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  • General Requirements for all Conventional Microfinance Institutions

    • AU-1.3.1

      Conventional licensees may not hold themselves out as an Islamic microfinance institution. Conventional licensees are allowed to enter into activities listed in Rule AU-1.2.1 under the conditions outlined in the remainder of this section.

      Amended: October 2014
      January 2014

    • AU-1.3.2

      When offering any of the Shari'a compliant activities listed in Rule AU-1.2.1, conventional licensees must have staff trained in Shari'a compliant financing business. The licensee must also disclose in the notes to its Annual Report/Financial Statements all quantitative and qualitative disclosures on its Shari'a compliant business as required by AAOIFI accounting and auditing standards.

      January 2014