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 ISTISNA AGREEMENT
APPENDIX- A-B



APPENDIX- A

WRITTEN OFFER

Date: _______________

To
__________________________________
[Insert name and address of the Institution]

Dear Sirs,

Written offer for manufacture of Goods [insert description]

Reference our recent meeting, we are pleased to confirm our willingness to manufacture the Goods subject to the following terms and conditions:

(a) Description of the Goods: ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------* (attach details if required)

(b) Terms of delivery:
(c) Terms of Payment:
(d) Validity of the Offer:
(e) Place of delivery:

2. We certify that:

a) There have not been any circumstances (i) that would materially and adversely affect the carrying on of the Manufacturer/Supplier’s business and operations or the Manufacturer/Supplier's prospects or financial position, or (ii) which has made the fulfillment of the Manufacturer/Supplier's obligations;

(b) The delivery of the Goods by us to you shall not result in a breach of its organizational documents, any provision of any document to which the Manufacturer/Supplier is a party or by which the Manufacturer/Supplier is bound, or any applicable law, rule or regulation whether directly or indirectly.


Yours faithfully,

For and on Behalf of the Manufacturer/Supplier
______________________________________


APPENDIX- B

GOODS RECEIVING NOTE

Date_______________

To
____________________________________________
[Insert name and address of the Manufacturer/Supplier]

Dear Sirs,
Istisna Agreement dated [ ] – Goods Receiving Note

Reference to the above, we are pleased to inform you that we have received the Goods contracted to be delivered by you as per the following details:

a) Date of Receipt:
b) Time:
c) Address:
d) Description of Goods received:
e) Additional remarks:

i. Subject to 1(e), we hereby confirm that there are no claims or liabilities against you.

Yours faithfully,

For and on Behalf of (Institution)
____________________________


 
 

 

       
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