Islamic Finance

The DFSA’s regulatory framework is based on principles of transparency, integrity and efficiency. We have used these to create an enabling regulatory framework for the Islamic financial services industry. With the advantage of being able to design our regime from inception using international standards, we have been able to create a cohesive and balanced regulatory framework, rather than bolting Islamic finance onto an existing conventional regulatory regime.

Central to the DFSA’s approach to Islamic finance is our belief in risk-based regulation. Many of the risks in Islamic finance have their counterparts in conventional finance, and we believe they should be treated similarly. So our regime for Islamic finance is integrated with that for conventional finance, but with explicit recognition of the structures and risks of Islamic finance, where these are different.

We apply internationally accepted standards and principles; in Islamic finance those of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). A number of DFSA employees are actively involved in the working parties and committees of these bodies. As members of the Asian-Oceanian Standard-Setters Group we contributed to its research paper on financial reporting issues for Islamic finance and can be accessed here.
 

DFSA speeches on Islamic finance

 

DFSA publications on Islamic finance

 

Authorised Firms doing Islamic finance business

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