Guidelines for Islamic Modes of Finance, SBP

B this agreement may be amended or any term or

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b) This Agreement may be amended or any term or condition waived only in writing, executed by persons duly authorized. c) The Exhibits of this Agreement shall be considered an integral part thereof. d) This Agreement has been executed in two original counterparts. Each page of this Agreement and each Exhibit have been initialed for identification. IN WITNESS WHEREOF this Agreement is executed on the date above mentioned by the parties. Witnessed ________________________ The Institution ________________________ The Client Witnessed 1. Name: ________________________ and Settings/Administrator/D...nes for Islamic Modes by SBP/mudaraba finance.htm (7 of 8) [2/24/2008 12:04:28 AM]
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State Bank of Pakistan - The Central Bank 2. Name: ________________________ © 2003 State Bank of Pakistan. All Rights Reserved. Disclaimer | Instructions State Bank of Pakistan I.I. Chundrigar Road, Karachi, Pakistan. Phone: (+9221-24450298, Fax: (+9221) 9212440 and Settings/Administrator/D...nes for Islamic Modes by SBP/mudaraba finance.htm (8 of 8) [2/24/2008 12:04:28 AM]
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State Bank of Pakistan - The Central Bank Home Jobs & Careers Site Map Feedback Contact Us Help Desks Press Release April 15, 2005 State Bank s Shariah Board Approves Essentials and Model Agreements for Islamic Modes of Financing BACK Essentials of Islamic Modes of Financing Murabaha Facility Agreement Musawamah Facility Agreement Lease Agreement Salam Agreement Musharaka Investment Agreement Istisna Agreement Agreement for Interest free Loan Mudaraba Financing Agreement Syndication Mudaraba Agreement Syndication Mudaraba Agreement THIS AGREEMENT is entered into this ___________ day of ___________ 200 ________. BETWEEN [Name of Institution] a company duly organised under the laws of Pakistan having its registered office at [address] (hereinafter referred to as the Mudarib ). AND [name of the investing person/company/body], _____________________________________, having its place of business at / resident of _______________________________ (hereinafter referred to as Rab Al-Maal). WHEREAS, the Mudarib is a financing institution offering financial services, including but not limited to the investment of funds in short and medium-term transactions in accordance with the Islamic Shariah; WHEREAS ,the Mudarib is currently entering into a Murabaha Financing Agreement with [name and address of Client] (hereinafter referred to as the Client) to finance the acquisition of materials (hereinafter referred to as the Goods) WHEREAS ,the Rab Al-Maal desires to invest, among other investors, an amount of [currency and amount] for the financing of the said Goods in accordance with the terms and conditions of the Murabaha Financing Agreement dated ________________ between Mudarib and Client. THEREFORE , the parties hereto agreed upon the following: 1. The Rab Al-Maal hereby agrees to entrust to the Mudarib an amount of (currency and amount) to be invested together with the other investors funds for the purpose of acquisition of the Goods specified in the Murabaha Financing Agreement. Such amount shall be remitted to the Mudarib upon written request sent by the Mudarib to the Rab-al-Maal. The said remittance shall be made at least four (4) working days before the effective date of Murabaha financing.
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