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 Musawamah Facility Agreement
(For Corporate Clients-local purchases)
Musawamah 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 Musawamah Document # 3/1, we hereby declare and certify that acting as your Agent, we have used the sum of Rs. ______________ paid by your good selves to M/s _________________________________________ and purchased on your behalf the Goods as detailed in Musawamah Document # 3/2).

A sum of Rs.________________ has been incurred for the purchase of the Goods, which are in my/our possession at the following address: ____________________________________________________________________.

Copies of bill/cash memo/invoice issued in your name 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 (Musawamah 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) inclusive of Sales Tax Rs.______________.

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


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

AUTHORISED SIGNATORY AUTHORISED SIGNATORY
Date:___________________ Date:___________________





 
 

 

       
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