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Promissory Note Family Loan

Promissory Note Family Loan Template for United Arab Emirates

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Promissory Note Family Loan Template

I need a Promissory Note Family Loan Template for a 500,000 AED loan from my father to purchase a property in Dubai, with monthly installments over 5 years starting March 2025, incorporating Islamic finance principles.

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Document background
The Promissory Note Family Loan Template is specifically designed for use in the United Arab Emirates where family members need to formalize financial arrangements in a legally compliant manner. This document is particularly useful when family members wish to structure personal loans with clear terms and conditions while maintaining compliance with both UAE civil law and Islamic finance principles. The template includes essential elements required by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) for promissory notes, while also accommodating family-specific considerations under UAE Personal Status Law. It serves as a crucial tool for protecting both lender and borrower interests within family financial transactions, providing clear documentation of loan terms, repayment schedules, and any applicable profit arrangements.
Suggested Sections

1. Place and Date: Essential elements required by UAE law for promissory notes, stating where and when the note is executed

2. Unconditional Promise to Pay: Clear statement of promise to pay a specific sum, which is a fundamental requirement for promissory notes

3. Parties' Information: Full legal names, Emirates ID numbers, and addresses of both the maker (borrower) and payee (lender)

4. Family Relationship Declaration: Statement of the family relationship between the parties

5. Principal Amount: The exact amount being borrowed, stated in both numbers and words

6. Payment Terms: Specific details about when and how the payment will be made, including due date or installment schedule

7. Place of Payment: Where the payment should be made or received

8. Signature Block: Space for the maker's signature, with attestation requirements

Optional Sections

1. Interest/Profit Rate: Used when parties agree to include profit rate (ensuring compliance with Islamic finance principles)

2. Security Provisions: Include when the loan is secured by any assets or collateral

3. Acceleration Clause: Optional clause stating conditions under which the entire amount becomes immediately due

4. Witness Section: Additional witnesses' details and signatures for extra verification

5. Default Provisions: Specific consequences and procedures in case of default

6. Jurisdiction Clause: Specific emirate jurisdiction if parties want to specify where disputes will be resolved

Suggested Schedules

1. Payment Schedule: If installment payments are agreed, detailed breakdown of payment dates and amounts

2. Security Details: If applicable, detailed description of any security or collateral provided

3. Family Relationship Proof: Copies of relevant documentation proving family relationship

4. Identity Documents: Copies of Emirates ID cards and other identification documents of parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Financial Services

Legal Services

Real Estate

Family Business

Private Banking

Islamic Finance

Personal Finance

Wealth Management

Relevant Teams

Legal

Compliance

Private Banking

Wealth Management

Document Management

Islamic Banking

Family Office Services

Personal Banking

Estate Planning

Relevant Roles

Legal Counsel

Family Office Manager

Wealth Manager

Private Banking Advisor

Financial Planner

Compliance Officer

Legal Document Specialist

Islamic Finance Advisor

Estate Planner

Family Business Advisor

Notary Public

Corporate Lawyer

Personal Banking Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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