i) ii) iii) iv)
Copy of Trust Deed duly attested by a 1 st class gazetted officer and verified by the Incumbent-in-charge of the Branch with the original copy. The Trust Deed must have power to do business with Banks. Resolution of the Board of Trustees to do business with First Security Islami Bank Ltd. Charge documents shall be signed either by persons authorised by all members of the Trust Committee, if Trustees are authorised to delegate their powers by the Trust Deed or all of the Trustees. Personal Guarantee of all the office bearers of the Trust in their personal capacity.
In case of investment to Co-operative Society, the branch shall obtain the following documents also: i) Clearance from the Registrar of Co-operative Societies for doing business with First Security Islami Bank Ltd. ii) Letter to be issued to the concerned Registrar of Co-operative Societies under Registered A/D Mail informing about investment/facility to the concerned Society as per clearance accorded by him. iii) Personal Guarantee of the Office bearers of the Society in their personal capacity. iv) A copy of Bye-laws of the Society duly certified by the Registrar of the Cooperative Societies. Rates of Stamp Duty on various types of documents will be supplied by the concerned Department (Law Department) of the Head Office from time to time. Signature of the client on documents must be verified by the Incumbent-in-charge/Authorized Official of the Branch by a wooden lead pencil. The Investment Committee of the Branch should ensure that all the formalities of documentation have been properly done and completed strictly as per terms of the Sanction Advice. After completion of documentation, the branch shall enter the documents in Documents Execution Register, and put the same into an Envelope duly inscribing the name of the client deal-wise and preserve it in the Strong Room in Fire proof Safe/Almirah under Joint Custody of the Incumbent-in-charge of the Branch and the Officer-in-charge of the Investment Department. Movement of documents, if any, should be duly recorded in the â€œDocuments Ex-Custody Registerâ€? duly signed by the Custodians. HIRE PURCHASE UNDER SHIRKATUL MILK MEANING AND DEFINITION Hire Purchase under Shirkatul Milk (HPSM) is a special type of contract developed by Islamic Banks through practice. The mode is a combination of three Shariah approved contracts: Shirkat, Bai and Ijarah. A brief discussion on meanings and definitions of the three concepts will clarify what is really meant by Hire Purchase under Shirkatul Milk. Shirkatul Milk