Takaful. 8.1. The Customer shall, for the duration of the Lease Term, take up and maintain an Islamic Shari’a compliant life insurance policy (through the Bank or otherwise) from an insurer acceptable to the Bank and containing a non cancellation clause. The Bank shall be the named loss payee under the insurance policy and with the insurance proceeds being assigned to it as security for the Customer’s obliga- tions under this Contract.
8.2. The Bank shall take out a Shari’a compliant insurance policy for the Property during the course of the Lease Term. The Customer acknowledges that the Bank may sub-contract these obligations to the Agent.
Takaful it will maintain or cause to maintain such takaful in respect of the Property as required by the Bank and all such takaful will be in such amounts, on such terms and with such takaful operator as may be approved by the Bank and will not do or omit to do or suffer anything to be done which might render any such takaful policies to be void or voidable with the Bank’s interest as “financier” to be endorsed therein;
Takaful. (a) The Chargor(s) shall insure and cause the Property to be insured with a Takaful company approved by the Bank for an amount acceptable to the Bank against loss or damage by fire and against such other risks as the Bank may deem expedient and shall cause the Bank’s interest to be endorsed thereto as “Loss Payee” on the policy so taken out.
(b) In the event of the Chargor(s)’s default in complying with the provisions of any of the preceding paragraph of this Section then it shall be lawful for but not obligatory upon the Bank to effect such coverage in accordance with Section 7.1(a) with respect to which such default has occurred and all monies expended by the Bank from the date of demand shall be recoverable from the Chargor(s) and shall be repaid on demand for the same being made by the Bank.
Takaful. 8.1 The Customer shall arrange for and maintain adequate Takaful insurance coverage for the properties, machinery or asset to be charged as security to the Bank and/or financed by the Bank from a Takaful company acceptable to the Bank and the Bank shall be named as beneficiary of the Takaful insurance policy. The sum insured shall not be below the total Facility. All cost shall be borne by the Customer.
8.2 The Takaful coverage shall include (but is not limited to) Contractor All Risk, Public Liability, All Risk and/or any other coverage which shall be deemed necessary by the Bank for the Customer’s activities or endeavor and/or as may be advised by the Bank’s Takaful panels. The Takaful coverage shall be taken from the Bank’s panel of Takaful operators/brokers only (if any). In default whereof it shall be lawful for but not obligatory upon the Bank to insure the same and all monies expended by the Bank shall be paid on demand for the same being made by the Bank.
Takaful. If the Goods is a motor vehicle, the Hirer further agrees at the Hirer’s expense to cause the Goods to be protected/insured with a reputable takaful operator/insurer under a comprehensive takaful/insurance protection bearing an endorsement recording the Owner’s interest in the Goods stating that no payment is to be made to the Hirer under that certificate/policy until that interest has been discharged be it against fire, accident, theft, riot and any other risks (including force majeure events described in Clause 9 which the Owner may from time to time specify for the second and subsequent years of this Agreement and thereafter so long as any sums payable under this Agreement shall remain outstanding. Should the Hirer fail or neglect to effect the takaful/insurance protection as required, the Owner shall have the liberty but not the duty to do the same wherein the Hirer shall be liable to reimburse the Owner on demand any sum expended by the Owner in doing the same.
Takaful. (a) Assignor(s)
Takaful. 15.1 Takaful on Property (if applicable) The Customer shall always cause to keep the Property covered under Takaful in the name of the Customer and/or the Security Party (if applicable) against loss or damage by fire, lightning, tempest, flood, riot, civil commotion, strike, malicious acts, natural disasters and against such other risks as the Bank may from time to time think expedient and keep the same so covered throughout the duration of the Transaction Documents and the Security Documents to its full coverable value to the satisfaction of the Bank. In the event the Customer fails or fails to cause the Security Party (if applicable) to take up the Takaful pursuant to this Section herein, the Bank may do so on behalf of the Customer or on behalf of any Security Party (if applicable) and the Customer shall reimburse the Bank for any costs and expenses incurred by the Bank in effecting such Takaful on behalf of the Customer or on behalf of any Security Party (if applicable). The Takaful to be taken by the Customer shall include that Takaful as mentioned in the Letter of Offer (if applicable).
Takaful
