamic finance

There are a number of key strengths of the DIFC’s operating environment
for the offer of Islamic Finance in or from the DIFC starting with its
regulatory regime. The DFSA’s regulatory regime for Islamic Finance is
based on the importance of implementing regulatory standards according
to international best practice, whilst ensuring that this incorporates an
appropriate structure for Islamic Finance to provide a sufficient degree of
Shari’a oversight that may not be prescribed in widely-used international
standards. The DFSA has developed a model which has successfully
integrated international regulatory standards with detailed Shari’a
oversight requirements, drawing upon the established standards of IOSCO,
Basel, FATF, IAIS, IFSB and AAOIFI in respect of Shari’a-compliance as
stipulated in its governance standards (GSIFI).
The overall regulatory regime integrates and extends international

standards to the fullest extent possible to all DFSA authorised firms,
including wholly Islamic financial institutions and Islamic windows. An
appropriate degree of modification to these standards has been made to
provide an appropriate regulatory model for the specificities of Islamic
finance, including but not limited to:
• Implementation of AAOIFI (including extension of AAOIFI’s Shari’a review

process to Islamic windows)
• Modification of prudential requirements to reflect the specific prudential
risks and Shari’a risk mitigation techniques for Islamic finance
• Enhanced disclosure in respect of Shari’a oversight, and periodic
information in respect of products and services offered in accordance
with Shari’a
There are many commercial benefits to the operating environment in the

DIFC which are summarised below.
1. Shari’a systems model

The DFSA’s regulatory structure for Islamic finance is referred to as the
Shari’a System. This means that the firm must implement appropriate
systems, controls and processes to ensure that the financial services and
products offered are in compliance with Shari’a.
The Shari’a Systems model obliges DFSA authorised firms to implement

adequate systems to ensure compliance with Shari’a. The DFSA provides
detail on what such systems should include and also requires that the
relevant provisions of AAOIFI’s governance standards (GSIFI) are
implemented to ensure initial and ongoing Shari’a compliance.
37
The Shari’a Systems model, provides benefits from two perspectives:
firstly, financial institutions that operate in financial markets which are
consistent with the international regulatory standards can transfer their
business and compliance models into the DIFC with relative ease by
implementing the Shari’a System prescribed by the DFSA as an overlay to
the compliance and risk-management infrastructure commonly used in
conventional finance, subject to appropriate degree of modification.
This is depicted in Figure 15 below.
The second perspective is that financial institutions that operate in key

Islamic jurisdictions (where regulatory requirements stipulate Shari’a
oversight requirements) can easily adapt their compliance models to meet
the DFSA’s requirements. The DFSA’s regime prescribes in sufficient detail
the Shari’a system for oversight and compliance with Shari’a that must be
implemented to enable institutions to offer Shari’a-compliant financial
services in or from the DIFC.
The DFSA has developed an international regulatory model, duly modified

to provide an appropriate regulatory structure to ensure compliance with
not only regulatory standards, but also Shari’a.
Figure 15-Summary of compliance structure for Islamic Finance reflecting

