This IFR 6 contains additional requirements that apply to a Collective Investment Fund operated or held out as being operated as an Islamic Fund. A Collective Investment Fund is defined in Part 11 of the Financial Services and Markets Regulations 2015. The definition in Part 11 of the Financial Services and Markets Regulations 2015 is very wide and can capture some Islamic Financial Business. However, under Part 1 of the Financial Services and Markets Regulations 2015 and the Fund Rules, the Regulator can make Rules excluding certain arrangements or types of arrangements from constituting a Fund. Certain types of Islamic Financial Business are not regulated as Collective Investment Funds due to express exclusions provided. Key Islamic Financial Business-related exclusions under the collective investment regime are managing insurance (in the form of Takaful), participation rights evidenced by Sukuk certificates and Managing PSIAs.