Regulatory Alerts2013-12-09
Law No. 2013-48 of December 9, 2013 on Islamic Investment Funds
The Tunisian Constituent National Assembly, promulgated by President Mohamed Moncef El Marzougui on December 9, 2013, enacted Law No. 2013-48 to establish a comprehensive regulatory framework for Islamic investment funds. The law mandates that each fund maintain an independent Shariah supervisory committee and an internal Shariah audit unit to ensure transactional compliance with Islamic financial standards through binding fatwas. It further requires transparent disclosure of fund structures, Shariah compliance mechanisms, non-compliant income management, and Zakat obligations, while granting existing investment companies a one-year transition period to convert under the new regime.
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