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The Authorization Letter For Coop Loan is a crucial document in the Saudi Arabian cooperative financing system, designed to facilitate legitimate borrowing from cooperative societies while ensuring compliance with both civil and Shariah law. This document is typically required when a member of a cooperative society wishes to obtain a loan from their cooperative organization. It must be drafted in accordance with Saudi Arabian Monetary Authority (SAMA) regulations and include specific elements such as the member's details, loan amount, purpose, and repayment terms. The authorization letter serves multiple purposes: it provides legal protection for the cooperative society, ensures clear documentation of the member's consent, and establishes a framework for the loan agreement that follows. It's particularly important in cases where salary deduction is part of the repayment mechanism, requiring careful attention to employment details and payment procedures.

1. Header Information: Date, reference number, and formal letter heading with the cooperative society's details

2. Addressee Details: Full name and address of the cooperative society

3. Subject Line: Clear indication that this is an authorization letter for a cooperative loan

4. Authorizer Information: Full legal name, ID number, and contact details of the person giving authorization

5. Authorization Statement: Clear and explicit statement of authorization for the loan, including the specific amount and purpose

6. Loan Details: Specific details about the loan being authorized, including amount, term, and repayment method

7. Declaration of Compliance: Statement confirming compliance with Shariah principles and applicable regulations

8. Signature Block: Space for signature, name, date, and authentication requirements