Date: September 28, 2009

MASTER MURABAHA
FACILITY AGREEMENT

MEEZAN BANK LIMITED

AND

M/S. TABASSUM KHURSHID & CO.

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THIS MASTER MURABAHA FACILITY AGREEMENT is dated this 28th day of September, 2009, and made
BETWEEN:
(1)

MEEZAN BANK LIMITED, a banking company incorporated under the laws of the Islamic Republic of
Pakistan, having its registered office at 3rd Floor, PNSC Building, M.T Khan Road, Karachi and also carrying
on business at New Challi Branch (hereinafter referred to as the "Bank" which expression shall, where the
context so permits, mean and include its successors-in-interest and assigns), of the one part;
AND

(2)

M/s. TABASSUM KHURSHID & CO. a sole proprietorship concern incorporated in Pakistan and having
its place of business at Office # Shop # 02, Muhammad Hussain Kulsum Bai Building, Hassan Ali Aafandi
Road, Karachi. (hereinafter referred to as the Customer which expression shall where the context so
permits mean and include its successors in interest and assigns).
IT IS AGREED BY THE PARTIES as follows:
1.

PURPOSE AND DEFINITIONS

The Customer has requested the Bank to enter into Murabaha transactions with it for up to a total
aggregate of Cost Prices of Rs.674,000/- (Rupees Six Hundred Seventy Four Thousand Only) at any
given time for the following purposes;
i. To purchase Assets in Pakistan;
ii. To purchase Assets imported under Letters of Credit established by the Bank;
iii. To purchase Assets in US Dollars under SBPs FE Circular No. 25 dated 20/06/1998.
The Bank has agreed to enter into a series of Murabaha Transactions in respect of the above on the
terms and conditions set forth hereunder.
In this Agreement, unless the context otherwise requires:
Agent shall mean the person appointed by the bank to acquire the Assets or to take their possession
under the relevant Agency Agreement;
Agency Agreement means an agency agreement whereby the Bank appoints an agent to acquire the
Assets as may be requested by the Customer from time to time;
Asset means assets, which the Bank shall acquire for sale to the Customer from time to time as
detailed in Appendix A hereto and shall be more particularly described in the Murabaha Contract
appearing in Appendix C hereto to be filled in at the time of the execution of the Murabaha Transaction;
Cost Price means the amount paid by the Bank directly to the supplier of the Assets or to the Agent as
applicable, for the acquisition of the Assets for the purposes of the Murabaha Transactions;
Contract Price means the total amount being the sum of the Cost Price and the Profit, payable by the
Customer to the Bank for the Asset pursuant to the Murabaha Transactions. The aggregate of all the
Contract Prices shall be the amounts due and payable by the Customer to the Bank under this
Agreement;
Murabaha Contract means a contract in the form as set out in Appendix C to be executed by the
Parties in respect of each Murabaha Transaction in accordance with Clause 5 hereunder;
Event of Default means any of the events or circumstances described in Clause 12.01;
Letters of Credit means documentary credits established by the Bank for the import of Assets in terms
of Clause 4 herein below;
Murabaha Facility means the total facility amount of Rs.674,000/- (Rupees Six Hundred Seventy Four
Thousand Only) to be made available to the Customer by the Bank which may be paid to the supplier of
the Asset directly as Cost Price or drawn down by the Agent pursuant to a series of Murabaha
Transactions to be entered into from time to time.
Murabaha Transactions means the sale and purchase of Assets in the manner specified in Clause 5
hereunder at an agreed margin of profit over the cost of the Bank.
Order form means the instructions as set out in Appendix B hereto whereby the Customer requests
the Bank to acquire the Assets which the Customer will subsequently purchase pursuant to the Murabaha
Transactions;

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Ordinance means the Financial Institutions (Recovery of Finances) Ordinance, 2001 or any statutory
modification or re-promulgation thereof;
Payment Date means the dates as shown in the Payment Schedule in respect of each Murabaha
Transaction as stated in Appendix E hereto or such other date as may be mutually agreed between the
parties;
Payment Schedule means the schedule specifying the portion of the Contract Price payable on the
Payment Dates in respect of each Murabaha Transaction in the form set out in Appendix E hereto;
Profit means any part of the Contract Price which is not part of the Cost Price and is payable by the
Customer as specified in the Payment Schedule in respect of the Murabaha Transaction;
Security Documents means any documents executed/to be executed in favor of the Bank as security
for the obligations of the Customer hereunder;
Taxes includes all present and future taxes (including central excise duty and sales tax and excluding
income tax arising on the income of the Bank), levies, imposts, duties, stamp duties, penalties, fees or
charges of whatever nature together with delayed payment charges thereon and penalties in respect
thereof and Taxation shall be construed accordingly.
2.

