CBB Volume 6: Contents
CIU-6 Shari'a Compliant CIUs
CIU-6.1 Additional Requirements
The rules included in this Chapter are additional to other applicable rules contained in other Chapters of this Module. In applying Rule CIU-6.1.1 to overseas domiciled retail CIUsG and overseas domiciled expert CIUsG , the CBB may accept other specific arrangements as having equivalent effect.
All CIUsG defined in Rule CIU-6.1.1 must ensure that their prospectusG contains provisions describing the Shari'a compliant nature of the CIUG , the process for achieving such compliance, and the names of the Shari'a Advisers appointed under Rule CIU-6.1.4.
CIU-6.1.4(a) Appointments, dismissals or other changes in respect of members of the Shari'a Advisers are approved by the governing body of the CIUG (i.e. its directors or trustees, as appropriate);(b) The Shari'a Advisers are independent of the CIU and its operatorG — amongst other things, no Shari'a Adviser should be a director, trustee or controller of the CIUG or its operatorG ;(c) The Shari'a Advisers selected are suitably qualified and experienced for their role; and(d) The Shari'a Advisers are given sufficient resources and access to information and personnel in order to undertake effectively their role as Shari'a Advisers to the CIUG .
Compliance Monitoring and Reporting
The operatorG of CIUsG defined in Rule CIU-6.1.1 must ensure that the operations and investments of the CIUG are subject to compliance reporting and monitoring by its Shari'a Advisers, in accordance with applicable AAOIFI standards.
CIU-6.1.7(a) Explaining the work undertaken by the Shari'a Advisers to verify compliance by the CIUG with the Shari'a; and(b) Giving an opinion on the extent of the CIU'sG compliance with the Shari'a.
CIUsG defined in Rule CIU-6.1.1 must report without delay to the CBB changes to their Shari'a Advisers, together with an explanation for the change. All such changes must be reflected in an update to the CIU'sG prospectusG (and simplified prospectusG where applicable).