Regulatory Alerts2023-08-24
Instruction No. 069/AMF-UMOA/2023 on Collective Investment Undertakings Compliant with the Principles and Rules of Islamic Finance in the UMOA Regional Financial Market
The Financial Markets Authority of the UMOA (AMF-UMOA) has issued Instruction No. 069/2023 to establish the regulatory framework for Islamic Collective Investment Undertakings (CIUs) and their management companies on the regional financial market. The directive mandates that these CIUs operate under Sharia-compliant principles, requiring them to appoint a Compliance Council, maintain internal or external audit units, and disclose specific investment strategies, fee structures, and charitable donation allocations in their prospectuses. Furthermore, it standardizes approval procedures, periodic reporting obligations, risk management practices, and the annual Sharia compliance audit to ensure consistent oversight and market transparency.
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