PAK RUPEE MURABAHA

The Bank shall when requested by the Customer pursuant to an Order Form and subject to the terms and
conditions of this Agreement having been satisfied acquire Assets locally for the purposes of entering into
Murabaha Transactions in Pak Rupees with the Customer.

3.

US DOLLAR MURABAHA
The Bank shall upon the request of the Customer pursuant to an Order Form and subject to the terms and
conditions of this Agreement having been satisfied, acquire Assets for the purposes of entering into
Murabaha Transactions denominated in US Dollars in accordance with the terms of SBPs FE Circular No
25 dated 20/06/1998.

4.
4.1

IMPORT MURABAHA
Where the Customer requires the Assets to be imported the Bank agrees to establish letters of credit for
the import of the Assets.

4.2

The Assets imported under the Letters of Credit shall be consigned to the Bank and shall be purchased
by the Customer from the Bank pursuant to Clauses 5 and 6 hereunder.

5.
5.1

MURABAHA TRANSACTIONS
Subsequent to the acquisition of the Assets by the Bank pursuant to Clauses 2, 3 and 4 herein above, the
same shall be sold by the Bank and purchased by the Customer on Murabaha basis through Murabaha
Contract and the Customer will take its delivery, whereby the ownership of the Assets and risk related
thereto will be transferred to the Customer.

5.2

In respect of each Murabaha Transaction the payment of the Contract Price by the Customer shall be in
accordance with the Payment Schedule.

5.3

The Customer shall execute and deliver a demand promissory note as per Appendix D hereto, which
shall only be presented for payment upon occurrence of Event of Default. As security for the payment of
the amounts payable by the Customer under the Murabaha Transactions and hereunder, the Customer
agrees to execute and provide to the Bank such Security Documents as the Bank may in its absolute
discretion require from time to time.

5.4

The Customer acknowledges that each Murabaha Transaction constitutes provision of Finance as
defined in the Ordinance.

6.
6.01

SALE AND PURCHASE OF ASSETS

The Customer agrees that it shall select and buy the Assets from the Bank strictly on an as is where is
basis without any responsibility on the part of the Bank for any defect therein and without any warranty
relating to the condition or suitability or efficacy of the Assets whether such warranty be expressed or
implied by law or recognized by custom.

6.02

The Customer hereby undertakes to indemnify and keep the Bank indemnified against any and all
actions, proceedings, liabilities, claims, Taxes, losses, damages, costs, and expenses arising subsequent
to the sale of the Assets by the Bank to the Customer.

7.
7.1

PAYMENTS
In consideration of the sale of the Assets, the Customer shall abide by the terms of the Murabaha
Contract and the Payment Schedule and make payment to the Bank on demand all expenses (including
legal and out of pocket expenses) incurred by the Bank in connection with the preparation, execution,

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performance or enforcement of this Agreement and/or any document or instrument contemplated hereby
including the Security Documents.
7.2

The Customer shall pay to the Bank, within 3 days of the Banks first demand all stamp, documentary,
registration or other like duties or Taxes imposed on or in connection with this Agreement and the Security
Documents or otherwise contemplated hereby and shall indemnify the Bank against any liability arising by
reason of any delay or omission by the Customer to pay such duties or Taxes.

7.3

All payments to be made by the Customer to the Bank under this Agreement shall be made in full, without
any set off or counter claim whatsoever and free and clear of any deductions or withholdings on the due
date to a current account of the Bank as may be notified from time to time.

