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Guidelines for Islamic Modes of Finance, SBP

2 investment the parties agree that a sum of rs by

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Unformatted text preview: 2. INVESTMENT The parties agree that a sum of Rs. [ ] by way of finance required for the Project as estimated by the Client in the Project Information Form shall be supplied by the Institution for a period of ____________ months hereof and deposited in the Account. 3. ACCOUNT a) The authorized signatories on the Account shall be as specified in Exhibit F. b) All funds for the purpose of the project shall be disbursed only through the Account by cheque or transfer against proper supporting invoices maintained by the Client but available for file:///C|/Documents and Settings/Administrator/D...nes for Islamic Modes by SBP/mudaraba finance.htm (2 of 8) [2/24/2008 12:04:28 AM] State Bank of Pakistan - The Central Bank inspection by the Institution or its agents. . c) All receivables from third parties arising from the Project or the transfer of Project Assets shall be collected only through the Account. d) The Institution shall have the right to refrain from the payment of any cheque or transfers from the Account if it reasonably appears to the Institution that such amounts are not included in the Cash Flow and Revenue Projections and do not directly or indirectly relate to the Project. 4. REPRESENTATIONS OF THE CLIENT The Client represents to the Institution that: a) The Client possesses all necessary powers and licenses to conduct its present business and the Project. b) The Client Information Form is true and correct. c) The Client is experienced and knowledgeable in all business matters relating to the Project. d) The Client has prepared with all due care the Project Information Form and the Cash Flow and Revenue Projection based on his experience and knowledge and has completed all reasonable investigation to assure that such are true and correct and disclose all factors relevant to the Institution ’ s evaluation of the Project. e) The Client Financials are true and correct according to generally accepted accounting principles consistently applied accurately representing the Client ’ s financial status on the dates and the profit and loss for the periods indicated, an no liabilities, fixed or contingent exist at the indicated dates other than as appear in the Client Financials. f) The Client has suffered no material adverse change in business operation or financial position since the date of the most recent Client Financials supplied to the Institution. 5. REPRESENTATION OF THE INSTITUTION The Institution represents to the Client that on the date of this Agreement: The Institution is a corporation organised under the laws of ……… .. and possesses all necessary powers and licenses to conduct its business and to finance the Project as provided by this Agreement....
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2 INVESTMENT The parties agree that a sum of Rs by way of...

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