The Dubai Financial Services Authority (DFSA) on Monday released a consultation document detailing the proposed legislation that will govern Islamic financial operations in the Dubai International Financial Centre (DIFC).
The paper calls for comment on two new pieces of draft legislation: the Law Regulating Islamic Financial Business, which creates the regulatory framework for the conduct of Islamic financial business in or from the DIFC; and the Islamic Financial Business (ISF) module of the DFSA Rulebook, which sets out the requirements for an Authorised Firm undertaking Islamic financial business.
It also details amendments that will be made to other modules of the DFSA Rulebook as a consequence of the new Law and Module being enacted.
'The new draft Islamic Finance Law and Rulebook module are key components of the financial services legislation for the DIFC. Together with the specific prudential requirements already set out in our integrated prudential rules, they will provide a comprehensive regime for all aspects of Islamic financial business conducted in or from the DIFC', DFSA Chief Executive, Mr Phillip Thorpe explained earlier this week.
Comment is invited on the proposed legislation before July 6.
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