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Dubai Voted Best Regulator Of Islamic Funds

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

19 November 2007


The Dubai Financial Services Authority (DFSA) has received the accolade of 'Best Regulator for Islamic Funds', which was awarded during the recent 5th Annual Islamic Funds World Conference.

The award was co-presented to the DFSA and the Malaysian Securities Commission (SC), at the Master of Islamic Funds Awards luncheon in Dubai, which took place on 13th November 2007. The award was co-sponsored by Dow Jones and Standard & Poor's, and recognises the DFSA’s efforts to facilitate cross-border marketing of Islamic investment funds.

This is the second award the DFSA has received this year. In April, the DFSA received the Failaka Islamic Fund award for ‘Best Contribution to Growth and Development’, which recognised the DFSA’s contributions to transparency and innovation in Islamic Finance.

In March 2007, the DFSA and the Malaysian SC entered into a mutual recognition agreement, allowing Islamic funds that have been approved by the SC to be marketed and distributed in the Dubai International Financial Centre (DIFC) with minimal regulatory intervention, following the entry of Malaysia onto the DFSA's list of Recognised Jurisdictions. Similarly, Islamic funds which have been registered or notified with the DFSA have access to Malaysian investors.

David Knott, Chief Executive of the DFSA commented: "We are delighted to be recognised again for innovations that facilitate the growth of Islamic Finance. This award further exemplifies the DFSA's strong commitment towards taking a leadership regulatory role and establishing the DIFC as a Centre promoting innovation and growth of Islamic capital markets in the Middle East."

He added: "I congratulate our DFSA team members who play a pivotal role in shaping our high quality funds regime.”


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