Common Contracts
1 similar Murabaha Facility Agreement contracts
ContractMurabaha Facility Agreement • February 1st, 2011
To: With reference to the Murabaha Facility Agreement dated , we hereby conf i rm our agreement to appoint you as ou r Agent to acqu i re for our account and benefit goods of the description to be specified in the purchase req uisition which shall be issued from time to time, under the following terms and conditions; 1.As an Agent of the Institution , you will be (s) from time to time in terms of Purchase Requisition(s) to be duly endorsed by the Institution and provide us a declaration confirmi ng acquisition thereof, alongwith a statement containing re l ev including place of storage. 2. T he bank shall prepare a Pay Order/Cross cheque, etc in the name of Supplier that w i ll be handed over to the Agent. The supplier will issue an invoice in the name of Bank Islamic Bank – ABC Company’). 3.In case of failure on your par t to: a)Acquire goods in terms of thi s agreement and to refund, in consequence, the amount paid by us (the Institution) therefore, and/or b)Repay the amount, if any,