adaptation of a conventional compliance model
38
2. Clarity and certainty of regulations across wholly Islamic financial
institutions and Islamic windows
The DFSA regime has many key strengths compared to some of the regulatory
counterparts across the key Islamic jurisdictions, for example, the DFSA regime
explicitly requires compliance with AAOIFI.
This is to ensure consistency and instill confidence. Clients offered financial
services in accordance with Shari’a by DFSA authorised firms will have
confidence that these firms are subject to the same regulatory obligations
in respect of Shari’a oversight to ensure that their products or services are
Shari’a-compliant, regardless of whether the firm is a wholly Islamic
financial institution or an Islamic window.
3. Integrated regulatory structure conducive to the cross-sectoral
nature of Islamic finance
The DFSA is structured as a unitary regulator, which means that it
regulates all sectors of the market, including asset management, capital
markets, banking, insurance, and Islamic finance. Consequently the DFSA is able
to view regulatory issues across the market as a whole and is able to identify
and respond more efficiently than perhaps a sectoral regulator where
regulatory overlap may occur. Additionally, certain Islamic finance products are
cross-sectoral in nature. For example, certain products, such as Profit Sharing
Investment Accounts (PSIA) are treated in some jurisdictions as hybrid banking
and capital market products. A cross-sectoral, unitary regulator, like the DFSA is
able to address these risks more effectively.
From a business perspective, the unitary structure makes it easier for authorised
firms to raise issues relating to new products and financial services with a
unitary regulator, as opposed to having to seek clearance and approval from a
number of sector specific regulators operating in a single jurisdiction.
4. The importance of a level playing field, including a reverse level
playing field in Islamic finance
It is important to ensure that all financial institutions operating within the DIFC,
and other financial centres, are subject to the same standard of regulation.
This applies equally in the context of Islamic finance, where firms offering
Islamic financial services and products should be subject to the same degree
and standards of regulation as their conventional counterparts.
Of course regulations may need to be modified to reflect the specifics of Islamic
finance that perhaps a purely conventional regulatory model
cannot accommodate
While it is important to have a level playing field when considering the
regulatory regime which applies to Islamic finance vis-a-vis conventional firms,
it is also important to ensure that there is a reverse playing field. For example,
39
conventional firms offering Islamic financial products and services (Islamic
windows), must follow the same requirements in respect of Shari’a
oversight as their Islamic finance counterparts.
The DFSA regime has sought to create this level playing field by specifically
applying AAOIFI’s governance standards to Islamic windows to ensure that the
appropriate Shari’a systems are in place in both wholly Islamic firms and Islamic
windows, thus ensuring customers have confidence that Islamic products
offered in or from the DIFC have been subject to an appropriate degree of
Shari’a oversight.
Current DIFC Initiatives

The DIFC provides an enabling environment for Islamic Finance from a number
of perspectives as discussed above. However, the DIFC is constantly working to
make the Centre even more conducive to Islamic Finance and is currently
working on a number of initiatives in this field to address some of the
impediments currently facing the industry. These are illustrated below:
Issue DIFC Initiative
Need for greater Provision of clearly defined legal and regulatory

product innovation framework which facilitates innovation in the
field of Islamic Finance
Promote greater The DIFX provides a conducive framework
liquidity in Islamic for the listing and trading of Islamic
Finance securities
Industry The DIFC in collaboration with HSBC have
benchmarks developed a series of industry benchmarks
including the Sukuk Index
Shortage of Talent The DIFC has a well defined education strategy
and has begun to offer prestigious courses
specializing in Islamic Finance, such as the Cass
Executive MBA
Standardisation The DIFC is seeking to provide an environment for
Islamic Finance forums to attract the best talent in
Islamic Finance to spearhead standardisation.
Passportability The DIFC has been leading the direction of
of Islamic Products convergence and regulatory standardisation in
the field of Islamic Finance with the successful
implementation of the Mutual Recognition Model
with other established Islamic Finance jurisdictions
40
The DIFC is ideally located to become a leading jurisdiction, or a hub for
Islamic Finance. Aside from the ongoing initiatives and developments, the
DIFC is located in the Middle East, the heart of Islamic Finance. The DIFC and
participants in the DIFC have a genuine belief in the underlying
legitimacy and value of Islamic Finance, and this feature is a core strength
which demonstrates not only the DIFC’s commitment but passion
to provide the most conducive, world class operating environment
for Islamic Finance.
41
SECTION 8: GLOSSARY
AAOIFI Accounting and Auditing Organisation for Islamic Financial

Institutions which provides relevant provisions for Islamic
finance, including recommended Shari’a review practices.
www.aaoifi.com
DFSA Dubai Financial Services Authority- the independent

regulatory body with oversight over Authorised Firms,
Authorised Individuals, Authorised Market Institution and
Ancillary Service Providers which operate in or from the DIFC.
DIFC Dubai International Financial Centre- a Financial Free Zone

in a designated area within the Emirate of Dubai.
DIFCA Dubai International Financial Centre Authority
Hadith Consolidation of the verbal translations of the Prophet

