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.
Appears in 4 contracts
Samples: Ijara Contract, Ijara Contract, Ijara Contract
