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Guidelines for Islamic Modes of Finance, SBP

And bank limited or financial institution a duly

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AND __________________________________ Bank Limited (or financial institution), a duly incorporated banking company (or financial institution) having its registered office at ___________________ hereinafter referred as the Institution (which expression shall wherever the context so requires or permits mean and include the heirs, legal representatives and successors-in- interest and assigns) of the OTHER PART. WHEREAS the Institution has agreed to give an Interest Free Loan to the Client on terms and conditions hereinafter appearing. NOW, THEREFORE, THIS AGREEMENT WINTESSETH AS UNDER:- 1. The Institution hereby agrees to provide to the Client an Interest Free Loan (hereinafter referred to as the Loan ) upto a maximum of Rs. ___________________ on the terms and conditions hereinafter contained. 2. The parties hereto hereby mutually agree and covenant as under:- i. The Client undertake to repay the loan without any interest on or before ______________ . ii. In case the Client fails to perform as per provisions of this Agreement or any amount is required to be paid by the Client on a specified date and is not paid on that date, or any amount is payable by the Client under this Agreement within a specified period after the receipt of a demand from the Institution and is file:///C|/Documents and Settings/Administrator/Des...elines for Islamic Modes by SBP/interest free/1.htm (1 of 2) [2/24/2008 12:01:59 AM]
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State Bank of Pakistan - The Central Bank not paid by it within the specified period after the receipt of the demand and such amounts have to be recovered through litigation, a court may award solatium to the Institution to cover the expenses incurred in the recovery of its dues. 3. As security for repayment of the Institution s loan and/or all other sums payable as aforesaid the Client hereby agrees and undertake to give such security as may be acceptable to the Institution and the terms and conditions of which shall be such as the Institution may determine. IN WITNESS WHEREOF the Client and the Institution have executed this agreement on the day, month and year hereinabove mentioned. Witness CLIENT 1. ________________________ ________________________ 2. ________________________ Witness INSTITUTION 1. ________________________ ________________________ 2. ________________________ Appendix A Description of the Project Appendix B Schedule for Purchase of Project Shares Appendix C Cost/Value of the Project © 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/Des...elines for Islamic Modes by SBP/interest free/1.htm (2 of 2) [2/24/2008 12:01:59 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 Mudaraba Financing Agreement
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