Article 76 bis defines an 'Islamic Financial Transaction' for tax purposes. It refers to an agreement involving financial rights where at least one party is licensed to conduct Islamic financial business (banking or otherwise) according to Omani or relevant foreign laws. The transaction must comply with Islamic Sharia in its conditions and effects and must not implicitly or explicitly function as a conventional financial transaction. This foundational definition ensures that Sharia-compliant products are recognized within the tax framework, allowing for parity with conventional financial instruments while maintaining strict regulatory oversight of the sector.