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A Balance Transfer Letter is a crucial document in Saudi Arabian banking operations, used when a customer wishes to transfer outstanding balances from one financial institution to another. This document is particularly relevant when customers seek to consolidate debt, take advantage of better rates, or manage their financial obligations more effectively. The letter must strictly comply with Saudi Arabian banking regulations, SAMA guidelines, and Islamic banking principles, particularly regarding the treatment of interest and fees. It includes essential details such as customer identification, account information, transfer amounts, and necessary authorizations. The document is commonly used in both retail and corporate banking contexts, requiring careful attention to Sharia compliance and regulatory requirements. The Balance Transfer Letter serves as both an instruction document and a formal record of the transfer request, protecting all parties' interests while ensuring regulatory compliance.

1. Letter Header: Date, reference number, and formal letterhead of the requesting bank

2. Recipient Details: Full details of the receiving bank including branch and department

3. Subject Line: Clear indication that this is a Balance Transfer Request

4. Account Holder Details: Full name, account numbers, and identification details of the customer requesting the transfer

5. Transfer Details: Specific amount to be transferred, current outstanding balance, and any applicable fees

6. Transfer Instructions: Clear instructions for the transfer execution, including timing and method

7. Authorization Statement: Express authorization from the account holder for the transfer

8. Sharia Compliance Declaration: Statement confirming the transfer complies with Islamic banking principles

9. Closing: Standard closing, signature blocks for authorized bank officials