Press Release

April 15, 2005 

 

State Bank’s Shariah Board Approves
Essentials and Model Agreements for
Islamic Modes of Financing

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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 Murabaha Facility Agreement
(For Corporate Clients-local purchases)

Murabaha Document # 5
 

DECLARATION

(Part-I)
CONFIRMATION OF GOODS PURCHASED

Date: _______________

Messrs. _________________________


With reference to the Agency Agreement dated _________ and the Institution’s instructions contained in Murabaha Document # 3/1, we hereby declare and certify that acting as your Agent, we have delivered the payment order/ Cross Cheque given by your good selves to M/s _________________________________________ and purchased on your behalf the Goods as detailed in Murabaha Document # 3/2).

Further the Goods are in my/our possession at the following address:

Copies of bill/cash memo/invoice issued in the name of “Ist Islamic Bank – ABC Company” by M/s _____________________________are attached.

For and on behalf of [insert Agent’s name]
________________________
AUTHORISED SIGNATORY




(Part-II)
OFFER TO PURCHASE

I/We offer to purchase the above Goods from you for a Contract Price of Rs. ______________________ (Rupees ________________________________________ only).

I/We undertake to pay the Contract Price referred to above in lump sum on _______, or in __________installments, if agreed by the Institution, as per the attached schedule (Murabaha Document # 6).

For and on behalf of [Insert Agent’s name]

AUTHORISED SIGNATORY
Date:


(Part-III)
INSTITUTION’S ACCEPTANCE

We have accepted your offer and have sold the above-mentioned Goods to you on the following terms and conditions.

1) The Contract Price is Pak Rs._________ (Rupees only) comprising cost incurred Rs._________ , plus Profit Rs. __________ (Rupees___________________________).

2) The Contract Price stated above shall be payable in lump sum on __________ or in _____installments, as per the attached schedule (Murabaha Document # 6).

For and on behalf of [Insert name of the Institution]

______________________                                                          ______________________
AUTHORISED SIGNATORY                                                           AUTHORISED SIGNATORY
                    Date:                                                                                           Date:

 
 


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