7.4

The Customer shall be liable for all Taxes, fees and expenses incurred by the Bank or levied by any
authority or government in respect of any transaction contemplated by this Agreement other than the
corporate income tax of the Bank. If any deduction or withholding in respect of the income tax is required
to be made from any payment to the Bank by any law in Pakistan, the Customer shall promptly deliver to
the Bank any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in
respect of such deduction or withholding.

7.05

In the event of a default in the payment of the Contract Price, any part thereof or any other amount due
hereunder, and the Bank is of the opinion that the delay in payment is without a valid reason (which the
Bank shall inform through a notice), the Customer hereby undertakes to pay to the Bank as charity an
amount calculated at the rate of 20% per annum for the amount of the Contract Price, part thereof or any
other amount due for each day of delay beyond the relevant Payment Date or due date by which the
Contract Price, any part thereof or any other amount due remains unpaid to be donated by the Bank
on behalf of the Customer for charitable purposes as approved by the Shariah Supervisory Board /
Shariah Advisor of the Bank.

8.
8.1

CUSTOMERS REPRESENTATIONS AND WARRANTIES

The Customer warrants and represents that:
a) The Customer is duly organised as a company under the laws of Pakistan and has power to execute,
deliver and perform its obligations under this Agreement and the Security Documents, and that this
Agreement constitutes valid and legally binding obligations of the Customer enforceable in
accordance with its terms;
b) The execution, delivery and performance of this Agreement and the Security Documents by the
Customer will not (i) contravene any existing law, regulations or authorization to which the Customer
is subject (ii) result in any breach of or default under any agreement or other instrument to which the
Customer is a party or is subject or (iii) contravene any provision of the constitutive documents of the
Customer or any resolutions adopted by the board of directors or members of the Customer;
c) All requisite corporate and regulatory approvals required to be obtained by the Customer in order to
enter into this Agreement are in full force and effect and such approvals permit the Customer, inter
alia, to obtain financial facilities under this Agreement and perform its obligations hereunder;
d) There are no grounds or proceedings pending, or to the knowledge of the Customer threatened, the
adverse determination of which may have a material effect on the financial condition of' the Customer
or may impair the ability of the Customer to perform any of its obligations or affect the enforceability of
this Agreement;
e) The most recently produced audited financial statements of the Customer as delivered to the Bank by
the Customer have been prepared in accordance with generally accepted international accounting
principles and practices which have been consistently applied and present fairly and accurately the
financial position of the Customer as at such date and the results of the operations of the Customer
for the financial year ended on such date; and
f)

No event or circumstance which constitutes or which with the giving of notice or lapse of time or both
would constitute an Event of Default has occurred and is continuing.

8.2

The representations and warranties in Clause 8.01 (and so that the representation and warranty in clause
8.01 (e) shall for this purpose refer to the then latest financial statements delivered under the terms of this
Agreement) shall be deemed to be repeated by the Customer on and as of each Payment Date as if
made with reference to the facts and circumstances existing at each such date.

9.
9.1

BANKS REPRESENTATIONS AND WARRANTIES

The Bank warrants and represents that:
(a) That it is a banking company duly incorporated under the Companies Ordinance,1984 and licensed to
carry on Islamic banking under the laws of Islamic Republic of Pakistan;
(b) That it has full legal right, power and authority to enter into, execute and deliver this Agreement and to
perform the transactions set forth herein;

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(c) That all requisite corporate approvals and consents have been obtained to enable it to enter and
perform its obligations under this Agreement.
10
10.01

UNDERTAKINGS
The Customer undertakes with the Bank that so long as any moneys are owing under this Agreement:
a) It shall obtain, maintain in full force and effect and comply in all material respects with any conditions
imposed by any authority or governmental or public bodies or courts and do or cause to be done, all
other acts and things which may from time to time be necessary under applicable law for the
continued due performance of its obligations under this Agreement.
b) It shall inform the Bank of any Event of Default or any event, which with the giving of notice or lapse
of time or both would constitute an Event of Default forthwith upon becoming aware thereof.
c) It shall send to the Bank copies of its audited financial statements and every report, notice or like
document issued by it to its shareholders in each case at the time of issue thereof and (in case of
audited financial statements) not later than 180 days after the end of the financial period to which they
relate and such other financial and other information concerning the affairs of the Customer as the
Bank may reasonably require;
e) It shall provide to the Bank fresh security by way of hypothecation charge or otherwise upon assets
acceptable to the Bank if the security provided to the Bank at any time ceases to be an effective
security in the opinion of the Bank and failure to do so on the part of the Customer shall constitute an
Event of Default hereunder. All costs and expenses incurred in creating and registering such a
security shall be borne by the Customer.
f) In cases where the Customer has availed the US Dollar Murabaha finances under Clause 3 herein
above against the presentation of export contracts, it shall ensure that the Contract Price is paid
through the repatriation of export proceeds. If the export proceeds are not repatriated/delayed/not
available for payments by the Payment Dates for any reason, the Customer shall arrange payment
from its own sources and where required shall also obtain the prior permission of the SBP in a timely
manner.

