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  • OFS-5.7 OFS-5.7 Additional and Specific Content for Islamic Securities

    • OFS-5.7.1

      The application for approval from the CBB for making an offering of Islamic securities must include the following attachments:

      (a) A declaration by the Shari'a advisor that the transaction is in compliance with the principles of Shari'a;
      (b) A declaration by the issuer that the vehicle issuing the securities will remain subject to proper Shari'a review, until the maturity date of the security; and
      (c) A copy of the trust deed or other document securing or constituting the Islamic securities.
      January 2014

    • Appointed Shari'a Advisors

      • OFS-5.7.2

        The offering document must contain the identity of the appointed advisors, including the Shari'a advisor.

        January 2014

    • Shari'a Advisor's Report

      • OFS-5.7.3

        The offering document must contain a Shari'a advisor's report that, at the minimum, covers the compliance of the security and its structure with the Shari'a principles.

        January 2014