“sukuk” means a sharia arrangement whereby-

(a)     the government of the Republic, any public entity that is listed in Schedule 2 to the Public Finance Management Act or a listed company disposes of an interest in an asset to a trust; and

[Paragraph (a) substituted by section 42 of Act 43 of 2014 and section 45 of Act 25 of 2015 effective on1 January 2016]

(b)     the disposal of the interest in the asset to the trust by the government, the public entity or the listed company contemplated in paragraph (a) is subject to an agreement in terms of which the government, that public entity or that listed company undertakes to reacquire on a future date from that trust the interest in the asset disposed of at a cost equal to the cost paid by the trust to the government, to that public entity or to that listed company to obtain the asset.

[Paragraph (b) substituted by section 42 of Act 43 of 2014 and section 45 of Act 25 of 2015 effective on 1 January 2016]