The Authorization Letter For Loan is a critical document in Saudi Arabian banking and financial transactions, essential when an individual needs to delegate authority for loan-related matters. This document is commonly used when the principal party cannot personally attend to loan procedures, requiring a trusted representative to act on their behalf. The letter must comply with both Saudi Arabian civil law and Sharia principles, particularly concerning agency (Wakala) requirements. It needs to include specific details about the authorized powers, loan parameters, and party identification as required by Saudi Arabian Monetary Authority (SAMA) regulations. The document is frequently used in both personal and business contexts, requiring proper authentication and often notarization to be legally valid.
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1. Letter Header and Date: Official letterhead, date, and reference number if applicable
2. Authorizer Details: Full legal name, ID/Iqama number, contact details, and address of the person giving authorization
3. Authorized Party Details: Full legal name, ID/Iqama number, contact details, and address of the person being authorized
4. Loan Details: Specific details of the loan including amount, purpose, and lending institution
5. Scope of Authorization: Clear statement of the powers being granted, including specific actions the authorized person can take
6. Duration of Authority: Validity period of the authorization
7. Islamic Compliance Statement: Declaration of compliance with Sharia principles
8. Signature Block: Space for authorizer's signature, witness signatures, and official authentication
1. Specific Restrictions: Any limitations on the authority granted, used when the authorization needs to be restricted in specific ways
2. Additional Authorizations: Authorization for related actions like accessing documents or representing in related matters, included when broader authority is needed
3. Revocation Clause: Specific conditions under which the authorization can be revoked, included for added security
4. Language Declaration: Statement about the controlling language if the letter is bilingual Arabic/English, needed for international use
5. Emergency Contact Information: Additional contact details for urgent situations, included when dealing with significant loan amounts
1. Identity Documents: Copies of ID cards/Iqama of both authorizer and authorized person
2. Loan Offer Details: If available, the preliminary loan offer or terms from the lending institution
3. Proof of Address: Recent utility bills or other address verification documents
4. Translation Certificate: If the letter is bilingual, certified translation verification
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Corporate Services
Legal Services
Islamic Banking
Construction & Development
Commercial Trading
Investment Services
Education
Healthcare
Relevant Teams
Legal
Compliance
Islamic Banking
Credit Administration
Document Management
Risk Management
Customer Service
Branch Operations
Authentication & Notary
Corporate Services
Relevant Roles
Legal Counsel
Banking Officer
Loan Officer
Compliance Manager
Islamic Banking Specialist
Document Controller
Corporate Secretary
Legal Administrator
Risk Manager
Customer Service Manager
Branch Manager
Relationship Manager
Authentication Officer
Credit Analyst
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