11.
11.01

CONDITIONS PRECEDENT
All obligations of the Bank under this Agreement are subject to the following conditions precedent:
a) A copy (certified by an authorized officer of the Customer to be complete and up to date copy) of the
Memorandum and Articles of Association of the Customer has been supplied to the Bank;
b) A copy (certified by an authorized officer of the Customer to be a true copy) of the resolution passed
by the Board of Directors of the Customer authorizing (i) the entry and execution by the Customer of
this Agreement and such other documents as may be related or incidental to the terms of this
Agreement by the Customer and (ii) the individual(s) whose specimen signature is printed on such
resolution to execute this Agreement and such other documents as may be related or incidental to the
terms of this Agreement on behalf of the Customer have been received by the Bank;
c) Duly executed copies of the Security Documents have been received by the Bank;
d) Any amount required to be paid by the Customer to the Bank in respect of any transaction have been
received by the Bank;
e) All such documents, approvals, consents and the like as have been reasonably requested by the
Bank in connection with this Agreement and the Security Documents have been received by the
Bank, subject to the provisions of Clause 5.03 herein above.

11.02

If any of the above conditions precedent is found not be satisfied, it would be deemed to constitute an
Event of Default.

12
12.01

EVENTS OF DEFAULT
There shall be an Event of Default if:
a) The Customer fails to pay any sum payable by it under this Agreement when due; or admits its
inability to pay any sum payable by it under this Agreement as they fall due; or
b) The Customer defaults in the due and punctual performance of any other provision of this Agreement
and (if such default is in the opinion of the Bank capable of remedy) such default shall not have been
remedied within twenty-one (21) days of the Bank notifying the Customer of such default; or
c) Any representation or warranty made or deemed to be made or repeated by the Customer in or
pursuant to this Agreement or in any document delivered under this Agreement is or proves to have
been incorrect in any material respect; or
d) An encumbrancer takes possession or a receiver is appointed of the Customers undertakings or the
whole or any material part of the Assets, rights or revenues of the Customer or a distress or other
process is levied or enforced upon any of the Assets, rights or revenues of the Customer and is not
discharged within seven days; or
e) The Customer stops or suspends payment of its debts generally or is unable or admits inability to pay
its debts as they fall due or proposes or enters into any composition or other arrangement for the
benefit of its creditors generally or proceedings are commenced in relation to the Customer under any
law, regulation or procedure relating to reconstruction or readjustment of debts; or
f) Proceedings are commenced for the winding-up (whether compulsory or voluntary) of the Customer
or the alteration of the structure, power, authority and functions of the Customer or if the

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implementation and compliance with any terms and conditions of this Agreement are rendered
impossible or illegal; or
g) Any event occurs or proceedings are taken with respect to the Customer in any jurisdiction to which it
is subject which has an effect equivalent or similar to any of the events mentioned here in above ;or
h) The Customer changes or becomes bound to change its legal status from the position as at the date
of this Agreement or if there is a change in the majority shareholding of the Customer; or
i) Any Indebtedness, of the Customer in excess of Rs.1,000,000 (Rupees One Million Only) is not paid
when due or becomes due or capable of being declared due prior to its stated maturity and the
Customer fails to provide a guarantee/ security to the satisfaction of the Bank within 7 days; or
j) Value of the security is depleted or deteriorated and in the reasonable opinion of the Bank the same is
not sufficient to adequately secure Customers obligations under this Agreement and the Customer
fails to furnish adequate security to the satisfaction of the Bank within a period of 7 days of the Bank
requiring the same;
12.02

Notwithstanding anything contained herein the Bank may without prejudice to any of its other rights, at
any time after the occurrence of an Event of Default by notice to the Customer (i) declare that its
obligations hereunder are immediately terminated and (ii) except in case of the event mentioned in clause
12.01 (e), declare that all sums payable under this Agreement have become due and payable, whereupon
the same shall immediately or in accordance with such notice become due and payable.

