Stamp Duties (Islamic Financial Arrangements) (Remission) Rules 2015

any institution in Singapore that is licensed, approved, registered or otherwise regulated by the Monetary Authority of Singapore, or exempted from such licensing, approval, registration or regulation under any written law administered by the Monetary Authority of Singapore; or

any institution in a territory outside Singapore that is licensed, approved, registered or otherwise regulated by a foreign financial supervisory authority for the carrying on of financial activities in that territory, or exempted from such licensing, approval, registration or regulation under any foreign law administered by a foreign financial supervisory authority for the carrying on of financial activities in that territory;“Islamic financial arrangement” means any of the following financial arrangements specified in a Part of the Schedule and defined in the first column of that Part:

Islamic deposit based on the Murabaha concept;

Islamic financing based on the Diminishing Musharakah concept;

Islamic financing based on the Istisna concept;

Islamic financing based on the Murabaha concept;

Islamic inter‑bank placement based on the Murabaha concept;

Islamic mortgage based on the Ijara Wa Igtina concept;“non‑Singapore bank” means any institution outside Singapore that —

carries on only such activities as are carried on by a Singapore bank; and

is licensed or approved under any foreign law administered by a foreign financial supervisory authority for the carrying on of those activities;“Singapore bank” means any approved bank as defined in section 13(16) of the Income Tax Act (Cap. 134).