Common use of No Payment of Interest Clause in Contracts

No Payment of Interest. For the avoidance of doubt and notwithstanding of any other provisions of this Agreement, it is hereby agreed and declared that nothing in the Letter of Offer, this Agreement and/or the Security Documents shall oblige any party thereto to pay or receive interest (by whatever means or name called) on any amount due or payable to another party or to do anything contrary to the Shariah principles.