Prudential returns of an Islamic Bank must reflect its management accounts, financial statements, risk reports or ancillary reports, as appropriate for every return. An Islamic Bank’s returns, accounts, statements and reports must all be prepared using the same standards and practices, and must be easily reconcilable with one another.
An Islamic Bank must submit the return to AFSA within the period stated in the notice.
AFSA may, by written notice:
(a) require an Islamic Bank to prepare additional prudential returns;
(b) exempt an Islamic Bank from a requirement to prepare annual, biannual, quarterly
or monthly returns (or a particular return); or
(c) extend the period within which to give a return.
An exemption referred in (b) above may be subject to one or more conditions. The Islamic Bank must comply with any condition attached to an exemption.
An Islamic Bank must submit prudential returns in accordance with AFSA’s instructions.
The instructions may require that the return be prepared and/or submitted through specially designated electronic/online submission systems designated for that purpose by AFSA.
The instructions may be set out in the return itself, in a separate document published by AFSA on its website or by written notice.
A prudential return must be signed by the Finance Officer and the Senior Executive Officer of the Islamic Bank. If either or both of those individuals is or are unable to sign, the return must be signed by the chief risk officer of the Islamic Bank or any of its Approved Individuals.
*This table does not relieve Authorised Firms from the obligation to be aware of AFSA’s Rules and Regulations that might be pertinent to a Firm.
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Quarterly prudential return |
Reporting needs to be made in thousands of USD. Please read your MANUAL FOR PREPARATION OF RETURNS
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The report is submitted within a month after the reporting quarter ends |
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Annual prudential return
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Reporting needs to be made in thousands of USD. Annual prudential returns need to contain certification of the same auditor who was responsible for the audit of annual financial statements. Please read your MANUAL FOR PREPARATION OF RETURNS |
The report is submitted within 4 months after the reporting year ends
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A report on payments and (or) transfers made on foreign currency transactions, including on behalf of AIFC participants, made in the AIFC territory, for an amount equal to or exceeding the equivalent of USD 50,000 |
In the form in accordance with Annex 1 to Schedule 5 to the Currency Regulation Rules |
The report is submitted monthly no later than the fifteenth day of the month following the reporting month |
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A report on clients' bank accounts in foreign currency, including a list of residents who have bank accounts in foreign currency with the AIFC bank, and aggregated data on cash balances on them |
In the form in accordance with Annex 2 to Schedule 5 to the Currency Regulation Rules. |
The report is submitted monthly no later than the tenth day of the month following the reporting month |
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A report on the bank accounts of the AIFC participants who have opened deposit accounts in STBs of RK |
In the form in accordance with Annex 5 to Schedule 5 to the Currency Regulation Rules |
The report is submitted quarterly no later than the tenth day of the month following the reporting quarter |
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In accordance with clause 4.1 of Schedule 5 to the Currency Regulation Rules, AIFC participants providing depository and brokerage services in accordance with their AFSA license, submit reports on securities to AFSA |
In the form in accordance with Annex 3 to Schedule 5 to the Currency Regulation Rules |
Quarterly no later than the tenth day of the month following the reporting month |
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Under clause 5.1 of Schedule 5 to the Currency Regulation Rules, the AIFC participant provide AFSA with information on the contract, on the basis of and pursuant to which capital movement transactions are carried out, for an amount equal to or exceeding the equivalent of USD 500,000 |
In the form in accordance with Annex 4 to Schedule 5 to the Currency Regulation Rules |
The information is provided before the expiration of thirty calendar days from the date of commencement of payments under this contract |
For more information, please follow the Islamic Banking Business Prudential Rules
Manual for preparation of returns
Prudential reporting forms available on Digital Resident portal.
