Page 62

STEP SIX: DOCUMENTATION Before purchasing the asset/property/by the Bank, the branch shall obtain sufficient collateral securities as mentioned in the sanction advice along-with the following charge documents properly executed, i.e. duly filled in, signed, stamped, verified and witnessed, where necessary: i)

Hire Purchase under Shirkatul Milk (HPSM) Sanction Advice deal-wise duly accepted by the client.

ii) Hire Purchase under Shirkatul Milk (HPSM) Agreement (Deal-wise). iii) Letter of Pledge (Deal-wise)/Mortgage Deed. iv) Single Party D.P Note, if there is no Guarantor. v)

Double Party D.P Note, if there is Guarantor(s), to be made by the Client in favor of the Guarantor and endorsed by the later to the Bank.

vi) D.P Note Delivery Letter. vii)Letter of Hypothecation for the asset(s) and Client’s Stock in Trade/Work-in-Process. viii) ix)

Letter of Disclaimer, if stored in Client’s/ Party’s own/hired storage. Insurance Policy (if stored in Client’s/Party’s Storage /Yard under Bank’s effective control) duly recorded in Insurance Register.

x) Letter of Guarantee signed by the Guarantor as per terms of sanction. xi) Balance Confirmation Letter. xii)Letter of Installments. xiii)

Letter of Disbursement.

If the investment is made collaterally secured by mortgage of property, obtain the following documents: i)

In case of Equitable Mortgage, Memorandum of Deposit of Title Deed (MDTD) signed by the owner of the property.

ii) In case of Legal Mortgage, Registered Mortgage Deed should be obtained. iii) Personal Guarantee of the owner(s) of the property. iv)

Original Title Deed(s) with CS, RS, SA, Mutation parcha, DCR of the property and Mutation record.

first islami security bank  
first islami security bank