• IFR 3.8.1 IFR 3.8.1

    (a) An Authorised Person, must, subject to IFR 3.8.1(b) below, disclose to each client:
    (i) at the outset of the relationship and thereafter at any time on request, details of the members of the Authorised Person's Shari'a Supervisory Board; and
    (ii) at any time on request, details of the manner and frequency of Shari'a reviews.
    (b) An Authorised Person does not have to make the disclosure required under IFR 3.8.1(a) if it is a Fund Manager of an Islamic Fund and is making an Offer of Units of that Islamic Fund in accordance with the disclosure requirements of these Islamic Finance Rules.
    (c) An Authorised Person must disclose the following information to each Person granted access to its facilities at the outset of the relationship, and thereafter whenever the information changes:
    (i) the members of the Authorised Person's Shari'a Supervisory Board; and
    (ii) if the Person granted access to its facilities requests, the manner and frequency of Shari'a reviews.

    • Guidance

      (i) An Authorised Person may make the initial disclosures required under IFR 3.8.1(a) by including such information in the Client Agreement provided under COBS 3.
      (ii) An Authorised Person Managing a PSIA may make additional disclosure required to be made relating to that PSIA by including such information in the Client Agreement. See IFR 5 for additional disclosure for PSIAs.
      (iii) A Fund Manager making an Offer of a Unit of an Islamic Fund it manages is required to include information specified in IFR 3.8.1(a) in the Prospectus which it must prepare and make available to clients, hence the exemption in IFR 3.8.1. A similar exemption is available to Fund Managers with regard to key information that must be provided to a client under COBS 3.3.1(e).
      Amended on (3 February, 2020).