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/musharaka/3.htm [2/23/2008 11:57:34 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 ISTISNA AGREEMENT | APPENDIX- A-B | AGREEMENT TO SELL | THIS ISTISNA AGREEMENT (the "Agreement") is made at____________ on ____________ day of ______________ by and BETWEEN ___________________________________________________________________, (hereinafter referred to as the " Manufacturer/Supplier " 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 " Institution " 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 Institution has agreed to have the Specified Goods manufactured from the Manufacturer/Supplier subject to the following terms and conditions: 1.02 In this Agreement, unless the context otherwise requires: "Business Day" means a day on which Institutions are open for normal business in Pakistan; "Contract Price" means Rs.________, being the sum payable by the Institution to the Manufacturer/Supplier as price of the Goods to be manufactured by the Manufacturer/Supplier; Event of Default" means any of the events or circumstances described in Clause 09 hereto; file:///C|/Documents and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/istisna/1.htm (1 of 11) [2/23/2008 11:58:33 PM]
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State Bank of Pakistan - The Central Bank "Goods" means the Goods described in the clause 2.01 and the Appendix "A"; Goods Receiving Note means confirmation of receipt of Goods as set out in the Appendix B ; "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 Manufacturer/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 mean parties to this Agreement; "Principal Documents" means this Agreement and the Security Documents; "Promissory Note" is defined in Clause 3.01(b); "Prudential Regulations"
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