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12 Oct 2009, 12:10 pm

DFSA Consults on Islamic Finance Rules in the DIFC

The Dubai Financial Services Authority (DFSA) issued last week a Consultation Paper setting out proposals to enhance clarity and accessibility of the Islamic finance Rules of the Dubai International Financial Centre (DIFC). Consultation Paper No.66, which is posted on the DFSA website www.dfsa.ae, seeks public comment on the proposed restructuring of the Islamic finance Rules and also on a web-based “virtual handbook”. These proposals aim to better promote the visibility and accessibility of the DFSA’s regulatory requirements that apply to Islamic financial activities which are currently contained in a number of DFSA Rulebook modules. The proposals do not contain any substantial changes to the existing requirements. The deadline for comment is 10 December 2009. Mr Paul Koster, Chief Executive of the DFSA said,“The DIFC aims to be the leading international centre for Islamic finance. The DFSA has put in place a first-class regulatory regime based on international standards. In line with our commitment to transparency and efficiency, we are now making that regime more accessible, and easier for the industry to use, so that Islamic finance can grow and prosper here.”

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