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Guidelines for Islamic Modes of Finance, SBP

02 and is negotiable only at the face value if

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Unformatted text preview: 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; file:///C|/Documents and Settings/Administrator/...delines for Islamic Modes by SBP/musawamah/1.htm (2 of 11) [2/23/2008 11:51:13 PM] 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 in respect thereof and "Taxation" shall be construed accordingly; "Value Date" means the date on which the Cost Price will be disbursed by the Institution as stated in the Purchase Requisition. 1.03 Clause headings and the table of contents are inserted for 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 Musawamah Documents are to be construed as references to the clauses of, and Musawamah Documents to, this Agreement and references to this Agreement include its Musawamah Documents; words importing the plural shall include the singular and vice versa and reference to a person shall be construed as including references to an individual, firm, Institution, corporation, unincorporated body of persons or any state or any Agency thereof. 1.04 The recitals herein above and Musawamah Documents to this Agreement shall form an integral part of this Agreement. 2. SALE AND PURCHASE OF THE GOODS 2.01 The Institution agrees to sell the Goods to the Client to a maximum amount of Rs_______________ and the Client agrees to purchase the Goods from the Institution from time to time at the Contract Price. Upon receipt by the Institution of the Client's Purchase Requisition advising the Institution to purchase the Goods and make payment therefor, the Institution shall acquire the Goods either directly or through the Agent, the payment for which shall be made by the institution to the Supplier. The Receipt for such payment shall be acknowledged by the Client in his capacity as an Agent to the Institution, should he be so...
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02 and is negotiable only at the face value if...

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