Is there any facility in XSL by which we can store name and value
parameters.

You can put name-value pairs into an XML structure and
access them using the document() function.

For example:
<?xml version="1.0"?>
<properties>
  <property><name>foo</name><value>Real Foo</value></property>
  <property><name>bar</name><value>Real Bar</value></property>
</properties>

somewhere in the XSL:
  <xsl:value-of select="document('prop.xml')/properties/property[name=$selected-name]/value"/>

You can put this data also directly into the XSL file.
The data appears as child elements of the xsl:stylesheet
element, you also have to define your own namespace so the
processor can tell your data from its instructions. The
following example declares a prefix "data" for this purpose.
The stylesheet file is accessed by passing an empty string
as URI to the document() function:

<xsl:stylesheet version="1.0" xmlns:xsl="http://..."
  xmlns:data="some.uri.you.control"/>
  <data:properties>
    <property><name>foo</name><value>Real Foo</value></property>
    <property><name>bar</name><value>Real Bar</value></property>
  </data:properties>
   ...
    <xsl:value-of select="document('')/data:properties/property[name=$selected-name]/value"/>

It may be more convenient to assign the node set to a variable,
especially if you access them often.

  <xsl:variable name="properties" select=""document('prop.xml')/properties/property"/>
   ...
    <xsl:value-of select="$properties[name=$selected-name]/value"/>

If you have a lot of properties and you access them often,
using a key for retrieving the values is a way to improve
performance.
Because keys work only for the current document, you have
to use a trick to switch to the document containing the
properties. Using a dummy xsl:for-each does this:

  <xsl:key name="property" match="property" use="name"/>
  ...
    <xsl:for-each select="$properties"/>
      <xsl:value-of select="key('property',$selected-name)/value"/>
    </xsl:for-each>

HTH
J.Pietschmann