The Bank Release Form is a crucial document in Saudi Arabian banking operations, used when a client has fulfilled their financial obligations and requires formal discharge from their commitments. This document is essential in scenarios such as loan repayment completion, facility termination, or the release of securities and guarantees. It must comply with Saudi Central Bank (SAMA) regulations and Shariah principles, providing legally binding confirmation that specified banking obligations have been satisfied. The form includes detailed information about the parties involved, the specific obligations being released, and any relevant account or facility details. It serves as vital protection for both the bank and the client, creating a clear record of discharged obligations and preventing future disputes.
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1. Bank Information: Full legal name and details of the bank issuing the release
2. Customer Information: Complete details of the customer(s) being released, including all relevant identification numbers
3. Account Details: Specific account numbers and types covered by the release
4. Release Declaration: Clear statement of the release being granted and obligations being discharged
5. Scope of Release: Detailed description of what is covered by the release (loans, facilities, guarantees, etc.)
6. Consideration: Statement of any payment or consideration provided for the release
7. Representations: Confirmations from the bank regarding the discharge of obligations
8. Governing Law: Confirmation that Saudi Arabian law and Shariah principles govern the release
9. Authentication: Space for official bank signatures, stamps, and customer acknowledgment
1. Third Party Guarantors: Section for releases related to third-party guarantors, used when guarantees were part of the original facility
2. Partial Release Terms: Used when the release applies to only specific obligations while others remain in force
3. Collateral Release: Section detailing the release of any collateral or security, used when secured facilities are involved
4. Foreign Currency Declaration: Required when the released obligations involved foreign currency transactions
5. Digital Banking Provisions: Required when the release includes online banking services or digital facilities
1. Schedule 1 - Account Details: Detailed list of all accounts and facilities covered by the release
2. Schedule 2 - Payment Confirmation: Details of final settlements or payments made to obtain the release
3. Schedule 3 - Released Securities: List of any securities or collateral being released
4. Appendix A - Required Documents: Checklist of supporting documents needed to process the release
5. Appendix B - Authorization Evidence: Copies of powers of attorney or corporate authorizations if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Banking
Corporate Banking
Retail Banking
Investment Banking
Real Estate
Commercial Services
Construction
Manufacturing
Trading
Import/Export
Professional Services
Relevant Teams
Legal
Compliance
Corporate Banking
Retail Banking
Risk Management
Operations
Customer Service
Documentation
Islamic Banking
Credit Administration
Treasury
Internal Audit
Relevant Roles
Bank Manager
Compliance Officer
Legal Counsel
Credit Manager
Relationship Manager
Risk Officer
Corporate Banking Officer
Islamic Banking Specialist
Documentation Officer
Treasury Manager
Branch Manager
Operations Manager
Financial Controller
Account Manager
Customer Service Manager
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