(PBUH).
Ijara Ijara is commonly referred to as a leasing structure. An

asset is leased out by the owner of the asset for a rental
income. The Ijara arrangement may also lead to a separate
arrangement for the sale of the leased asset to the lessee
at the end of the term. The Ijara structure is widely used as
a form of Shari’a-compliant home finance and has been
widely used in sukuk structures.
Ijma Consensus of scholars.
IFSB Islamic Financial Services Board is a standard setting

agency established in Malaysia which seeks to standardise
the practices which apply to Islamic finance based on
international best practice, duly modified to reflect the
specifics of Islamic Finance. www.ifsb.org
Ijtihad Interpretation of scholars.
Istisna’a Istisna’a is one of few Islamic contracts where the asset

which is the subject matter of the transaction does not
exist at the time of contracting. It is commonly referred to
as a construction contract whereby financing is raised
principally for manufacturing.
42
Mudaraba Mudaraba is a contract where the provider of capital
(Rabb Ul Maal) provides funds to the manager (Mudarib)
for the purpose of investment. The return on the
investment (the profit), is allocated between the Mudarib
and Rabb Ul Maal in accordance with a predetermined
ratio agreed at the outset of the contract. This is also
referred to as a ‘profit sharing investment structure’, or
‘account’. The Rabb Ul Maal may provide the funds to the
Mudarib and impose a condition on the application of
those funds, this is referred to as a ‘restricted
profit-sharing account’. Where funds are provided without
condition this is referred to as an ‘unrestricted
profit-sharing investment account’.
Murabaha A cost plus mark-up structure where the Islamic financial

institution acquires an asset for resale to the client at a
price which includes the original acquisition price plus a
mark-up. Commonly used as an alternative to a
conventional loan. In some jurisdictions it is widely used as
a form of Shari’a-compliant home financing.
Musharaka Musharaka is a form of equity partnership where both

partners contribute capital and effort. This is distinct from
a Mudaraba where the provider of capital (referred to as
Rabb Ul Maal) does not contribute to the management
of the partnership. In some jurisdictions it is used as a form
of Shari’a-compliant home financing, particularly the
variant model the diminishing Musharaka, where one
partner’s share gradually decreases as the other partners
share increases.
Qiya’s Analogical reasoning.
Qu’ran Definitive ‘Word of God’ revealed to the Prophet

Mohammed (PBUH). It is the most sacrosanct text to
Muslims.
Riba Riba is generally referred to as ‘an increase’ more

specifically an ‘unjust increment’
43
Salam Salam is another Islamic contract where the asset which is
the subject matter of the transaction does not exist at the
time of contracting. It used to be a method of raising
funds to grow agricultural products. A Salam is entered
into by an Islamic financial institution that pays in advance
for goods which are to be delivered at a later date.
Sunnah Religious conduct of the Prophet, (PBUH) referred to as

‘Way of the Prophet’ which is recognised as an example of
how to conduct one’s life.
Sukuk Sukuk is commonly referred to as an Islamic bond, which is

not an accurate reflection of a sukuk. A sukuk is a way
of raising funds where there is an identifiable asset which
generates an income stream. Sukuk certificates, which
confer ownership to the underlying assets, are issued to
investors in return for initial funds. At fixed intervals, the
investors receive profits generated from the
underlying asset.
Takaful This is a scheme of mutual support which are often

structured as charitable collective pool of funds. An
individual becomes a participant by paying a participative
contribution (tabarru’) to a common takaful fund whereby
the individual allows his / her contributions to be used to
help others. Takaful provides mutual protection of assets
and property and offers joint risk-sharing in the event of a
loss by one of the participants. Takaful is similar to mutual
insurance in that members are the insurers as well as the
insured. Takaful is sometimes termed as ‘Islamic Insurance’.
Tayyab Tayyab literally translates as ‘wholesome or more

beneficial than just compliant’. RHT Partners have created
a white paper on Tayyab’ (www.RHTPartners.com).
44
Reference materials:
• DIFC Regulatory Law • DIFC Law Regulating Islamic Financial Business
• DIFC Markets Law • ISF Module • CIR Module • GEN Module• AUT Module
• PIB Module OSR Module• PIN Module • AAOIFI GSIFI • IFSB Standard
• AMI Module • SUP Module • DIFX Listing Rules • DIFX Business Rules
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21
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22
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23
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24
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25
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A Guide To Islamic Finance PDF

