Islamic Financial Services Act 2013 · s 148

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148.
Islamic deposit
For the purposes of sections 149 and 150, “Islamic deposit”
means a sum of money or any precious metal or precious stone, or any article or thing as may be prescribed by the Minister, on the recommendation of the Bank, accepted, paid or delivered, in accordance with Shariah—
(a) on terms under which it will be repaid or returned in full, regardless whether the repayment or return is by way of instalments, with or without any gains, any form of rental, profit, dividend or benefit, including any fee or gift, payable or to be given, or any other consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment or delivery and the person accepting it; or
(b) under an arrangement, on terms whereby the proceeds under the arrangement to be paid to the person paying the sum of money or any precious metal or precious stone, or any article or thing shall not be less than such sum of money or any precious metal or precious stone, or any article or thing, but excludes money paid bona fide—

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(i) by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services are not in fact sold, hired or otherwise provided;
(ii) by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract;
(iii) without limiting paragraph (ii), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; and
(iv) in such other circumstances, or to or by such other person, as set out in Schedule 2.

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s 148Islamic deposit

For the purposes of sections 149 and 150, “Islamic deposit”

means a sum of money or any precious metal or precious stone, or any article or thing as may be prescribed by the Minister, on the recommendation of the Bank, accepted, paid or delivered, in accordance with Shariah—

(a)

on terms under which it will be repaid or returned in full, regardless whether the repayment or return is by way of instalments, with or without any gains, any form of rental, profit, dividend or benefit, including any fee or gift, payable or to be given, or any other consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment or delivery and the person accepting it; or

(b)

under an arrangement, on terms whereby the proceeds under the arrangement to be paid to the person paying the sum of money or any precious metal or precious stone, or any article or thing shall not be less than such sum of money or any precious metal or precious stone, or any article or thing, but excludes money paid bona fide—

Islamic Financial Services 145

(i)

by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services are not in fact sold, hired or otherwise provided;

(ii)

by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract;

(iii)

without limiting paragraph (ii), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; and

(iv)

in such other circumstances, or to or by such other person, as set out in Schedule 2.