Section 39
Amendment of section 241
of National Land Code (Amendment) Act 2016
Amendment ActIn forceProvision 39 of 82
Section 39
Section 241 of the Code is amended by inserting after subsection (4) the following subsections:
“(5) Subject to subsection (3), a charge in respect of alienated land or any lease of alienated land may be created in favour of a financial institution notwithstanding that such institution having beneficial rights pursuant to any transaction contracted in compliance with Syariah.
(6)
For the purpose of subsection (5), the financial institution shall be those institutions licensed under any written law relating to financial institutions or development financial institutions.”.