ISFI 1.1.1 Name of rules

These rules are the Islamic Finance Rules 2005 (or ISFI).

ISFI 1.1.2 Glossary

The glossary at the end of these rules is part of these rules.

Note 1 There are also relevant definitions in the INAP glossary. To assist the reader, the application of a definition in that glossary is usually indicated by the defined term's being in italics (other than bold italics) in these rules.

Note 2 By contrast, the application of a definition in the glossary in these rules is not indicated by the defined term's being in italics.

Note 3 For the application of definitions, see INAP, r 2.1.8 (Application of definitions).

Note 4 A note on or to these rules is explanatory and is not part of the rules (see INAP, r 2.1.6 (1) and r 2.1.7).

Note 5 However, examples and guidance are part of these rules (see INAP, r 2.1.4 (1) (b) and (2)).

Note 6 An example is not exhaustive, and may extend, but does not limit, the meaning of these rules or the particular provision of these rules to which it relates (see INAP, r 2.1.5).

Note 7 For the effect of guidance, see FSR, art 17 (4).

ISFI 1.2.1 What is Islamic financial business?

Islamic financial business is the business of carrying on 1 or more regulated activities in accordance with Shari'a.

ISFI 1.2.2 What is an Islamic financial institution?

An Islamic financial institution is an authorised firm whose authorisation includes a condition that the whole of the firm's business must be conducted in accordance with Shari'a.

Note For firms that conduct a part (but not the whole) of their business in accordance with Shari'a, see ch 8 (Islamic windows).

ISFI 1.2.3 What is a profit sharing investment account (or PSIA)?