2.1. Requirements for Authorisation

(1) An application for a condition on the Licence authorising a Person to conduct Islamic Financial Business may be made to the AFSA by any:

(a) body corporate; or

(b) partnership when applying for a Licence under relevant AIFC Regulations and Rules or at any point in time after being licensed.

(2) An applicant for authorisation as an Islamic Financial Institution that proposes to conduct its business in accordance with Shari’ah must state that fact in its application. The AFSA may grant an authorisation as an Islamic financial Institution only if the applicant’s constitutional documents require the business to be conducted in accordance with Shari’ah.

(3) An Authorised Firm may apply to the AFSA to vary the condition on its License authorising it to conduct Islamic Financial Business as an Islamic Financial Institution or by operating an Islamic Window.

2.2. Licensing condition for compliance with Shari’ah

The AFSA may grant an application for the condition or a variation to the condition referred above in 2.1, if it is satisfied that the requirements for the specific condition or variation of the condition have been met.

2.3. Prohibition on holding out as conducting Islamic Financial Business

A Person that is not authorised to conduct Islamic Financial Business by way of an appropriate condition on its License:

• (a) must not hold itself out as either an Islamic Financial Institution or as an Islamic Window; and
• (b) must not hold itself out as conducting Islamic Financial Business activities.

2.4. Prohibition on non-Shari’ah Compliant activities

An Islamic Financial Institution or an Islamic Window:

• (a) must not hold itself out as conducting any financial services or providing financial services or products other than Islamic Financial Business activities which are compliant with Shari’ah; and
• (b) must not carry on any Regulated Activity otherwise than in accordance with Shari’ah.