This Personal Loan Agreement template is designed for use in Saudi Arabia by financial institutions providing Shariah-compliant personal financing to individual borrowers. The document incorporates essential elements required by the Saudi Arabian Monetary Authority (SAMA), including consumer protection provisions and Islamic banking principles. It is typically used when an individual seeks personal financing from a bank or financial institution, whether for personal purchases, education, home improvement, or other permissible purposes. The agreement covers crucial aspects such as the financing structure (usually Murabaha or similar Shariah-compliant arrangements), repayment terms, borrower obligations, and default provisions. It ensures compliance with both Saudi Arabian banking regulations and Islamic finance principles, making it suitable for use by any financial institution operating within the Kingdom.
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1. Parties: Identification of the lender and borrower with full legal names and details
2. Background: Context of the loan agreement and confirmation of Shariah compliance
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount and its intended use
5. Shariah Structure: Details of the Islamic financing structure being used (e.g., Murabaha)
6. Disbursement Terms: Conditions for and method of disbursement of the loan amount
7. Repayment Terms: Schedule, method, and terms of repayment
8. Borrower's Representations: Borrower's warranties about their financial situation and ability to repay
9. Borrower's Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences
11. Early Repayment: Terms and conditions for early repayment of the loan
12. Expenses and Taxes: Responsibility for costs associated with the loan
13. Notices: How formal communications between parties should be made
14. Governing Law: Confirmation of Saudi law and Shariah principles as governing law
15. Execution: Signature blocks and execution requirements
1. Security: Required when the loan is secured against specific assets or requires a guarantor
2. Insurance: Required when insurance is mandatory for the loan or secured assets
3. Co-borrower Provisions: Required when there is more than one borrower
4. Electronic Banking Terms: Required when repayment is through automatic bank transfers
5. Assignment: Required when transfer rights need to be addressed specifically
6. Force Majeure: Optional clause addressing unforeseen circumstances preventing performance
1. Repayment Schedule: Detailed breakdown of repayment installments and dates
2. Fees and Charges: Breakdown of all applicable fees and charges in compliance with Shariah
3. Form of Disbursement Request: Standard form for requesting loan disbursement
4. Security Details: Details of any security or collateral (if applicable)
5. Key Facts Statement: SAMA-required disclosure of key terms and conditions
6. Shariah Structure Documentation: Detailed documentation of the Islamic financing structure used
Relevant legal definitions
Clauses
Relevant Industries
Banking
Islamic Finance
Financial Services
Consumer Finance
Retail Banking
Personal Banking
Consumer Services
Relevant Teams
Legal
Compliance
Retail Banking
Consumer Banking
Risk Management
Credit Analysis
Customer Service
Operations
Documentation
Shariah Advisory
Product Development
Relevant Roles
Retail Banking Manager
Personal Banking Officer
Credit Risk Officer
Shariah Compliance Officer
Legal Counsel
Consumer Banking Executive
Loan Officer
Credit Analyst
Customer Service Manager
Branch Manager
Documentation Specialist
Compliance Officer
Risk Management Officer
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