‘murabaha’ means a sharia arrangement between a financier and a client of that financier, one of which is a bank or listed company whereby-

[Words preceding paragraph (a) substituted by section 45 of Act 25 of 2015 effective on 1 January 2016]

(a)     the financier will acquire an asset from a third party (the seller) for the benefit of the client on such terms and conditions as are agreed upon between the client and the seller;

(b)     the client-

(i)      will acquire the asset from the financier within 180 days after the acquisition of the asset by the financier contemplated in paragraph (a); and

(ii)     agrees to pay to the financier a total amount that-

(aa)   exceeds the amount payable by the financier to the seller as consideration to acquire the asset;

(bb)   is calculated with reference to the consideration payable by the financier to the seller in combination with the duration of the sharia arrangement; and

(cc)    may not exceed the amount agreed upon between the financier and the client when the sharia arrangement is entered into; and

(c)     no amount is received by or accrues to the financier in respect of that asset other than an amount contemplated in paragraph (b)(ii);