13.
13.01

INDEMNITIES
The Customer shall indemnify the Bank against expense which the Bank shall certify as rightly incurred
by it as a consequence of (i) any default in payment by the Customer of any sum under this Agreement
when due, (ii) the occurrence of any Event of Default (iii) the purchase or ownership of the Assets or any
part thereof by the Customer.

14.
14.01

SETOFF
The Customer authorizes the Bank to apply any credit balance to which the Customer is entitled or any
amount which is payable by the Bank to the Customer at any time in or towards partial or total satisfaction
of any sum which may be due or payable from the Customer to the Bank under this Agreement.

14.02

The Customer unconditionally and irrevocably authorizes the Bank to receive foreign currency proceeds
under the export contracts and letters of credit to adjust /appropriate the same towards the payment of the
Contract Prices due hereunder without prior notification to the Customer.

15
15.01

LAW & JURISDICTlON

This Agreement is governed by and shall be construed in accordance with Pakistan law in so far as this
does not conflict with the Islamic Shariah as determined by the Shariah Supervisory Board of the Bank.
All competent courts at Karachi shall have the non-exclusive jurisdiction to hear and determine any
action, claim or proceedings arising out of or in connection with this Agreement.

IN WITNESS WHEREOF the parties to this Agreement have caused this Agreement to be duly executed on the
date, month and year first aforementioned.
Signed and executed for and on behalf of:

_____________________________

______________________
M/S. TABASSUM KHURSHID & CO
MEEZAN BANK LIMITED
Witnesses:

1.

2.

_________________________

1.

____________________________

Name:

Name:

CNIC No:

CNIC No:

Address:

Address

_________________________

2.

____________________________

Name:

Name:

CNIC No:

CNIC No:

Address:

Address

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APPENDIX A
THIS Appendix shall be attached to and form an integral part of the package of Master Murabaha Facility Agreement (the "Agreement")
made at Karachi on September 28, 2009 BETWEEN:
M/S. TABASSUM KHURSHID & CO
AND
MEEZAN BANK LIMITED
Date: September 28, 2009

LIST OF ASSETS:
NO.

DESCRIPTION

AGREED AND ACCEPTED:

For and on behalf of

MEEZAN BANK LIMITED
__________________________
AUTHORIZED SIGNATORY

For and on behalf of

M/S. TABASSUM KHURSHID & CO
____________________________
AUTHORIZED SIGNATORY

WITNESSES:
1. ________________________

2. ___________________________

Name:

Name:

CNIC No:

CNIC No:

Address:

Address

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APPENDIX B
THIS Appendix shall be attached to and form an integral part of the package of Master Murabaha Facility Agreement (the "Agreement")
made at Karachi on September 28, 2009 BETWEEN:
M/S. TABASSUM KHURSHID & CO
AND
MEEZAN BANK LIMITED

Dated:
To,
Meezan Bank Limited
___________________
___________________
Karachi.

ORDER FORM
Dear Sirs,
With reference to the Master Murabaha Facility Agreement (the MMFA) dated 29-07-2009
entered into between ourselves and yourselves, we hereby request you to acquire the Assets as described in the
Appendix A of the MMFA up to the amount of ___________________________________
(__________________________________________________Only) under the following terms and conditions:
i. We shall immediately purchase the Assets from you at spot payment (unless otherwise mutually agreed)
within a reasonable time after your acquisition and possession of the Assets by entering into a Murabaha
Contract, failing which we undertake to compensate you for any actual loss (being the difference between
the Cost Price and the actual selling price recovered and not being the opportunity costs) suffered by selling
the Assets to a third party.
ii. You shall be entitled to seek reimbursement from us in respect of any Taxes relating to the Assets. All such
amounts shall be borne and paid for by us.
Words and expressions used in capitals and not defined herein shall have the same meanings as defined in the
MMFA.
For and on behalf of
M/S. TABASSUM KHURSHID & CO

_________________________
AUTHORIZED SIGNATORY

AGREED AND ACCEPTED:

For and on behalf of
MEEZAN BANK LIMITED
_________________________
AUTHORIZED SIGNATORY
WITNESSES:
1. _________________________
Name:
CNIC No:
Address: .

