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Authorization Letter For Co Borrower for Saudi Arabia

Authorization Letter For Co Borrower Template for Saudi Arabia

An Authorization Letter for Co-Borrower is a formal document used in Saudi Arabia that enables a primary borrower to authorize another party to act as a co-borrower in a financing arrangement. The document must comply with Saudi Arabian banking regulations, including SAMA guidelines and Islamic finance principles where applicable. It formally establishes the relationship between the primary borrower and co-borrower, defining the scope of authority granted and the responsibilities assumed. This document is particularly important in the Saudi Arabian context where formal authorization requirements are strictly regulated and must often comply with both conventional and Islamic banking principles.

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What is a Authorization Letter For Co Borrower?

The Authorization Letter For Co-Borrower is a critical document in Saudi Arabian banking and finance, used when a primary borrower needs to formally authorize another party to share borrowing responsibilities and obligations. This document is essential in various scenarios, such as family members co-borrowing for property purchase, business partners sharing loan responsibilities, or corporate entities establishing authorized co-borrowers for financing arrangements. The letter must comply with Saudi Arabian banking regulations, including SAMA requirements and, where applicable, Islamic finance principles. It typically includes detailed identification of all parties, specific authorities granted, loan facility details, and duration of the authorization. The document serves as a legal protection for all parties involved and is often required by Saudi Arabian financial institutions before proceeding with co-borrowing arrangements.

What sections should be included in a Authorization Letter For Co Borrower?

1. Letter Header: Date, reference number, and formal letterhead details

2. Addressee Details: Full name and address of the financial institution and/or relevant parties

3. Subject Line: Clear indication that this is an Authorization Letter for Co-Borrower

4. Authorizer Information: Full legal name, ID/passport number, and contact details of the person giving authorization

5. Co-Borrower Information: Full legal name, ID/passport number, and contact details of the authorized co-borrower

6. Loan Reference: Details of the relevant loan or financing facility

7. Authorization Statement: Clear and specific statement of the powers being granted to the co-borrower

8. Duration of Authority: Specific timeframe for which the authorization is valid

9. Signature Block: Space for authorizer's signature, witness signatures, and date

What sections are optional to include in a Authorization Letter For Co Borrower?

1. Islamic Finance Compliance Statement: Statement confirming the arrangement complies with Shariah principles, used when the loan facility is Shariah-compliant

2. Limitations of Authority: Specific restrictions or limitations on the co-borrower's authority, included when certain actions are to be excluded

3. Revocation Clause: Terms under which the authorization can be revoked, included when specific revocation conditions are needed

4. Additional Parties: Information about additional relevant parties such as guarantors, included when applicable

5. Communication Protocol: Specific instructions about how communications should be handled between parties, included when special arrangements are needed

What schedules should be included in a Authorization Letter For Co Borrower?

1. Identity Documents: Copies of ID cards/passports of both authorizer and co-borrower

2. Loan Facility Details: Summary of the main terms of the loan or financing facility

3. Specimen Signature: Official specimen signatures of the authorizer and co-borrower

4. Witness Statement: Separate witness attestation form if required by the financial institution

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Sector

Banking

Cost

Free to use
Relevant legal definitions

























Clauses




















Relevant Industries

Banking & Financial Services

Real Estate

Commercial Lending

Islamic Finance

Retail Banking

Corporate Banking

Property Development

Small Business Finance

Consumer Finance

Asset Finance

Relevant Teams

Legal

Compliance

Credit Administration

Risk Management

Islamic Banking

Retail Banking

Corporate Banking

Documentation

Customer Service

Operations

Branch Operations

Loan Processing

Relevant Roles

Banking Officer

Loan Officer

Credit Manager

Legal Counsel

Compliance Officer

Relationship Manager

Islamic Banking Specialist

Risk Assessment Officer

Documentation Specialist

Branch Manager

Corporate Banking Manager

Retail Banking Officer

Legal Documentation Officer

Customer Service Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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