Specified Commodity definition
Specified Commodity means any commodity as determined by the Bank which is halal and is in compliance with Shariah principles on an “as is where is” basis, without any representations or warranties from the Bank as to the quality, condition, quantity and description and without liability on the part of the Bank for any loss, damage or deterioration (save where such loss, damage or deterioration is attributable to the act, omission, default, negligence and/or misconduct on the part of the Bank and/or any of its employees, representatives and agents).
Examples of Specified Commodity in a sentence
As used herein, “Transfer” means to sell, assign, farm-out, convey or otherwise transfer Property or to Liquidate any Swap Agreement or other Specified Commodity Sale Contract in respect of commodities, provided that Transfer does not include the grant or creation of a Lien.