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A Guide To Islamic Finance PDF

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© 2007 Praesidium LLP refers to the DIFC Incorporated LLP,

with registration number 0436.

Section 1: About Praesidium LLP 3

Section 2: DIFC, the centre of Islamic excellence 4

Section 3: Industry Spotlight 7

Section 4: Introduction to Islamic finance 10

Section 5: Regulatory environment for Islamic finance

Section 6: Operating environment for Islamic Finance products

Section 7: The DIFC’s Islamic finance regime:

This guide provides an introduction to Islamic finance as well as a summary

of the application of the relevant operating environment in the DIFC

The contents of the Guide do not necessarily represent the views

Praesidium LLP is a leading regulatory, compliance and client advisory firm

The firm is managed by ex-DFSA regulator, Hari Bhambra. Hari’s

The firm’s other two partners include the economic adviser to

The firm is also an Accredited Training Provider for the London

Since establishment, the firm already has an impressive list of clients,

To obtain specific information and professional advice on any aspect

Praesidium LLP. Level 6 Al Attar Business Tower, Sheikh Zayed Road,

The vision of the DIFC is to shape tomorrow’s financial map as a global

Critical to the DIFC’s success is Dubai’s established track record of realizing

Dubai has a well-diversified economy based on international trade,

The DIFC has been designed to:

• Attract regional liquidity back into investment opportunities within the

• Facilitate planned privatisations in the region and enable initial public

• Create added insurance and reinsurance capacity.

Institutions receive a number of benefits when joining the DIFC, including:

• 100 per cent foreign ownership

The DIFC focuses on several sectors of financial activity: Banking &

Financial services in the DIFC are regulated to international standards by

The DIFC is a proven success story. It has a number of distinct advantages

• Its unitary, risk-based Shari’a Systems Regulator;

The Islamic Financial services industry is growing at a phenomenal rate.

Banking Industry • The total size of the Islamic Banking industry is

Funds •Assets under management in Islamic Funds are

Sukuks • The total value of sukuks issued to date is valued

Takaful • Global Takaful contributions are currently

Worlds Muslim • Middle East and North Africa

There are clearly a number of potential challenges facing the industry,

Need for innovation

Other alternatives should be introduced into the market, in many areas of

Although standardisation of fatwa’s would not alleviate the differences

To begin to aid the industry, some jurisdictions collate fatwa’s issued in

Collation of fatwa’s may also facilitate innovation in the industry,

The DFSA entered into a mutual recognition arrangement with Malaysia

This arrangement itself has much potential, including providing a model

The DIFC, as indicated in this document, is promoting the importance of

Islamic finance is the financial services industry which offers finance

Islamic finance has commonly been recognised as an interest-free financing

However, there is much more to Islamic finance than these broad

To understand the essence of Islamic finance, the subject should

Islam includes many religious practices. Followers are generally required

Principles of Islamic finance

Figure 1: Principles and Prohibitions in Islamic Finance.

1. Principles of Profit and Islamic Finance requires participation in

2. Prohibition on Riba. Riba is translated as an ‘excess’ or ‘unjust

3. Avoidance of Transactions have to be real and be certain

4. Prohibition on dealing All dealings, commercial or otherwise

5. Requirement for fair Islam requires that commercial dealings are

Their interpretation and application of the underlying principles of Islam,

Shari’a scholars will give a ruling on whether a financing structure meets

Put simplistically in order to provide an analogy, the Shari’a interpretation

In the context of Islamic finance, Shari’a scholars interpret and apply