‘diminishing musharaka’ means a sharia arrangement between a bank and a client of that bank whereby-

 

(a)

 

(i)      the bank and the client jointly acquire an asset from a third party (the seller); or

 

(ii)     the bank acquires an interest in an asset from the client;

 

(b)     the client will acquire the bank s interest in the asset after the acquisition of the asset by the bank as contemplated in paragraph (a); and

 

(c)     the amount of consideration payable by the client to the bank for the acquisition of the interest of the bank in the asset will be paid over a period of time as agreed between the client and the bank;