Guidelines for Islamic Modes of Finance, SBP

Paid by the institution to the supplier or such other

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____________________, paid by the Institution to the Supplier or such other sum as may mutually be agreed in writing between the parties hereto as the price of the Goods purchased in and Settings/Administrator/D.../Guidelines for Islamic Modes by SBP/salaam/1.htm (1 of 10) [2/23/2008 11:56:22 PM]
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State Bank of Pakistan - The Central Bank accordance with the terms of this Agreement; Event of Default means any of the events or circumstances described in Clause 09 hereto; Goods means the Goods described in Salam Document # __; Goods Receiving Note means confirmation of receipt of Goods as set out in Salam Document # ; Indebtedness means any obligation of the Supplier for delivery of the Goods or for payment of any sum of money due or, payable under this Agreement; License means any license, permission, authorization, registration, consent or approval granted to the Supplier 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 encumbrance; Parties means parties to this Agreement; Notice of Delivery means the Notice of Delivery given by the Supplier to the Institution as set out in Salam Document # __ Principal Documents means this Agreement and the Security Documents; Promissory Note is defined in Clause 3.01(b); Prudential Regulations means Prudential Regulations or other regulations as are notified from time to time by SBP or SECP; Security Documents and Security is defined in Clause 3.01; Secured Assets means the following assets of the Supplier [insert description of assets in respect of which charge/mortgage may be created]; Rupees or Rs. means the lawful currency of Pakistan; SBP means the State Bank of Pakistan established under the State Bank of Pakistan Act, 1956 and includes any successors thereto; SECP means the Securities and Exchange Commission of Pakistan established under the Securities & Exchange Commission of Pakistan Act, 1997 and includes any successors thereto; Taxes includes all present and future taxes (including central excise duty and sales tax), levies, imposts, duties, stamp duties, penalties, fees or charges of whatever nature together with delayed payment charges thereon and penalties in respect thereof and Taxation shall be construed accordingly; Written Offer means the Offer made by the Supplier to the Institution as per Salam Document # __ . 1.04 Clause headings and the table of contents are inserted for and Settings/Administrator/D.../Guidelines for Islamic Modes by SBP/salaam/1.htm (2 of 10) [2/23/2008 11:56:22 PM]
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State Bank of Pakistan - The Central Bank 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
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