Heter Iska Financing
By resolution adopted by the management of First Commerce Bank, we the undersigned hereby obligate the bank, including all branches and subsidiaries ("Bank"), regarding all Bank transactions (including but not limited to, transactions with individuals or companies that lend funds to the Bank or its agents, or individual or companies that borrow funds from the Bank or its agents, in all forms of credit or deposits, including any obligations, guarantees, mortgages, savings, issuance of shares, any types of stock transactions, any activity or fees arising from any brokerage or escrow transactions) that may in any way violate any law of Ribbis, those funds advanced shall be in the hands of the Maker as an Iska, as further described in the attached HIA. This shall apply even if Bank documents refer to these transactions as loans or interest or compounded interest.
All this was decided by the management of the bank with an absolute decision which is binding as per the powers and authority of the management on behalf of the shareholders. This resolution and obligation is binding like any other bylaw of the Bank. No manager or teller, present or future, shall be authorized to lend or borrow, to obligate (the Bank), or to accept an obligation, in a manner that violates or may violate Ribbis or Avak Ribbis.
The management of the Bank hereby affirms that this document is legally binding. The management of the Bank hereby authorizes anyone executing documents on behalf of the Bank to execute and incorporate a specific Iska based on this contract. It is specifically agreed that even if, for any reason, the Maker or Depositor is unaware of this Heter Iska, or is ignorant of the entire concept of a Heter Iska, the transaction shall be an Iska as defined by this contract. This is because in accordance with the above resolution, the Bank will not engage in any monetary transactions that are not consistent with Torah and the Rabbinic enactments, and anyone dealing with the Bank does business according to its rules, which requires transactions to be in accordance with this Heter Iska.
From the day this document is executed by the Bank, all transactions shall be exclusively according to the terms of the HIA.
This was all done with a true admission and with a Kinyan Suddar before a Bais Din Chashuv, in a manner that is not an Asmachta, and not in the manner of Tofsay Shtara. This was all done with the most effective Kinyan in the manner that is most effective. It is agreed that any doubt that may arise regarding the interpretation of this document shall be construed in a manner that will uphold this document, and not in a manner that would invalidate it. It is agreed to accept the opinions of any Halachic decisor that upholds this document. In order to give enforceability and strength to all that is stated above, we are recording this agreement, and publicizing before the entire community our enactment and this resolution.
The following signatures, as authorized by the management of the Bank, is to confirm and to effect a Kinyan on this agreement, here in Lakewood, NJ