Release Date: July 17, 2009- Version 3.0

2. _______________________
Name:
CNIC No:
Address:

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APPENDIX

C-1

THIS Appendix shall be attached to and form an integral part of the package of Master Murabaha Facility Agreement (the "Agreement")
made at Karachi on September 28, 2009 BETWEEN:
M/S. TABASSUM KHURSHID & CO
AND
MEEZAN BANK LIMITED

MURABAHA CONTRACT FOR EACH MURABAHA TRANSACTION

(For Import Murabaha)
Date:
Messrs. MEEZAN BANK LIMITED
_____________________________
Karachi.
We offer to purchase the following Assets having a Cost Price of Rs___________________(Rupees _________________
Only) from you for a Contract Price of Rs: ______________________(Rupees ______________________________Only).
We undertake to pay the Contract Price referred to above as per the Master Murabaha Facility Agreement dated September 28,
2009 between us on the Payment Dates specified in the Payment Schedule appearing in Appendix E. Kindly reimburse Rs
_______/- (A + B + C) as the cost incurred by us on your behalf.
Details of Assets:
As mentioned in your L/C no. ______________________
The procurement cost of these goods is:
Cost Head

Amount (in PKR)

1. Cost of the Goods

2. LC opening charges
3. Insurance
4. Other Charges

Already paid by us

Already paid by us

Already paid by us

Total Cost Price

Profit
Contract Price

Kindly note that Meezan Bank owns ________% of the total quantity of Assets mentioned above equivalent to Rs
______________ (Rupees ________________________________ Only) out of the total lot valued at Rs
______________ (Rupees ___________________________________________ Only) procured by us as your Agent.
For and on behalf of
M/S. TABASSUM KHURSHID & CO

______________________
Authorized Signatory

Date: January12, 2006

We accept your offer and we sell the above-mentioned Assets to you on the following terms and conditions.
1.
2.
3.

The Contract Price has been fixed at Rs._____________/- (Cost Price as mentioned above + Profit)
We authorize you to deduct Rs ______________/- (A + B + C), payable by Meezan Bank to you, from the Contract
Price and pay the balance amount of Rs._______________/- on the Payment Dates specified in the Payment
Schedule appearing in Appendix E hereto.
The Contract Price referred to above is payable as per the Master Murabaha Financing Agreement between us dated
September 28, 2009

For and on behalf of

MEEZAN BANK LIMITED

Authorized Signatory

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APPENDIX

DEMAND PROMISSORY NOTE

Rs.750,000/On demand we, M/S. TABASSUM KHURSHID & CO , promise to pay MEEZAN BANK LIMITED New Challi
Branch, Karachi, or order the sum of Rs.750,000/- ( Rupees Seven Hundred Fifty Thousand Only) for value
consideration received.

Date: September 28, 2009

For and on behalf of
M/S. TABASSUM KHURSHID & CO

_______________________
Authorised Signatory

Witnesses:

1.
Name:
Address:
C.N.I.C. No.:

2.
Name:
Address:
C.N.I.C. No.:

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APPENDIX

THIS Appendix shall be attached to and form an integral part of the package of Master Murabaha Facility Agreement (the "Agreement")
made at Karachi on September 28, 2009 BETWEEN:
M/S. TABASSUM KHURSHID & CO
AND
MEEZAN BANK LIMITED

PAYMENT SCHEDULE

S/No.
1
2

Date

Total Cash Flow

Total Contract Price

For and on behalf of:

