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DFSA Launches Consultation to Strengthen Islamic Finance Rules in DIFC



DFSA Opens Consultation on Islamic Finance Framework in DIFC


The Dubai Financial Services Authority has launched a public consultation aimed at enhancing the Islamic finance regulatory framework within the Dubai International Financial Centre, as the UAE continues positioning itself as a global hub for Sharia-compliant finance.


The consultation, announced through Consultation Paper No. 172 (CP 172), proposes several updates designed to provide greater regulatory clarity for firms operating Islamic financial services in DIFC.


The proposed changes include clearer guidance on when authorised firms are required to obtain Islamic finance endorsements, enhanced disclosure requirements for Takaful products, and technical amendments to the DFSA’s Islamic Finance Rules module.



UAE Strengthens Position in Global Islamic Finance


The initiative aligns with broader UAE strategies focused on expanding the Islamic finance sector, including the UAE Strategy for Islamic Finance and Halal Industry and Dubai’s D33 Economic Agenda.


According to the DFSA, the UAE remains one of the leading global markets for Islamic finance, while DIFC has become one of the world’s largest venues for Sukuk listings, with more than $100 billion in outstanding Sukuk issuances.


Charlotte Robins, Managing Director of Policy & Legal at the DFSA, said the regulator aims to ensure firms have the clarity needed to operate confidently as Islamic finance adoption continues to grow globally.



Focus on Disclosure and Regulatory Clarity


Among the key proposals, the DFSA plans to clarify circumstances where firms presenting products or services as Sharia-compliant would require an Islamic endorsement.


The consultation also proposes stronger disclosure requirements for Takaful products, including transparency around fee calculations, surplus-sharing mechanisms, and additional contribution obligations for participants.


The regulator emphasized that firms distributing Islamic financial products without directly representing them as Sharia-compliant may not require additional endorsements, provided existing client protection obligations are met.



Consultation Open Until June 19


Industry participants, authorised firms, advisers, and market institutions are invited to submit comments through the DFSA’s online response platform until June 19, 2026.


Following the consultation period, the DFSA will review feedback before finalising potential amendments to the Rulebook.


More information and the full consultation paper are available on the official DFSA website:
https://www.dfsa.ae



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