Guidelines for Islamic Modes of Finance, SBP

Disclaimer instructions state bank of pakistan ii

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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/Deskt...P/Guidelines for Islamic Modes by SBP/musawamah/7.htm [2/23/2008 11:52:34 PM]
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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 In the Name of Allah, the Merciful, the Compassionate MODEL LEASE AGREEMENT | Lease Agreement | Lease Agreement-1 | Lease Agreement-2 | | Lease Agreement-3 | Lease Agreement-4 | THIS LEASE AGREEMENT (the "Agreement") is made at ________ on _____________ day of _____________ by and BETWEEN _______________________________________________________________, (hereinafter referred to as the Lessee " which expression shall where the context so permits mean and include its successors in interest and permitted assigns) of the one part AND _______________________________________________________________, (hereinafter referred to as the Lessor " which expression shall where the context so permits mean and include its successors in interest and assigns) of the other part. IT IS AGREED BY THE PARTIES as follows: 1. PURPOSE AND DEFINITIONS 1.01 This Agreement sets out the terms and conditions upon and subject to which the Lessor has, acting on the Written Request of the Lessee which is attached as Lease Document # __ of this Agreement, acquired/beneficially acquired the requested assets and have agreed to Lease the same to the Lessee; 1.02 In this Agreement, unless the context otherwise requires: Business Day means a day on which the Banks are open for normal business in Pakistan; Due Date(s) means the respective dates for the payment of the lease rentals as stated in the Appendices or if such file:///C|/Documents and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/leasing/1.htm (1 of 13) [2/23/2008 11:55:09 PM]
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State Bank of Pakistan - The Central Bank respective due date is not a Business Day, the next Business Day; Event of Default means any of the events or circumstances described in Clause 14 hereto; Indebtedness means any obligation of the Lessee for the payment or any sum of money due or, payable under this Agreement; Leased Assets means Assets that are subject to Lease under this Agreement, more particularly described in Lease Document # __; Lessee means the Client and is defined in the preamble; Lessor means the Institution and is defined in the preamble; License means any license, permission, authorization, registration, consent or approval granted to the Lessee for the purpose of or relating to the conduct of its business; Lien shall mean any mortgage, charge, pledge, hypothecation, security interest, lien, right of set-off, contractual restriction (such as negative covenants) and any other
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