BAI-MUAJJAL AGREEMENT
IF-36
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Bangshal
Branch,
45, Bangshal Road, Dhaka-1100.
Tel: 7317175, 7317396
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SOCIAL
ISLAMI BANK LTD.
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BAI-MUAJJAL AGREEMENT
This agreement at this
day of 20
Between Social Islami Bank Limited , a banking company
incorporated in Bangladesh under the
Companies Act. XVIII-1994 having its registered office at
15, Dilkusha C/A, Dhaka, Bangladesh
With one of its branch situated at 45, Banshal Road, Dhaka-1100, hereinafter refereed to as
“the Bank”, (which expression unless there is anything repugnant in the subject
or context,shall be deemed to mean and include its successors-in-interest and
assigns) of the one part:
AND
MD .NURUL
ISLAM
, Son Of Late Md Lal Miah, Carrying
on business under the name and style of
as its sole Proprietor/Managing partner/Managing Director
having its place of business at
(hereinafter referred to as "the client") of the other part.
WHEREAS:
i) The client has requested the Bank to purchase/procure raw
materials/finished goods/commodities/spares/machinery etc. described in the
schedule here to (hereinafter referred
to as "Goods") and has also proposed to purchase
the same goods at total price of
TK. (Taka
) onlv.
ii) AND whereas the Bank has accepted the proposal of the
client and sanctioned a Bai-Muajjal
Investment of Tk. (Taka
) only for purchasing/procuring goods.
NOW TIIEREFORE
THIS AGREEMENT WITNESSETH AS FOLLOWS :
1) That at the request of the client, the Bank has
purchased/procured or will purchase/procure the
goods described in the schedule here to and the client has
proposed to purchase the same goods
at a price of Tk.
(Taka
)only and the Bank has agreed tosell as proposed
2. That, this agreement is made for days/months
and
shall remain valid upto
3. That, the Bank has made delivery and the client has taken
possession of the goods.
4. the client shall deposit the
entire sale proceeds amounting to Tk.
(Taka )
only within the period of validity of this agreement into the investment
account to be opened in its/his/her/their name in the books of the Bank in
lumpsum/............. .. ……….monthly/quarterly/half yearly installments.
5. That, as and by way of security
for payment of the sale price, the client shall create hypothecation of the
said goods and other goods in favour of the Bank and also furnish such other
securities as the Bank may from time to time require.
6. That, as further security for
payment of the sale price, the client agrees to create mortgage of
Properties as stipulated in the aforesaid
Bai-Muajjal-Investment Advice.
7. That, this Bai-Muajjal
investment will further be secured by the personal guarantee of
Janab
S/O
Vill. P.O
Dist
8. That, the client hereby further
covenants as follows:
a) NOT to avail any other
investment or mark-up facility from any Islamic Bank, Non-Islamic
scheduled Bank and Financial
Institutions or borrow money or moneys or avail of any financial
assistance, accommodation from any
Islamic Bank, Non-Islamic Bank, and or Financial
Institution and not to repay any
debt or financial liability, existing or future, obtained from other
sources out of the sale proceeds
of the goods purchased from the lst party Bank without prior
written consent of the Bank.
d) Upon demand made by the 1st
party Bank at any time or from time to time to execute or cause
to be executed all such
instruments, deeds or documents which the Bank may in its sole discretion
requires.
c) To furnish all such information
as the Bank may at any time and from time to time requre
relating to the position of the
hypothecated/mortgaged goods and pecuniary liabilities of the
clients or otherwise whatsoever.
d) To keep the hypothecated goods
and mortgaged properties duly insured with an Insurance
Company approved by the Bank for a
sum not less than the amount of sale price plus ten percent
due and payable to the Bank and
deliver to the Bank copies of receipts evidencing payment of
premium/Insurance Policy.
9. That, after procurement of the
goods by the Bank, if the client fails to take delivery of the goods
he shall be liable to pay to the
bank, all costs and charges incidental for procurement of the goods and also
make good to the Bank any loss incurred due to disposal of the goods or
otherwise.
10. That, it is hereby
specifically agreed between the parties hereto that where the sale price is
payable in installments, failure
on the part of the client to pay any installment to the Bank on its
due date shall entitle the bank to
demand immediate payment of the entire balance of the sale
price remaining due and for
recovery thereof to take possession of the goods and to sell the same
notwithstanding anything to the contrary contained in this agreement.
11. In the event of clients
failure to make full payment of sale price within the stipulated due date,
the client shall be liable to pay
compensation (5ft {<"t) to the Bank at the calculated rate of
profit from the date of investment
becoming overdue.
12. That, all or any terms and
conditions of this agreement may be varied, amended or modified with mutual
consent of the Bank and the Client.
13. That, the terms “the
Bank" and "the client" wherever the context so permits shall
mean and
include his/her/its/their
respective successors-in-interest and assigns.
14. That, in case of any dispute
arising out of this Agreement or the terms and conditions thereof the decision
of the Bank management shall be final and binding upon the parties.
SCHEDT]LE OF GOODS REF'ERRED TO IN THIS AGREEMENT
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Description of goods
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Unit price
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Quantity of goods
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Total Sale Prise
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IN WITNESS WHEREOF the parties
above named have executed this agreement on the day, month
and year written in the first page
of this agreement.
WITNESS :
1. Narne
For and on behalf of
Address
Social Islami Bank Limited
Signature
EVP/SVPNP
I AY P I Manager
Branch
2. Name
Addreqs
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Signature
Client
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