The Loan Agreement Between Friends is a specialized legal document designed for use in Saudi Arabia when one individual wishes to lend money to another in a personal capacity. This document becomes essential when friends engage in financial transactions to ensure clear understanding and prevent future disputes while maintaining compliance with Islamic law. The agreement must strictly adhere to Sharia principles, particularly the prohibition of interest (riba), while providing clear terms for loan amount, repayment schedule, and default scenarios. It's particularly relevant in situations where formal banking solutions may not be suitable or desired, but parties still want documentary evidence of their arrangement. The document includes provisions for witness signatures, optional security arrangements, and dispute resolution mechanisms, all framed within Saudi Arabian legal requirements and Islamic banking principles.
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1. Parties: Identification of the lender and borrower with full legal names and contact details
2. Background: Brief context of the friendship-based loan arrangement and purpose
3. Definitions: Key terms used in the agreement including 'Loan Amount', 'Repayment Date', and other relevant terms
4. Loan Details: Specific amount being lent and confirmation that it is interest-free (Qard Al-Hassan)
5. Repayment Terms: Schedule of repayment, including timeline and payment method
6. Borrower's Obligations: Key responsibilities of the borrower including timely repayment and communication requirements
7. Lender's Declarations: Confirmation that the loan is interest-free and given in good faith
8. Default Provisions: Actions to be taken if repayment terms are not met
9. Governing Law: Confirmation that the agreement is governed by Saudi law and Sharia principles
10. Signatures: Space for both parties to sign and date the agreement
1. Early Repayment: Terms for early repayment of the loan, if permitted
2. Security: Details of any assets provided as security for the loan, if applicable
3. Witnesses: Section for witness details and signatures, recommended for larger loan amounts
4. Force Majeure: Provisions for unforeseen circumstances affecting repayment ability
5. Dispute Resolution: Process for resolving any disagreements, particularly relevant for larger amounts
6. Assignment: Terms regarding whether the loan can be transferred to another party
7. Privacy and Confidentiality: Terms about keeping the loan arrangement private between friends
1. Repayment Schedule: Detailed breakdown of repayment dates and amounts if being paid in installments
2. Security Details: If security is provided, detailed description of the security asset(s)
3. Written Communications: Format for recording any previous written communications or promises between parties
4. Witness Declarations: Standard format for witness statements if witnesses are being used
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