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Bank Authorization Form for Saudi Arabia

Bank Authorization Form Template for Saudi Arabia

A Bank Authorization Form under Saudi Arabian law is a formal banking document that establishes and defines the authorization granted by an account holder to specific individuals or entities to conduct banking transactions on their behalf. The document complies with SAMA (Saudi Central Bank) regulations and Islamic banking principles, incorporating both Arabic and English text as required by Saudi law. It details the scope of authority, transaction limits, and specific banking powers granted, while including necessary safeguards and compliance measures to protect all parties involved. The form serves as a crucial tool for both personal and business banking relationships in Saudi Arabia.

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What is a Bank Authorization Form?

The Bank Authorization Form is a fundamental document in Saudi Arabian banking operations, used when an account holder needs to delegate banking authority to other individuals or entities. This document is essential for various scenarios, including corporate account management, personal banking arrangements, and special circumstances requiring third-party account access. The form must comply with the Saudi Arabian Banking Control Law, SAMA regulations, and Islamic banking principles, while incorporating both Arabic and English text. It typically includes comprehensive details about the account holder, authorized persons, specific banking powers granted, transaction limits, and duration of authority. The Bank Authorization Form serves as a critical risk management tool for banks while providing account holders with a secure means of delegating banking responsibilities.

What sections should be included in a Bank Authorization Form?

1. Account Holder Information: Essential details of the account holder including full legal name, ID/Iqama number, account numbers, and contact information

2. Bank Information: Details of the bank branch and account information

3. Scope of Authorization: Clear specification of the banking operations and transactions being authorized

4. Authorized Person(s) Details: Complete information about the person(s) being authorized, including their full legal name, ID/Iqama number, and contact details

5. Authorization Powers: Detailed list of specific powers being granted (e.g., withdrawal limits, transaction types, account access level)

6. Duration of Authorization: Validity period of the authorization and expiry date if applicable

7. Declaration and Undertaking: Account holder's declaration of understanding and acceptance of terms and responsibilities

8. Signatures and Authentication: Space for required signatures, witnessing, and official authentication

What sections are optional to include in a Bank Authorization Form?

1. Digital Banking Access: Authorization for online banking access and digital services, used when electronic access is required

2. International Transaction Authority: Specific authorization for international banking operations, included when foreign transactions are needed

3. Corporate Resolution: Required for corporate accounts, including board resolution authorizing the delegation of banking powers

4. Joint Account Provisions: Special provisions for joint accounts, included when the account has multiple holders

5. Islamic Banking Compliance Declaration: Additional declarations for specific Islamic banking products and services

6. Power of Attorney Reference: Reference to existing Power of Attorney if the authorization is linked to a broader legal arrangement

What schedules should be included in a Bank Authorization Form?

1. Appendix A - Authorized Transaction Limits: Detailed breakdown of transaction limits for different types of banking operations

2. Appendix B - Specimen Signatures: Official specimen signatures of all authorized persons

3. Appendix C - Required Documentation Checklist: List of supporting documents submitted with the authorization form

4. Appendix D - Terms and Conditions: Detailed terms and conditions governing the authorization relationship

Authors

Alex Denne

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

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions


































Clauses

























Relevant Industries

Banking and Financial Services

Corporate Services

Retail

Manufacturing

Healthcare

Education

Real Estate

Construction

Technology

Transportation

Energy

Professional Services

Government and Public Sector

Non-Profit Organizations

Small and Medium Enterprises

Relevant Teams

Finance

Legal

Compliance

Treasury

Operations

Risk Management

Corporate Services

Administration

Executive Office

Company Secretariat

Relevant Roles

Chief Financial Officer

Finance Manager

Treasury Manager

Accounts Manager

Company Secretary

Legal Counsel

Compliance Officer

Banking Relationship Manager

Corporate Banking Officer

Financial Controller

Business Owner

Managing Director

Board Director

Administrative Manager

Operations Manager

Risk Management Officer

Branch Manager

Account Executive

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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