Guidelines for Islamic Modes of Finance, SBP

This amount will be calculated on the entire amount

Info icon This preview shows pages 39–42. Sign up to view the full content.

View Full Document Right Arrow Icon
commercial banks, as on the date of such default by you. This amount will be calculated on the entire amount due from you, file:///C|/Documents and Settings/Administrator/D...idelines for Islamic Modes by SBP/musawamah/2.htm (1 of 2) [2/23/2008 11:51:27 PM]
Image of page 39

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

View Full Document Right Arrow Icon
State Bank of Pakistan - The Central Bank under this Agency Agreement and for the entire period for which the default subsists. The amount of such penalty shall be utilized by the institution only for the purposes of charity, in its absolute discretion. 4. The Institution shall have the authority, in its absolute discretion to refuse the disbursement of funds or to revoke this Agency Agreement at any time., subject to a notice in writing served given at least 07 days prior to revocation. 5. You may revoke this Agency Agreement by giving a notice in writing of at least 07 days prior to the date of intended revocation, provided that any amount due by you to the Institution shall become payable immediately and until such time that any such amount due from you has been discharged in full, this agreement shall not be deemed to have been revoked. 6. This Agency Agreement shall remain in force until revoked and shall be governed by the prevailing laws of Pakistan and the Musawamah Facility Agreement dated _______________. Any dispute between the parties shall be submitted to a Court/Tribunal of competent jurisdiction in __________. Kindly signify your acceptance of the foregoing terms and conditions by signing the duplicate. For and on behalf of (insert name of the Institution) ___________________________ AUTHORISED SIGNATORY OF THE INSTITUTION AGREED AND ACCEPTED For and on behalf of [insert name] _____________________________ AUTHORISED SIGNATORY OF THE AGENT WITNESSES: 1.________________ 2.________________ © 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 http://www.sbp.org.pk/ file:///C|/Documents and Settings/Administrator/D...idelines for Islamic Modes by SBP/musawamah/2.htm (2 of 2) [2/23/2008 11:51:27 PM]
Image of page 40
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 In the Name of Allah, the Merciful, the Compassionate Model Musawamah Facility Agreement (For Corporate Clients-local purchases) Musawamah Document #3.1 | Musawamah Doc # 1 | Musawamah Doc # 2 | Musawamah Doc # 3.1 | | Musawamah Doc # 3.2 | Musawamah Doc # 4 | Musawamah Doc# 5 | | Musawamah Doc # 6 | Musawamah Doc # 7 | PURCHASE REQUISITION S. No. ___________ Date: ___________ To: ____________________ [Insert name and address of the Institution] ____________________ ____________________ Dear Sirs, PURCHASE REQUISITION FOR PURCHASE OF THE GOODS MUSAWAMAH FACILITY AGREEMENT DATED_____________ (1) Please refer to the Musawamah Facility Agreement dated [______] (the " Agreement ") between [insert name of the Client] (the " Client ") (of the first part) and [insert name of the Institution] (the " Institution ") (of the second part).
Image of page 41

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

View Full Document Right Arrow Icon
Image of page 42
This is the end of the preview. Sign up to access the rest of the document.

{[ 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