Examples of Wakala Deposit Form in a sentence
For the avoidance of doubt, if the Customer requests liquidation or termination of the Investment prior to the relevant Investment Maturity Date, the Bank may liquidate or terminate the Investment and in such circumstances the Bank shall be entitled, in addition to the Wakala fee, a Performance Incentive (out of actual realized Wakala Profit) calculated in accordance with terms set out in the Wakala Deposit Form.
The Customer wishes to appoint the Bank to act as his agent and to invest the Customer’s funds in the Wakala Pool on an unrestricted Wakala basis in accordance to the Principles of Sharia and the Bank is willing to accept such appointment on the terms of the Wakala Deposit Form and these Terms & Conditions (which shall be read and construed together and shall together constitute the “Agreement”).
The Bank is authorised to act on the basis of the instructions provided in the Wakala Deposit Form.
The Bank, by accepting a duly executed and completed Wakala Deposit Form, will agree to act as agent for the Customer with respect to executing the Investment as contemplated in the Agreement.
The Customer, by completing and executing the Wakala Deposit Form, irrevocably and unconditionally instructs the Bank to enter into the Investment specified in the Wakala Deposit Form on and subject to the terms set out in the Agreement.
The Agreement will be effective from the date of acceptance by the Bank of the duly completed and executed Wakala Deposit Form and shall continue until the Investment terminates in accordance with the terms of the Agreement.
Following liquidation (on actual or constructive liquidation basis), the Bank shall transfer the Investment Maturity Proceeds of the Investment, after making the deductions set out in condition 5.5 below, on the Investment Maturity Date(s) in accordance with the instructions set out in the Wakala Deposit Form.
The Customer wishes to appoint the Bank to act as his agent and to invest the Customer’s funds in the Wakala Pool on an unrestricted Wakala basis in accordance withthe Principles of Sharia and the Bank is willing to accept such appointment on the terms of the Wakala Deposit Form and these Terms & Conditions for Wakala Deposits (which shall be read and construed together and shalltogether constitute the “Agreement”).
For the avoidance of doubt, if the Customer requests liquidation or termination of the Investment prior to the relevant Investment Maturity Date, the Bank may liquidate or terminate the Investment and in such circumstances the Bank shall be entitled, in addition to the Wakala Fee, to a Performance Incentive (out of actual realized Wakala Profit) calculated in accordance with terms set out in the Wakala Deposit Form.
Following liquidation (on actual or constructive liquidation basis on the Investment Maturity Date or on the relevant Profit Payment Date), the Siraj Finance shall transfer the maturity proceeds of the Investment, on the maturity date in accordance with the terms set out in the Labour Guarantee Wakala Deposit Form.