1.2. Purpose

The purpose of this IFR Rules is to establish the regulatory framework based on:

(a) the standards and guidelines issued by the Islamic Financial Services Board (IFSB) on the conduct of Islamic finance activities;

(b) the standards and guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on accounting, auditing and Shari’ah governance of Islamic financial institutions; and

(c) international standards in the form of Core Principles for Effective regulation and Supervision, issued by International Association of Insurance Supervisors, International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision.

Guidance: Overview of the IFR Rules The IFR Rules include specific regulatory requirements that apply to Persons conducting Financial Services or providing financial products in a Shari’ah-compliant manner. In addition to the specific regulatory requirements specified in these rules, other general requirements relating to such financial services activities or products are set out in the relevant AFSA Regulations and Rules