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.
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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
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
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
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
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