5. Islamic Finance Rules

The Regulator may make Rules applying to Authorised Persons —

(a) prescribing the requirements that must be met by a person applying for a Financial Services Permission to carry on Islamic Financial Business;
(b) providing for such requirements to be varied in cases where an Application is made by an Applicant which is, at the time at which it submits its Application, regulated in a jurisdiction other than the Abu Dhabi Global Market;
(c) prescribing certain persons or categories of person to be exempted from the requirements referred to in paragraph (a); and
(d) prescribing exemptions from any requirements imposed by or under these Regulations under paragraph (a) that are to be —
(i) limited to certain Islamic Financial Business activities or Specified circumstances; or
(ii) subject to certain conditions and restrictions as the Regulator may determine.