According to procedures to protect the integrity of Islamic finance
“Dubai Financial Services” withdraws the status of an authorized person from an executive officer of a company
"Dubai Financial Services" gives maximum protection to the Dubai International Financial Center.
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The Dubai Financial Services Authority has announced that it has withdrawn and imposed restrictions on Trevor Conway, an executive officer of one of the companies licensed by it, following an investigation into his behavior in relation to his work in the company's commodity Murabaha brokerage office.
And it stated in a statement that the office had facilitated the purchase and provision of title deeds for mineral commodities (guarantees) by a number of suppliers, for the use of the office's clients, who are mainly banks, to prove their Murabaha transactions with the concerned dealers.
Investigations conducted by the Dubai Financial Services Authority revealed that the office provided, for a period of two years and nine months, collateral numbers taken from previously used collateral, and therefore, the failure to provide current title deeds for metal commodities to dealers.
According to “Dubai Financial Services”, Conway was aware that the retention of collateral, which represents title deeds of mineral commodities, is a prerequisite for entering into Murabaha deals by his clients, and that the office did not have any valid guarantees during that period after losing the collateral supplier. his own.
The Authority's statement continued: "Mr. Conway failed to take appropriate measures to stop the office from continuing its misleading activities, and also failed to prevent the office from providing false information to a client about the existence of a supplier of guarantees, while the truth was that the supplier stopped providing guarantees to the office." .
Accordingly, the DFSA considers Conway to have engaged in acts of incompetence, which means that he lacks the capacity and merit to perform any authorized functions relating to the provision of financial services in or from the DIFC.
The Dubai Financial Services Authority confirmed that it continues to give utmost protection to the integrity of Islamic finance and the DIFC. Therefore, the enjoyment of skill, capacity and merit by all individuals working within the center is of paramount importance to achieving this goal.
It is noteworthy that the decision to withdraw the status of the authorized person, and to impose restrictions, is effective immediately, as Conway agreed to settle this matter, and the action taken against him is considered final.
The Dubai Financial Services Authority indicated that a copy of its decision notice can be viewed on its website.
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