The Loan Closing Letter is a crucial document in Saudi Arabia's banking and finance sector, issued upon the successful completion of a loan facility arrangement. It serves as the formal confirmation that all necessary conditions have been met, documents have been properly executed, and funds have been or will be disbursed according to the agreed terms. This document is particularly important in the Saudi Arabian context as it must align with both international banking standards and local Shariah compliance requirements. The letter typically follows the execution of the main loan agreement and confirms that all prerequisites, including regulatory approvals, security arrangements, and documentation requirements, have been satisfied. It acts as a bridge between the loan approval and the actual utilization of funds, providing clear documentation for both the lender's and borrower's records.
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1. Letter Header: Bank's letterhead, date, reference number, and recipient's details
2. Subject Line: Clear identification of the loan facility and purpose of the letter
3. Loan Reference Details: Specific details of the loan including facility type, amount, and any reference numbers
4. Confirmation of Closing: Statement confirming that the loan has been closed and funds have been disbursed
5. Conditions Fulfilled: Confirmation that all conditions precedent have been satisfied
6. Key Terms Summary: Brief recap of the main terms of the loan including profit rate, tenure, and payment schedule
7. Next Steps: Information about immediate actions required from the borrower
8. Contact Information: Details of the relationship manager or relevant contact person for future correspondence
9. Closing and Signature: Formal closing of the letter with authorized signatory details
1. Shariah Compliance Statement: Required when the loan is structured as an Islamic finance facility, confirming compliance with Shariah principles
2. Security Confirmation: Include when the loan is secured, confirming the registration or perfection of security
3. Insurance Requirements: Required when specific insurance policies are a condition of the loan
4. Special Conditions: Include when there are ongoing or specific conditions that survive the closing
5. Regulatory Disclosures: Required for consumer loans or when specific regulatory requirements apply
1. Schedule A - Disbursement Details: Detailed breakdown of how the loan funds have been disbursed
2. Schedule B - Payment Schedule: Detailed repayment schedule including dates and amounts
3. Schedule C - Conditions Precedent Checklist: List of all conditions that have been fulfilled with reference to supporting documents
4. Schedule D - Key Contact List: Complete list of relevant contacts at the bank and their roles
5. Appendix 1 - Document Checklist: List of all executed documents forming part of the loan documentation
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Finance
Real Estate & Construction
Manufacturing & Industrial
Trading & Commercial
Healthcare
Education
Technology & Telecommunications
Transportation & Logistics
Retail & Consumer Goods
Energy & Utilities
Agriculture & Food Production
Relevant Teams
Legal
Credit
Compliance
Risk Management
Corporate Banking
Islamic Banking
Operations
Documentation
Treasury
Client Relations
Finance
Relevant Roles
Relationship Manager
Credit Officer
Loan Officer
Compliance Manager
Legal Counsel
Chief Financial Officer
Finance Manager
Treasury Manager
Risk Manager
Shariah Compliance Officer
Banking Operations Manager
Corporate Banking Head
Documentation Specialist
Account Manager
Credit Risk Analyst
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