Guidelines for Islamic Modes of Finance, SBP

The institution may assign all or any part of its

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Unformatted text preview: The Institution may assign all or any part of its obligations and/or commitments under this Agreement to any bank, financial institution or other person. The Client shall not be liable for the costs of the assignment and/or transfer of commitments hereunder by the Institution. If the Institution assigns all or any part of its rights or transfers all or any part of its obligations and commitments as provided in this Clause, all relevant references in this Agreement to the Institution shall thereafter be construed as a reference to file:///C|/Documents and Settings/Administrator/D...idelines for Islamic Modes by SBP/musharaka/1.htm (5 of 7) [2/23/2008 11:57:15 PM] State Bank of Pakistan - The Central Bank the Institution an/or its assignee's or transferee's (as the case may be) to the extent of their respective interests. ii) The Institution may disclose to a potential assignee or transferee or to any other person who may propose entering into contractual relations with the Institution in relation to this Agreement such information about the Client as the Institution shall consider appropriate. 15. FORCE MAJEURE Any delays in or failure by a Party hereto in the performance hereunder if and to the extent it is caused by the occurrences or circumstances beyond such Party ’ s reasonable control, including but not limited to, acts of God, fire, strikes or other labor disturbances, riots, civil commotion, war (declared or not) sabotage, any other causes, similar to those herein specified which cannot be controlled by such Party. The Party affected by such events shall promptly inform the other Party of the occurrence of such events and shall furnish proof of details of the occurrence and reasons for its non-performance of whole or part of this Agreement. The parties shall consult each other to decide whether to terminate this Agreement or to discharge part of the obligations of the affected Party or extend its obligations on a best effort and on an arm ’ s length basis. 16. i) The Institution shall, with mutual consent of the parties hereto, obtain security for redemption of the Institution ’ s Investment together with profit and / or all other sums receivable by the Institution as aforesaid after adjustment of losses (if any). The Client hereby agrees and undertakes to give the following security, the terms and conditions of which shall be such as the Institution may determine to secure its priority over other creditors of the Client: i) Mortgage ii) Hypothecation iii) Pledge and / or such other securities as the Institution may require. ii) In case any other creditor of the Client claims or secures or attempts to secure lowering of the Institution ’ s priority over the security or in case of defalcation by the Client, the Institution shall have a right to terminate the Agreement forthwith. The securities obtained by the Institution will be kept fully insured at the Client ’ s cost and expenses through a reputable company offering protection under the Islamic concept of Takaful. Until offering protection under the Islamic concept of Takaful....
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The Institution may assign all or any part of its...

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