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Terms and conditions

TERMS AND CONDITIONS OF THE QARD HASAN LOAN AGREEMENT

WHEREAS, the Borrower, Islamic Center of Melville (ICM), is in need of financial assistance for a noble cause, which is to support and enhance the activities and development, including new construction, of the Islamic Center.

WHEREAS, the Lender is willing to provide financial assistance to the Borrower, ICM, without any interest or profit motive, purely as an act of charity and to seek the pleasure of Allah (SWT).

NOW, THEREFORE, the parties agree as follows:

  1. Loan Amount: The Lender agrees to provide a loan in the amount of US$                                                                 (    Dollars) (the “Loan”) to the Borrower, ICM, on an interest-free and non-commercial basis.
  2. Purpose of the Loan: The Loan shall be used by the Borrower, ICM, exclusively for the purposes related to the development, expansion, and activities of the Islamic Center of Melville, in accordance with its mission and
  3. Repayment: The Borrower, ICM, acknowledges that the Loan is an interest-free and benevolent loan (Qard Hasan) and is committed to repaying the Loan to the Lender on demand after 24 or more months of the date of this Agreement and within two months of the demand for
  4. Terms and Conditions:
  • The Loan shall not bear any interest or profit-sharing
  • The Loan is not secured by any of the property or assets of the Lender, its trustees, officers, members, employees, or
  • The Borrower, ICM, shall make every effort to timely repay the Loan, respecting the intention of the Lender to use the funds for charitable
  • The Lender may forgive the Loan or otherwise request full or partial repayment of the Loan after 24 months or more from the date of this Agreement, and the Borrower shall make arrangements to repay the Loan within two months upon such
  • The Borrower, ICM, shall provide periodic updates to the Lender on the utilization of the Loan funds and the progress of the projects or activities it is intended
  • This Agreement shall be governed by the principles of Islamic finance and the laws applicable in the State of New York, the County of Suffolk, and the Town of

 

  1. Signatures: Both parties, the Lender and the Borrower, hereby acknowledge their acceptance of the terms and conditions of this Qard Hasan Loan Agreement by signing below:

 

Lender: Signature:                                                                             

Full Name:                                                                                             (Full Name) Date:                                    

 

Borrower (ICM): Signature:                                                                                                                                     

Authorized Representative:                                                                     (Full Name) Date: