1. The provisions of this Part apply to commercial transactions and contracts to which Islamic financial institutions are a party. 2. For the purposes of this Part, an Islamic financial institution is any institution whose articles of association or incorporation state that it conducts its business and activities in accordance with Islamic Sharia. A financial institution licensed by the competent authorities to conduct some of its business in accordance with Islamic Sharia is also an Islamic financial institution in relation to that business.
Interpretation and application must be checked against the official text and current version.