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

No. S 200

Stamp Duties Act

(CHAPTER 312)

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

In exercise of the powers conferred by section 74 of the Stamp Duties Act, the Minister for Finance makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Stamp Duties (Islamic Financial Arrangements) (Remission) Rules 2015 and come into operation on 8 April 2015.

Definitions

2. In these Rules —

“bank” means any Singapore bank or non‑Singapore bank;

“deposit” means a deposit as defined in section 4B(4), (4A), (5) and (6) of the Banking Act (Cap. 19);

“financial institution” means —

(a)

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

(b)

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:

(a)	Islamic deposit based on the Murabaha concept;
(b)	Islamic financing based on the Diminishing Musharakah concept;
(c)	Islamic financing based on the Istisna concept;
(d)	Islamic financing based on the Murabaha concept;
(e)	Islamic inter‑bank placement based on the Murabaha concept;
(f)	Islamic mortgage based on the Ijara Wa Igtina concept;

“non‑Singapore bank” means any institution outside Singapore that —

(a)	carries on only such activities as are carried on by a Singapore bank; and
(b)	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).

Remission of stamp duty relating to Islamic financial arrangements

3. Subject to the condition specified in rule 4 and the submission of such documents as the Commissioner may require, for each instrument specified in the second column of a Part of the Schedule against an Islamic financial arrangement specified in that Part, there is to be remitted such amount of duty chargeable on that instrument as is specified in the third column of that Part.

Condition for remission

4. The condition for the remission referred to in rule 3 is that the Islamic financial arrangement must be 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.

Revocation

5. The Stamp Duties (Qualifying Islamic Financing Arrangements) (Remission) Rules 2005 (G.N. No. S 733/2005) are revoked.

Made on 31 March 2015.

LIM SOO HOON

Permanent Secretary
(Finance) (Performance),
Ministry of Finance,
Singapore.

[MOF(R) 054.001.0004.V4; AG/LLRD/SL/312/2010/18 Vol. 3]

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