Clause 34

by inserting, immediately after paragraph (aa) of subsection (1), the following paragraph:“(ab)any amount payable to any company from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2008;”;

by deleting the words “or (aa)” in subsection (2) and substituting the words “, (aa) or (ab)”;

by deleting the word “and” at the end of subsection (2)(a);

by deleting the comma at the end of paragraph (b) of subsection (2) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(c)any amount payable from any Islamic debt securities which are qualifying debt securities, and issued during the period from 1st January 2005 to 31st December 2008,”;

by deleting the words “or discount” in the 14th line of subsection (2) and substituting the words “, discount or amount payable”;

by inserting, immediately after the definition of “financial institution” in subsection (4), the following definition:“ “Islamic debt securities” means debt securities and trust certificates —

which are endorsed by any Shari’ah council or body, or by any committee formed for the purpose of providing guidance on compliance with Shari’ah law; and

the amounts payable from such securities and trust certificates are periodic and supported by a regular stream of receipts from underlying assets;”; and

by deleting the full-stop at the end of the definition of “Singapore Government securities” in subsection (4) and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “trust certificates” means certificates evidencing beneficial ownership in underlying assets.”.