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Guidelines for Islamic Modes of Finance, SBP

Matter and no amendment or modification to this

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matter and no amendment or modification to this Agreement will be effective or binding unless it is in writing, signed by both Parties and refers to this Agreement; 16.03 This Agreement is governed by and shall be construed in accordance with the Pakistani law. All competent courts at ________ shall have the non-exclusive jurisdiction to hear and determine any action, claim or proceedings arising out of or in connection with this Agreement. 16.04 Nothing contained herein shall prejudice or otherwise affect the rights and remedies that may otherwise be available under law to the parties. 16.05 Any reconstruction, division, reorganization or change in the constitution of the Institution or its absorption in or amalgamation with any other person or the acquisition of all or part of its undertaking by any other person shall not in any way prejudice or affect its rights hereunder. 16.06 The two parties agree that any notice or communication required or permitted by this Agreement shall be deemed to have been given to the other party seven days after the same has been posted by registered mail or the next Business Day if given by a facsimile message to telex or by any other electronic means, or the next Business Day as counted from the date of delivery if delivered by courier mail; IN WITNESS WHEREOF, the Parties to this Agreement have caused this Agreement to be duly executed on the date and year first aforementioned.. WITNESSES: For and on behalf of [insert name of the Institution] 1. ________________ ________________ 2. ________________ ________________ For and on behalf of the Manufacturer/ Supplier 1. ________________ ________________ 2. ________________ ________________ file:///C|/Documents and Settings/Administrator/D...Guidelines for Islamic Modes by SBP/istisna/1.htm (10 of 11) [2/23/2008 11:58:33 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 Agreement to Sell | APPENDIX- 3-4 | ISTISNA AGREEMENT | APPENDIX- 1 DESCRIPTION OF THE GOODS ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- ----------------------------------------------------------- …………………………………………………………………………………………… …………… APPENDIX- 2 GOODS DELIVERY RECEIPT Date: ______________ To: _______________________________ [Insert name and address of the Institution] Dear Sirs, Agreement to Sell dated [ ______] Goods Delivery Receipt (1) Reference to the above, we are pleased to inform you that we have received the Goods contracted to be delivered by you as per the following details: a) Date of Receipt: b) Time: c) Address: d) Description of Goods received: file:///C|/Documents and Settings/Administrator/Des...P/Guidelines for Islamic Modes by SBP/istisna/2.htm (1 of 2) [2/23/2008 11:59:11 PM]
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State Bank of Pakistan - The Central Bank (2) We hereby confirm that the Goods have been received to our complete satisfaction and there are no claims against you.
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