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Sample Agreement for an Interest Free Islamic Loan

Sample Agreement for an Interest Free Islamic Loan

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Sample Islamic finance contract for an Interest free Islamic loan.
Sample Islamic finance contract for an Interest free Islamic loan.

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Categories:Business/Law, Finance
Published by: Ethica Institute of Islamic Finance™ on Jul 30, 2010
Copyright:Attribution Non-commercial

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11/24/2012

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Sample ContractReprinted with permission courtesy of the State Bank of Pakistan
DISCLAIMER: This sample contract is provided for example purposes only. It should not be duplicated without consideration of a particular situation.One should always seek the expert legal opinion of, at minimum, a qualified Islamic finance scholar and a registered legal counsel for the relevant jurisdiction. Laws vary by jurisdiction and certain provisions in this sample contract may not be enforceable. This sample contract is for illustrativepurposes only and its user indemnifies the sender for any wrongdoing.
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 Agreement For Interest Free Loan
This AGREEMENT
is made at _________________ this ___________________ day of ________________ 2001.
BETWEEN
 _____________________________________ Limited, having its place of business at /resident of _______________________________ hereinafter referred to as “the Client” (whichterm shall wherever the context so requires or permits mean and include its successors-in-interest and assigns) of the ONE PART.
 AND
 __________________________________ Bank Limited (or financial institution), a dulyincorporated banking company (or financial institution) having its registered office at ___________________ hereinafter referred as “the Institution” (which expression shallwherever the context so requires or permits mean and include the heirs, legal representativesand successors-in-interest and assigns) of the OTHER PART.
WHEREAS
the Institution has agreed to give an Interest Free Loan to the Client on terms andconditions hereinafter appearing.
NOW, THEREFORE, THIS AGREEMENT WINTESSETH AS UNDER:-1.
The Institution hereby agrees to provide to the Client an Interest Free Loan (hereinafterreferred to as “the Loan”) upto a maximum of Rs. ___________________ on the terms andconditions hereinafter contained.
2.
The parties hereto hereby mutually agree and covenant as under:-
i.
The Client undertake to repay the loan without any interest on or before ______________ .
ii.
In case the Client fails to perform as per provisions of this Agreement or any amount isrequired to be paid by the Client on a specified date and is not paid on that date, or anyamount is payable by the Client under this Agreement within a specified period after the

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