Dubai, UAE, 12 October 2009: The Dubai Financial Services Authority (DFSA) issued last week a Consultation paper setting out proposals to enhance clarity and accessibility of the Islamic finance Rules of the Dubai International Financial Centre (DIFC ).

Consultation paper No. 66, which is posted on the DFSA website www.dfsa.ae, seeks public on the proposed restructuring of the Islamic finance Rules and also on a web-based "virtual handbook". These proposals aim to better promote the visibility and accessibility of the DFSA 's regulatory requirements that apply to Islamic financial activities which are currently contained in a number of DFSA Rulebook modules. The proposals do not contain any substantial changes to the existing requirements. The deadline for comment is 10 December 2009.

Mr paul Koster, Chief Executive of the DFSA said, "The DIFC aims to be the leading international centre for Islamic finance. The DFSA has put in place a first-class regulatory regime based on international standards. In line with our commitment to transparency and efficiency, we are now making that regime more accessible, and easier for the industry to use, so that Islamic finance can grow and prosper here."

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The Dubai Financial Services Authority (DFSA ) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC ), a purpose-built financial free-zone in Dubai. The DFSA 's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.

paul M Koster is the Chief Executive of the Dubai Financial Services Authority (DFSA ). Mr Koster's priorities as Chief Executive include enhancing the DFSA 's standing as an internationally respected regulator; building capability, particularly in relation to developing regulatory skills in the UAE; and further developing the DFSA 's approach to risk-based regulation.

prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (Netherlands Authority for the Financial Markets), the national, integrated conduct of business financial services regulator for the Netherlands where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner he chaired, from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe. For the previous two years he had chaired CESR's Subcommittee on International Standards Endorsement. During his time with the AFM, he was also a member of the International Organisation of Securities Commissions (IOSCO) Chairs' Committee and, as Chief Executive of the DFSA , he remains actively involved in the work of IOSCO.

Mr Koster previously served as Executive Vice president (Corporate Internal Audit) at Royal philips Electronics (1998-2001); as Managing partner Corporate Finance, Coopers & Lypand (1988-1998); and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange (1986-1988); and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen.

Mr Koster is a licensed Register (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and been certified RA in 1983.

In May 2009 Mr Koster joined the Advisory Board of Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009 he was appointed to the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).

paul Koster is a Dutch national, married and has two adult children.

For further information please contact:

Ms. Angharad Irving - Jones

Manager, External Communications

Dubai Financial Services Authority

Level 13, The Gate

Dubai, U.A.E.

Tel: +971 (0)4 362 1661

Fax: +971 (0)4 362 0801

Email: airvingjones@dfsa.ae

www.dfsa.ae

© press Release 2009