Shari'a compliant transactions
LR-1.2.27
Conventional bank licensees may not hold themselves out as an Islamic bank.Conventional bank licensees may only enter into activities (c) to (e) listed in Rule LR-1.3.1, when dealing with governments, public sector entities and other licensed financial institutions.Conventional bank licensees may not undertake these activities with individual or corporate clients (whether resident or non-resident).LR-1.2.28
As an exception to the restriction in Rule LR-1.2.27,
conventional bank licensees may invest for their own account in sukuks.LR-1.2.29
Conventional bank licensees may also freely deal infinancial instruments or operate aCollective Investment Undertaking that happens to be Shari'a compliant (because of the nature of thefinancial instruments concerned).
