Inquests Act, 1959
R 385
Securities Transfer Tax Act, 2007 (Act No. 25 of 2007)8A. Sharia compliant financing arrangements |
| (1) | In the case of any murabaha as defined in section 24JA(1) of the Income Tax Act, 1962 (Act No. 58 of 1962)— |
| (a) | the financier shall be deemed not to have acquired any beneficial ownership of the security under the sharia arrangement; and |
| (b) | the client shall be deemed to have acquired beneficial ownership of the security from the seller— |
| (i) | for an amount equal to the consideration paid by the financier to the seller; and |
| (ii) | at such time as the financier acquired the beneficial ownership of the security from the seller by virtue of the transaction between the seller and the financier. |
