Guidelines for Islamic Modes of Finance, SBP

Islamic modes of financing back essentials of islamic

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Unformatted text preview: 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 Musawamah Facility Agreement (For Corporate Clients-local purchases) Musawamah Document # 2 | Musawamah Doc # 1 | Musawamah Doc # 2 | Musawamah Doc # 3.1 | | Musawamah Doc # 3.2 | Musawamah Doc # 4 | Musawamah Doc# 5 | | Musawamah Doc # 6 | Musawamah Doc # 7 | AGENCY AGREEMENT (If Required) With reference to the Musawamah Facility Agreement dated _______________ , we hereby confirm our agreement to appoint you as our Agent to acquire for our account and benefit goods of the description to be specified in the purchase requisition which shall be issued from time to time, under the following terms and conditions; 1. As an Agent of the Institution, you will be responsible to receive the Goods directly from the Supplier (s) from time to time in terms of Purchase Requisition (s) to be duly endorsed by the Institution and provide us a declaration confirming acquisition thereof, alongwith a statement containing relevant details including place of storage. 2. At your request, we will effect payment(s) directly to the Supplier(s) nominated by you, for the Goods to be specified in the Purchase Requisition. All Purchase Requisitions shall be accompanied by quotation(s) from the Supplier (s). All payments to Supplier(s) shall be evidenced by a Receipt to be signed by you, in your capacity as an Agent of the Institution. 3. In case of failure on your part to:- a) acquire goods in terms of this agreement and to refund, in consequence, the amount paid by us (the Institution) therefore, and/or b) repay the amount, if any, due from you upon a notice of revocation, if any, served by you in the manner provided hereunder; You shall become liable to pay a penalty to the institution by credit to a special Account, separately maintained by the institution, an amount which shall be 5% over the rate announced by SBP for providing short term accommodation to commercial banks, as on the date of such default by you. This amount will be calculated on the entire amount due from you, file:///C|/Documents and Settings/Administrator/D...idelines for Islamic Modes by SBP/musawamah/2.htm (1 of 2) [2/23/2008 11:51:27 PM] State Bank of Pakistan - The Central Bank under this Agency Agreement and for the entire period for which the default subsists. The amount of such penalty shall be utilized by the institution only for the purposes of charity, in its absolute discretion....
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Islamic Modes of Financing BACK Essentials of Islamic Modes...

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