The Loan Agreement Between Family template is specifically designed for use in Saudi Arabia where family members wish to formalize financial lending arrangements while ensuring compliance with both Sharia principles and Saudi civil law. This document is particularly useful when family members need to document substantial loans for purposes such as education, business startup, property purchase, or personal needs. The agreement template includes provisions for interest-free lending (Qard Hasan), clear repayment terms, default provisions, and family-oriented dispute resolution mechanisms. It's structured to maintain the balance between legal enforceability and preserving family relationships, while ensuring alignment with Saudi Arabia's Islamic banking regulations and civil transaction laws. The document can be customized based on the loan amount, purpose, and specific family circumstances, while maintaining its core Sharia-compliant nature.
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1. Parties: Identifies the family members involved as lender and borrower, including their full legal names, addresses, and relationship to each other
2. Background: Explains the context of the family loan, the relationship between parties, and confirms the loan is made in good faith and compliance with Sharia principles
3. Definitions: Defines key terms used in the agreement, including 'loan amount', 'repayment date', and any specific terms relevant to the arrangement
4. Loan Details: Specifies the principal amount, purpose of the loan, and confirms it is provided on an interest-free basis (Qard Hasan)
5. Repayment Terms: Details the repayment schedule, method of payment, and any agreed installment amounts
6. Representations and Warranties: Statements by both parties confirming their capacity to enter into the agreement and that the loan is Sharia-compliant
7. Default Provisions: Outlines what constitutes a default and the consequences, while maintaining sensitivity to family relationships
8. Termination: Describes circumstances under which the agreement can be terminated and the process for doing so
1. Security: Optional section for cases where collateral or security is provided for the loan
2. Death or Incapacity: Provisions for handling the loan in case of death or incapacity of either party
3. Gift (Hibah) Provisions: Optional clause allowing for part or all of the loan to be converted to a gift under certain circumstances
4. Witness Requirements: Additional section for including witness details when required for larger loan amounts
5. Family Mediation Process: Detailed procedures for family-based dispute resolution before resorting to legal action
6. Zakat Considerations: Clarifications regarding Zakat obligations related to the loan amount
1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and amounts if being paid in installments
2. Schedule 2 - Security Details: Description of any assets or securities provided as collateral (if applicable)
3. Appendix A - Family Resolution Committee: List of designated family members who will act as mediators in case of disputes
4. Appendix B - Loan Purpose Documentation: Supporting documents explaining the purpose and intended use of the loan funds
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Education Finance
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