IFR 4. IFR 4. ACCOUNTING AND AUDITING
IFR 4.1 IFR 4.1 Application
IFR 4.2 IFR 4.2 Financial statements — specific disclosures
IFR 4.2.1
An Authorised Person carrying on Islamic Financial Business must ensure that the financial statements required to be produced by it under GEN 6 contain the following additional disclosures:
(a) the role and authority of the Shari'a Supervisory Board in overseeing the Authorised Person's Islamic Financial Business;(b) the method used in the calculation of the Zakat base;(c) whether Zakat has been paid by the Authorised Person;(d) where Zakat has been paid by the Authorised Person, the amount which has been paid; and(e) where Zakat has not been paid by the Authorised Person, sufficient information to allow a shareholder or other investor to compute the amount of his own liability to Zakat.IFR 4.2.2
An Authorised Person who operates an Islamic Window must ensure that the financial statements required to be produced by it under GEN 6 and IFR 4.2.1 contain the following additional disclosures:
(a) a detailed statement of the funds mobilised according to Shari'a rules and principles and the assets financed by those funds;(b) a detailed statement of the income and expenditure attributable to its Islamic Financial Business; and(c) whether funds attributable to its Islamic Financial Business are commingled with funds attributable to its conventional business.IFR 4.2.3
An Authorised Person which is a Takaful Operator must ensure that the financial statements required to be produced by it under GEN 6 for each Takaful Fund contains the following disclosures:
(a) income from contributions to the Takaful Fund;(b) revenues and gains from the Takaful Fund's investments;(c) amounts paid to the Takaful Operator;(d) amounts paid for Retakaful cover, net of any commissions;(e) amounts paid to Takaful contributors as a distribution of surplus;(f) amounts of any financing received from, or repaid to the Takaful operator;(g) changes in the actuarial reserves of the Takaful Fund; and(h) the position of the Takaful Fund at the end of the period, including actuarial reserves, policyholders' surplus and any loans outstanding.IFR 4.2.4
An Authorised Person which Manages a PSIA must ensure that the financial statements required to be produced by it under GEN 6 contain the following additional disclosures:
(a) an analysis of income according to types of investments and their financing by customers;(b) the basis for the allocation of profits between Owners' Equity and PSIA holders;(c) the equity of PSIA holders at the end of the reporting period;(d) the bases used to determine any Profit Equalisation Reserve or Investment Risk Reserve;(e) the changes which have occurred in the Profit Equalisation Reserve and the Investment Risk Reserve during the reporting period;(f) any deductions made by the Authorised Person from its share of income, and any expenses borne by the Authorised Person on behalf of PSIA holders, as a contribution to increase the income of PSIA holders, if such contribution was material; and(g) the identity of any person to whom any remaining balances of any Profit Equalisation Reserve or Investment Risk Reserve is attributable in the event of liquidation.