A Guide To Islamic Finance : In Or From The DIFC by DIFC Incorporated LLP

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Ijara Ijara is commonly referred to as a leasing structure. An asset is leased out by the owner of the asset for a rental income. The Ijara arrangement may also lead to a separate arrangement for the sale of the leased asset to the lessee at the end of the term. The Ijara structure is widely used as a form of Shari’a-compliant home finance and has been widely used in sukuk structures. Ijma Consensus of scholars. IFSB Islamic Financial Services Board is a standard setting agency established in Malaysia which seeks to standardise the practices which apply to Islamic finance based on international best practice, duly modified to reflect the specifics of Islamic Finance.

These are illustrated below: 40 Issue DIFC Initiative Need for greater product innovation Provision of clearly defined legal and regulatory framework which facilitates innovation in the field of Islamic Finance Promote greater liquidity in Islamic Finance The DIFX provides a conducive framework for the listing and trading of Islamic securities Industry benchmarks The DIFC in collaboration with HSBC have developed a series of industry benchmarks including the Sukuk Index Shortage of Talent The DIFC has a well defined education strategy and has begun to offer prestigious courses specializing in Islamic Finance, such as the Cass Executive MBA Standardisation The DIFC is seeking to provide an environment for Islamic Finance forums to attract the best talent in Islamic Finance to spearhead standardisation.

The summaries are equally applicable to conventional funds. Legal Framework in the DIFC Although subject to the UAE’s criminal laws, including anti-money laundering and counter-terrorist financing laws, the DIFC is subject to its own legal system based on common law, influenced by the UK legal system. A full set of laws have been developed to operate in the Centre, some of which are administered by the DFSA, others administered by the DIFCA. 30 DIFC Laws administered by the DFSA DIFC Laws administered by DIFCA • Regulatory Law • Strata Title Law • Markets Law • Real Property Law • Law Regulating Islamic Financial Business • Data Protection Law • Trust Law • Investment Trust Law • Collective Investment Law • Limited Partnership Law • Companies Law • Personal Property Law • Law Relating to the Application of DIFC Laws(Amended and Restated) • Employment Law • Law of Obligations • Implied Terms in Contract and Unfair Terms • Law of Damages and Remedies • Law of Security • Law on the Application of Civil and Commercial Laws • Law on Application of DIFC Laws • Limited Liability Partnership Law • Contract Law • Insolvency Law • Arbitration Law • Court Law • General Partnership Law These laws, particularly those pertaining to the legal vehicles which are permitted in the Centre are equally applicable to Islamic Finance.

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