Section 113
of Securities Markets Regulations, 2015
Section 113
(2)
If a collective investment scheme is an Islamic collective investment scheme, the operator must prepare and maintain all financial accounts and 252
12th. JANUARY 1 2015
statements in accordance with the accounting standards of the Accounting and
Auditing Organisation for Islamic Financial Institutions or such other international standards as may be determined by the Authority.
(3)
If the operator of an umbrella collective investment scheme operates one or more Islamic sub-collective investment schemes, it must prepare and maintain all financial accounts and statements in accordance with the
International Financial Reporting Standards and supplemented by Accounting and Auditing Organisation for Islamic Financial Institutions.
Accounting records to be kept.