A Credit Facility Letter is a fundamental document in Saudi Arabian Islamic banking, used when a financial institution offers financing facilities to corporate or institutional clients. It represents the bank's formal offer of Shariah-compliant financing, detailing the type and amount of facility, profit rates, security requirements, and conditions precedent. The document must align with Saudi Arabian banking regulations and Islamic finance principles, making it distinct from conventional lending documents used in other jurisdictions. It serves multiple purposes: as an offer letter, a summary of key terms, and, once accepted, a binding agreement. The letter is typically issued following internal credit approval and Shariah board review, and precedes the execution of detailed facility documentation.
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1. Letter Header: Bank's letterhead, date, reference number, and addressee details
2. Salutation: Formal greeting to the client
3. Purpose: Clear statement that this is an offer of credit facilities
4. Facility Details: Type of facility, amount, purpose, and key commercial terms
5. Pricing and Fees: Profit rate (Shariah-compliant), fees, commissions, and other charges
6. Tenor and Availability: Duration of the facility and availability period
7. Security and Support: Required security, guarantees, and support documents
8. Conditions Precedent: Documents and conditions required before utilization
9. Key Covenants: Financial and non-financial undertakings by the client
10. Events of Default: Circumstances that would trigger default
11. Governing Law: Confirmation of Saudi law and Shariah principles governance
12. Acceptance: Space for client's acknowledgment and acceptance
1. Special Conditions: Used when there are specific requirements unique to the client or transaction
2. Islamic Structure Details: Required when specific Islamic financing structures (e.g., Murabaha, Ijara) need detailed explanation
3. Group Structure: Include when the facility is extended to a group of companies
4. Insurance Requirements: Added when specific Takaful (Islamic insurance) coverage is required
5. Account Operations: Include when specific account maintenance requirements exist
6. Cross-Default Provisions: Added when there are other facilities or relationships with the bank
7. Currency Provisions: Required for multi-currency facilities
1. Facility Summary Schedule: Detailed breakdown of all facility types, limits, and sub-limits
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Security Schedule: Detailed list of required security documents and guarantees
4. Conditions Precedent Checklist: List of all required documents and conditions
5. Form of Utilization Request: Standard format for drawing under the facility
6. Financial Covenants Schedule: Detailed financial ratios and reporting requirements
7. Shariah Structure Diagram: Visual representation of the Islamic financing structure
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing and Industrial
Trading and Commercial
Healthcare
Technology and Communications
Energy and Utilities
Retail and Consumer Goods
Transportation and Logistics
Agriculture and Food Processing
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Corporate Banking
Shariah Compliance
Documentation
Risk Management
Corporate Finance
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Banking Manager
Credit Risk Manager
Shariah Compliance Officer
Legal Counsel
Relationship Manager
Credit Analyst
Corporate Finance Manager
Financial Controller
Business Development Manager
Head of Corporate Banking
Chief Risk Officer
Documentation Officer
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