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20 Jan 2023, 10:01 am | Clarification

Clarification of regulatory status of application launched by the Amana Capital Group

The Dubai Financial Services Authority (DFSA) wishes to clarify the regulatory status of some companies in the Amana Capital Group, and that of the “amana app”. 

The DFSA advises that:

•the only entity within the Amana Capital Group that is authorised and regulated by the DFSA is Amana Financial Services (Dubai) Limited (AFSDL);

•the “amana app” is not a product of the DFSA regulated entity, AFSDL;

•users of the amana app are not clients of AFSDL. They are instead clients of another Amana Capital Group entity called AFS Global Limited; and

•AFS Global Limited is licensed and regulated by the Labuan Financial Services Authority, Labuan Malaysia.

The DFSA suggests that individuals always read the terms and conditions of any online app carefully so as to understand the product(s) being offered and which entity they are signing up to as clients. Firms and individuals can also take the following steps:

·Check the relevant regulatory status of a person before doing business with them;

·Only do business with firms or individuals you trust. Dealing with people you have never met may carry a higher risk;

·Be particularly cautious when receiving unsolicited communications; and

·Obtain independent professional advice before entering any investment or transaction. 

The DFSA has a page on its website dedicated to alerts which it has issued about scams. All alerts issued by the DFSA may be accessed by going to: ALERTS

The DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to: HOW TO AVOID BEING SCAMMED

The DFSA encourages consumers to refer to the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA's: PUBLIC REGISTER

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the Dubai International Financial Centre (DIFC), DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS 

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