M/S. TABASSUM KHURSHID & CO

MEEZAN BANK LIMITED

______________________
Authorised Signatory

________________________
Authorised Signatory

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Date: September 28, 2009

M/S. TABASSUM KHURSHID & CO

Office # Shop # 02, Muhammad Hussain,

Kulsum Bai Building, Hassan Ali Aafandi Road,
Karachi
AGENCY AGREEMENT
With reference to the Master Murabaha Facility Agreement (the MMFA) dated September 28, 2009 entered between
ourselves and yourself, we hereby appoint you as our agent to acquire the Assets as described in the MMFA
under the following terms and conditions:
1. We shall make payment of the funds directly to the supplier of the Assets and/or, you will be provided
funds from time to time for the purchase of Assets. In the event that payments are made to you hereunder
you will utilize the same exclusively for the payment of the cost price of the Assets.
2. Immediately after the acquisition and possession of the Assets, you will provide us a Declaration as per
Appendix A of this Agency Agreement confirming the acquisition of the Assets along with details and
evidence of acquisition of the Assets in a form acceptable to us.
3. You shall provide us upon written request with copies of all documentation relating to the purchase of the
Assets.
4. You shall ensure that the assets are not being consumed / sold till the time they are in your possession as
our agent.
5. You shall ensure that Assets purchased hereunder shall be bought separately from any other purchases
to be made by you and that proof of purchase evidencing the acquisition of the Assets shall also be kept
distinct and separate from proof of other purchases made by you.
6. In cases where the Assets to be purchased are bought in lots where it is not possible to segregate and
distinguish the Assets purchased on our behalf from the assets purchased by you, we will have a share in
the total assets acquired to the extent of its proportionate share in the assets up to the cost price.
7. You will undertake due diligence to ensure that the Assets purchased on our behalf are free from any
defect. Any loss or damage occurring to the Assets due to any contravention of the terms of this Agency
Agreement by you shall be borne by you.
8. You will also be responsible for obtaining comprehensive Takaful coverage of the Assets which shall
continue and be effective until the ownership of the Assets is transferred by us
9. We shall only recognize the purchase of assets by you on our behalf if you provide to us Declaration as
soon as possible after the purchase.
10. If you do not acquire the Assets immediately upon disbursement of funds you shall immediately refund the
same in full.

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11. We shall have the authority to revoke this Agency Agreement at any time, without assigning any reason
thereof.
12. We shall reimburse any purchase expenses incurred by you as our agent.
Words and expressions used in capitals and not defined herein shall have the same meanings as defined in the
MMFA.
Kindly signify your acceptance of the foregoing terms and conditions by signing the duplicate.

AGREED AND ACCEPTED:

For and on behalf of
MEEZAN BANK LIMITED
__________________________
AUTHORIZED SIGNATORY

For and on behalf of

M/S. TABASSUM KHURSHID & CO
____________________________
AUTHORIZED SIGNATORY

WITNESSES:
1. ________________________

2. ___________________________

Name:

Name:

CNIC No:

CNIC No:

Address:

Address

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APPENDIX

A -2

THIS Appendix shall be attached to and form an integral part of the package of the Agency Agreement (the
"Agreement") made at Karachi on September 28, 2009BETWEEN:
M/S. TABASSUM KHURSHID & CO

AND
MEEZAN BANK LIMITED
DECLARATION FOR EACH MURABAHA TRANSACTION
(For Import Letter of Credit)
Date:

_______________

Messrs. MEEZAN BANK LIMITED

___________________________
___________________________
Karachi.
With reference to our Agency Agreement dated September 28, 2009 we hereby declare and certify that acting as your
agent we have purchased the following Assets on your behalf. The bill of lading of these Assets has been
received by you:
Details of Goods:
As mentioned in your L/C no. __________________
The procurement cost of these goods is:
Cost Head

Amount (in PKR)

1. Cost of the Goods

A

Already paid by us

Already paid by us

Already paid by us

2. LC opening charges
3. Insurance
4. Other Charges
Total Cost Price
Kindly note that Meezan Bank owns ________% of the total quantity of Assets mentioned above equivalent to Rs
_____________ (Rupees ________________ Only) out of the total lot valued at Rs __________ (Rupees:
________________________) procured by us as your agent.
For and on behalf of
M/S. TABASSUM KHURSHID & CO

______________________
Authorized Signatory

Release Date: July 17, 2009- Version 3.0

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