Guidelines for Islamic Modes of Finance  

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 LEASE AGREEMENT
Lease Document # 4


UNDERTAKING

____________________________
[Name & Address of the Lessor]
____________________________

Dear Sirs

In consideration of your entering into the Lease Agreement dated ......................... (Lease Agreement), we hereby agree and undertake that if you desire to terminate this Lease on account of any of the grounds mentioned in the Lease Agreement during the currency of the Lease, we shall be obliged to purchase the Leased Assets at the Purchase Price mentioned below against the date immediately preceding the date of termination of the Lease (Purchase Date). In any such event, all our rights under the Lease Agreement and in the Leased Assets covered by this Lease Agreement shall forthwith terminate and, if we fail to pay the Purchase Price on or before the date specified by you, you shall have the right to take immediate possession of the Leased Assets and we shall immediately deliver to you the Leased Assets together with the registration certificate, permit or other documents pertaining thereto;

Purchase Date
Purchase Price


Yours faithfully,

 
 
 

 

       
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