Guidelines for Islamic Modes of Finance, SBP

S representatives are duly empowered to sign the

Info icon This preview shows pages 14–16. Sign up to view the full content.

s representatives are duly empowered to sign the Principal Documents for and on behalf of the Client and to enter into the covenants and undertakings set out herein or which arise as a consequence of the Client entering into the Principal Documents; (c) The Client has taken all necessary steps and executed all documents required under or pursuant to the Principal Documents or any documents creating or evidencing the Security in favour of the Institution and has perfected the Security as required by the Institution. (ii) Certified copy of the Memorandum and Articles of Association of the Client. (iii) Certified copies of the Client s audited financial statements for the last ____ years (iv) The Purchase Requisition. 8.02 The obligation of the Institution to pay the Cost Price on the Value Date shall be further subject to the fulfillment of the following conditions (as shall be determined by the Institution in its sole discretion): (a) The payment of Cost Price by the Institution to the Supplier on the Value Date shall not result in any breach of any law or existing agreement; (b) The Security has been validly created, perfected and is subsisting in terms of this Agreement; (c) The Institution has received such other documents as it may reasonably require in and Settings/Administrator/D...uidelines for Islamic Modes by SBP/murabaha 1.htm (7 of 10) [2/23/2008 11:45:37 PM]
Image of page 14

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

State Bank of Pakistan - The Central Bank respect of the payment of the Cost Price; (d) No event or circumstance which constitutes or which with the giving of notice or lapse of time or both, would constitute an Event of Default shall have occurred and be continuing or is likely to occur and that the payment of the Cost Price shall not result in the occurrence of any Event of Default; (e) Delivery by the Client to the Institution of a true and complete extract of all relevant parts of the minutes of a duly convened meeting of its Board of Directors approving the Principal Documents and granting the necessary authorizations for entering into, execution and delivery of the Principal Documents which shall be duly signed and certified by the person authorized by the Board for this purpose; (f) All fees, commission, expenses required to be paid by the Client to the Institution have been received by the Institution. 8.03 Any condition precedent set forth in this Clause 8 may be waived and or modified by the mutual written consent of the parties hereto. 9. EVENTS OF DEFAULT 9.01 There shall be an Event of Default if in the opinion of the Institution (a) Any representation or warranty made or deemed to be made or repeated by the Client in or pursuant to the Principal Documents or in any document delivered under this Agreement is found to be incorrect; (b) Any Indebtedness of the Client to the Institution in excess of Rs.
Image of page 15
Image of page 16
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '11
  • Finance, Institution, state bank, Islamic modes

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern