Regulatory Alerts2020-05-18
Summary of Key Amendments to Guidelines on Islamic Fund Management Issued on 18 May 2020
The Securities Commission issued revised Guidelines on Islamic Fund Management on 18 May 2020 to update terminology, align definitions with the Companies Act 2016, and clarify the applicability to fund management companies operating under Islamic windows. The amendments introduce new paragraphs detailing tax exemption criteria, mandate the segregation of accounts for Islamic window businesses, and insert new appendices outlining application procedures and required documentation. These changes ensure consistency with other regulatory guidelines while establishing specific qualifying conditions for statutory income tax exemptions for Islamic fund management activities.
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