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| DFSA Opens Consultation On Islamic Finance 'Rulebook' |
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, October 14, 2009
The Dubai Financial Services Authority (DFSA) last week issued a Consultation Paper
setting out proposals to enhance the 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, 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.
Paul Koster, Chief Executive of the DFSA, commented, “The DIFC aims to
be the leading international center 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.”
Comments on the consultation paper are welcome until December 10, 2009.
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