Guidelines for Islamic Modes of Finance, SBP

Are open for normal business in pakistan cost price

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are open for normal business in Pakistan; "Cost Price" means the amount which may be incurred by and/or on behalf of the Institution for the acquisition of Goods plus all costs, duties, taxes and charges incidental to and connected with acquisition of Goods; "Contract Price" means the price payable by the Client to the Institution for Goods as stipulated in Part-III of the Declaration (Musawamah Document # 5) to be issued by the Institution from time to time; "Declaration" means Declaration as set out in Musawamah Document # 5; "Event of Default" means any of the events or circumstances described in Clause 9 hereto; "Goods" means the Goods as may be specified in the Purchase Requisition(s) to be issued by the Client from time to time; "Indebtedness" means any obligation of the Client for the payment or any sum of money due or, payable under this Agreement; "License" means any license, permission, authorization, registration, consent or approval granted to the Client 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; "Payment Date" or "Payment Dates" means the respective dates for the payment of the installments of the Contract Price or part thereof by the Client to the Institution as specified in Musawamah Document # 6 hereto, or, if such respective due date is not a Business Day, the next Business Day; "Profit" means any part of the Contract Price which is not a part of the Cost Price; "Parties" mean the parties to this Agreement; "Principal Documents" means this Agreement, the Agency Agreement; and the Security Documents; "Promissory Note" is defined in Clause 3.02 and is negotiable only at the face value, if required; "Prudential Regulations" means Prudential Regulations or other regulations as are notified from time to time by SBP; "Purchase Requisition means a request from time to time by the Client to the Institution as per Musawama Document # 3/1; "Security Documents" and "Security" is defined in Clause 3; and Settings/Administrator/...delines for Islamic Modes by SBP/musawamah/1.htm (2 of 11) [2/23/2008 11:51:13 PM]
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State Bank of Pakistan - The Central Bank "Supplier" means the supplier from whom the Institution acquires Title to the Goods; "Secured Assets" means (insert description of assets in respect of which charge/mortgage may be created) offered as security by the Client; Receipt means a confirmation by the Agent of the Institution, of receipt of funds by the Supplier for the supply of Goods Musawamah Document # 4. "Rupees" or "Rs." means the lawful currency of Pakistan; "SBP" means the State Bank of Pakistan; "Title" means such title or other interest in the Goods as the Institution receives from the Supplier; "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
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  • Fall '11
  • Finance, Institution, state bank, Islamic modes

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