An Authorization Letter For Loan Closure is a crucial document in the Saudi Arabian banking system, used when a borrower wishes to formally close a loan account. This document is particularly important in the context of Saudi Arabia's Islamic banking framework, where specific Sharia-compliant procedures must be followed. The letter serves as official confirmation from the borrower to the financial institution, authorizing the closure of a specific loan account, typically after full repayment or settlement. It includes essential details such as the borrower's information, loan account details, and explicit authorization statement. The document may be required for various types of loans, including personal, business, or property loans, and must comply with Saudi Arabian Monetary Authority (SAMA) regulations and local banking practices.
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1. Letter Header: Date, reference number, and formal letterhead if applicable
2. Addressee Details: Full name and address of the bank/financial institution
3. Subject Line: Clear indication that this is an Authorization Letter for Loan Closure
4. Authorizer Information: Full legal name, ID/Iqama number, and contact details of the person giving authorization
5. Loan Details: Specific details of the loan including account number, loan reference number, and original loan amount
6. Authorization Statement: Clear and explicit statement of authorization for loan closure
7. Closing Confirmation: Statement confirming the intention to close the loan and settlement of all dues
8. Signature Block: Space for signature, name, and date
1. Attorney Details: If authorization is being given to a specific person to handle the closure process, their full details and scope of authority
2. Islamic Declaration: Statement confirming compliance with Sharia principles, if required by the financial institution
3. Witness Section: Space for witness details and signatures if required by the bank or local regulations
4. Additional Instructions: Any specific instructions regarding the closure process or handling of remaining funds
1. Copy of ID/Iqama: Attached copy of authorizer's identification document
2. Loan Account Statement: Recent statement showing current loan status and outstanding amount
3. Power of Attorney: If applicable, formal power of attorney document for the authorized representative
4. Bank Requirements Checklist: List of additional documents required by the specific bank for loan closure
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Islamic Finance
Real Estate
Corporate Services
Legal Services
Construction
Manufacturing
Retail
Commercial Services
Relevant Teams
Legal
Compliance
Credit Administration
Customer Service
Loan Processing
Documentation
Islamic Banking
Retail Banking
Corporate Banking
Risk Management
Relevant Roles
Legal Counsel
Banking Officer
Loan Officer
Compliance Manager
Islamic Banking Specialist
Customer Service Representative
Account Manager
Financial Advisor
Credit Manager
Documentation Specialist
Relationship Manager
Branch Manager
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