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The Financial Release Form is a crucial document used in Saudi Arabia when one party wishes to formally discharge another party from financial obligations, claims, or liabilities. This document is particularly important in the Saudi Arabian context due to the need to comply with both civil law requirements and Sharia principles. It is commonly used in situations involving loan settlements, debt forgiveness, financial dispute resolutions, or the conclusion of financial arrangements between parties. The document must be carefully drafted to ensure it meets the requirements of the Saudi Arabian Monetary Authority (SAMA), complies with Anti-Money Laundering regulations, and adheres to Islamic financial principles. Financial Release Forms are essential in providing legal certainty and finality to financial transactions while protecting the interests of all parties involved.

1. Parties: Identification of the Releasor (party giving the release) and Releasee (party being released), including full legal names and contact details

2. Background: Brief context of the financial relationship between parties and reason for the release

3. Definitions: Key terms used in the document, including 'Released Claims', 'Effective Date', and any specific financial terms

4. Release Statement: Clear and unequivocal statement of release from financial obligations, specifying the scope and extent of the release

5. Consideration: Details of any payment or consideration given in exchange for the release, ensuring compliance with Sharia principles

6. Sharia Compliance Declaration: Statement confirming the release arrangement complies with Islamic principles

7. Representations and Warranties: Statements by both parties confirming their authority to enter into the release and understanding of its implications

8. Governing Law and Jurisdiction: Confirmation that Saudi law governs the release and specification of jurisdiction for disputes

9. Execution: Signature blocks and execution requirements including witness provisions