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The Online Loan Agreement is designed for financial institutions operating digital lending platforms in Saudi Arabia. It serves as a comprehensive framework for extending Shariah-compliant financing through online channels, incorporating necessary provisions for digital execution and electronic fund transfers. The agreement ensures compliance with Saudi Arabian Monetary Authority (SAMA) regulations, the Electronic Transactions Law, and Islamic financing principles. It is particularly suitable for banks and finance companies offering online financing products, containing specific provisions for digital platform usage, data protection, and electronic payment mechanisms. The document addresses both consumer and corporate lending scenarios, including necessary safeguards for online transactions while maintaining Shariah compliance throughout the financing structure.

1. Parties: Identification of the lender (financial institution) and borrower, including full legal names, addresses, and national ID/registration numbers

2. Background: Context of the agreement, confirmation of Shariah compliance, and statement of the parties' intention to enter into an Islamic financing arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including technical terms related to online transactions and Islamic financing concepts

4. Financing Structure: Details of the Shariah-compliant financing structure being used (e.g., Murabaha, Ijara), including the principal amount and profit rate

5. Digital Platform Terms: Terms governing the use of the online platform, including access, security requirements, and digital communication protocols

6. Disbursement: Conditions precedent to disbursement and the mechanism for digital transfer of funds

7. Payment Terms: Schedule of payments, payment methods, and electronic payment procedures

8. Security: Details of any security or guarantees provided, including digital documentation requirements

9. Representations and Warranties: Standard representations including capacity, authority, and compliance with Shariah principles

10. Events of Default: Circumstances constituting default and consequences thereof

11. Data Protection and Privacy: Provisions for handling personal data in compliance with Saudi Arabian data protection laws

12. Governing Law and Jurisdiction: Confirmation of Saudi Arabian law and Shariah principles as governing law

13. Digital Execution: Provisions for electronic signature and confirmation of its validity under Saudi law