1. Islamic Financial Institutions may carry on the Licensed Financial Activities referred to in Article (61) of this decree-law in accordance with the rules and principles of the Islamic Shari`ah, whether for their account or for the account of, or in partnership with third parties. 2. The Board of Directors shall issue regulations specifying the license or approval required, activities, conditions, rules, and operating standards for these institutions, in a manner commensurable with the nature of the license granted to them. 3. The provisions of this decree-law and the regulations, standards, notices and resolutions issued thereunder shall apply to Islamic Financial Institutions, in so far as they do not contradict the nature of their Shari`ah-compliant Activities and Business, and they shall not engage in any activities or business in such a manner that violates the rules and principles of the Islamic Shari`ah, as determined by the Higher Shari`ah Authority. 4. Islamic Financial Institutions are deemed compliant with the rules and principles of Islamic Shari`ah if they comply with the resolutions, regulations, standards issued by the Higher Shari`ah Authority. 5. Islamic Financial Institutions shall, in respect of their activities and business initiated as part of financing activities for their customers and not for their own account, be exempted from: a. Provisions of items (1) and (2) of Article (118) of this decree-law, insofar as such exemption does not contradict the provisions of legislations applicable in the relevant Union member emirate. b. Any registration requirements, fees or similar costs for any asset purchased or sold either in whole or in part, leased, rented, manufactured or otherwise so long as such activities and business are part of the financing activities or sukuk issuance of any Islamic Financial Institution. 6. The exemption, referred to in paragraph (b) of item (5) of this article, excludes any assets purchased, sold, leased, manufactured, or otherwise acquired for the Islamic Financial Institution’s own account.
Interpretation and application must be checked against the official text and current version.