3.1. Islamic Financial Institutions to disclose status

(1) An Islamic Financial Institution must ensure that it discloses appropriately to each of it clients:

• (a) that it is an Islamic Financial Institution or an Islamic Window, as applicable; and
• (b) that its business is required to be conducted in accordance with Shari’ah.

(2) An Islamic Financial Institution must disclose the following information to each client with whom or on behalf of whom it conducts, or proposes to conduct, Islamic Financial Business activities:

• (a) the members of the institution’s SSB;
• (b) if the client requests, the manner and frequency of Shari’ah reviews.

(3) An Islamic Financial Institution or an Islamic Window must disclose the information referred to in (2) above to its relevant clients:

(a) prior to conducting Islamic Financial Business activities with or on behalf of that client; and

(b) thereafter, whenever the information changes.

Guidance: Disclosures by an Islamic Financial Institution

An Islamic Financial Institution may include the information required by the Rule 3.1 in the terms of business it provides to a client.