For the purposes of this Article:

1. The 'debt security' means any interest in or right to receive money currently owed, or to be owed in the future by any person, or any option to acquire any such interest or right.

2. The 'equity security' means any interest in or right to a share in the capital of a legal person, or any option to acquire any such interest or right;

3. The 'life insurance contract' means a contract legally entered into to the extent that it places sums at risk upon the contingency of the termination or continuance of human life, marriage, similar relationships permitted under the applicable law, or the birth of a child.

4. The 'Islamic financial arrangement' means a written contract relating to a supply of financing in accordance with the principles of Shariah [and the relevant laws] ^[G46].

Financial services are services associated with cash dealings or equivalent and the provision of credit and include, for example, the following:

1. Exchange of currency, whether by the exchange of bank notes or coin, by crediting or debiting accounts, or otherwise;

2. Issue, payment, collection, or transfer of ownership of a check or letter of credit;

3. Issue, allotment, drawing, acceptance, endorsement, or transfer of ownership of a debt security;

4. Provision of any loan, advance or credit;

5. Renewal or variation of a debt security, equity security, or credit contract;

6. Provision, taking, variation, or release of a guarantee, indemnity, security, or bond in respect of the performance of obligations under a check, credit, equity security, debt security, or in respect of the activities set forth in Paragraphs (b) to (e) of this Article;

7. Operation of any current, deposit or savings account;

8. Provision or transfer of ownership of Sukuk such as derivatives, options, swaps, credit default swaps, and futures; ^[G47]

9. [Provision or transfer of ownership of a life insurance contract or provision of re-insurance for such contract.] ^[G48]

10. [Management of the investment funds, and it refers to 'services provided independently by the fund manager, for a fee, to funds licensed by a competent authority within the State, including but is not limited to, overseeing the fund's operations, managing investments on behalf of the fund, and monitoring and enhancing the fund's performance.

11. Transfer of ownership of the virtual assets, including the virtual currencies.

12. Convert the virtual assets.

13. Save, manage and control virtual assets.] ^[G49]

14. Agreement or arrangement to carry out any of the activities set out in Paragraphs (a) to (m) of this Clause, except for providing consultation in respect thereof.

The following financial services shall be exempted from the tax:

1. The activities set forth in Clause (2) of this Article, which are not carried out against an explicit fee, discount, commission, or the like;

2. Issue, allotment, or transfer of ownership of an equity security or debt security;

3. Provision or transfer of ownership of a life insurance contract or provision of re-insurance for such contract.

4. [The services performed for the management of the funds, specified in paragraph (j) of Clause (2) of this Article.

5. The services specified in paragraphs (k) and (l) of Clause (2) of this Article, including the services supplied starting from January 01, 2018.] ^[G50]

The supply of services set forth in Clause (2) of this Article shall be subject to the tax if the due consideration thereof is an explicit fee, commission, discount, or the like.

Islamic financial products, being financial products under contracts complying with the Islamic Shariah, which simulate the intention and achieve the same result as a non-Shariah compliant financial product, shall be treated in a similar manner as the equivalent non-Shariah financial product for the purpose of applying the exemption from the tax.

Any supply made under an Islamic financial arrangement shall be treated in a similar manner as the equivalent non-Shariah financial services in accordance with the provisions of the Decree-Law and the decisions issued by the Authority, so that the tax treatment shall be the same in the two cases.

If the provisions of Article 31 of this Resolution applies to a supply of financial services, such supply shall be zero-rated.