Guidelines for Islamic Modes of Finance, SBP

In respect thereof and taxation shall be construed

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in respect thereof and "Taxation" shall be construed accordingly; "Value Date" means the date on which the Cost Price will be disbursed by the Institution as stated in the Purchase Requisition. 1.03 Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. In this Agreement, unless the context otherwise requires, references to Clauses and Musawamah Documents are to be construed as references to the clauses of, and Musawamah Documents to, this Agreement and references to this Agreement include its Musawamah Documents; words importing the plural shall include the singular and vice versa and reference to a person shall be construed as including references to an individual, firm, Institution, corporation, unincorporated body of persons or any state or any Agency thereof. 1.04 The recitals herein above and Musawamah Documents to this Agreement shall form an integral part of this Agreement. 2. SALE AND PURCHASE OF THE GOODS 2.01 The Institution agrees to sell the Goods to the Client to a maximum amount of Rs_______________ and the Client agrees to purchase the Goods from the Institution from time to time at the Contract Price. Upon receipt by the Institution of the Client's Purchase Requisition advising the Institution to purchase the Goods and make payment therefor, the Institution shall acquire the Goods either directly or through the Agent, the payment for which shall be made by the institution to the Supplier. The Receipt for such payment shall be acknowledged by the Client in his capacity as an Agent to the Institution, should he be so appointed as an Agent of the Institution. The said Receipt shall be substantially in a form given in Musawamah Document # 4. 2.02.1 After the purchase of Goods by the Institution, the Client shall offer to purchase the Goods from the Institution at the Contract Price in the manner provided in the Part-II of the Declaration. 2.03 The Client shall purchase the Goods from the Institution after the Institution has beneficially acquired the Goods. The Musawamah purchase of the Client from the Institution shall be and Settings/Administrator/...delines for Islamic Modes by SBP/musawamah/1.htm (3 of 11) [2/23/2008 11:51:13 PM]
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State Bank of Pakistan - The Central Bank effected by the exchange of an offer and acceptance between the Client and the Institution. The Goods shall remain at the risk of the Institution until such time the client has accepted the offer made by the Institution as set out in the Appendix C of this Agreement, immediately after which, all risks in respect of the Goods shall be passed on to the Client. OR (to be applicable if sale is being made from inventory of the institution) 2.03 The Institution has agreed to sell the Goods to the Client and the Client has agreed to purchase the Goods from the Institution for the Contract Price. Upon receipt by the Institution of the Client's Purchase Requisition advising the Institution of its
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