Fire Takaful Sample Clauses

Fire Takaful. (a) The Bank may arrange on behalf of the Customer, for the said Property to be covered according to its reinstatement value against fire and other contingencies as may be required by the Bank at the time when the first progress payment of the Facility is made with the Bank’s panel of takaful operators or other takaful operators of the Customer’s choice duly approved by the Bank (hereinafter referred to as the “Takaful Provider”). In the event the Customer fails to appoint the Takaful Provider, the Bank is entitled to act as the agent of the Takaful Provider and to retain any payment and commission receivable under the certificate.
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