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The Credit Payment Agreement Letter is a crucial document used in Saudi Arabian financial transactions to formalize credit arrangements between parties while ensuring compliance with Islamic finance principles and local regulations. It is typically used when a financial institution or creditor extends credit to a borrower, whether an individual or a corporate entity. The document must carefully balance Shariah compliance requirements with practical business needs, incorporating SAMA guidelines and consumer protection requirements. This letter serves as official documentation of the credit terms, payment schedule, and obligations of all parties involved, while avoiding conventional interest structures prohibited under Islamic law. It includes essential elements such as the credit amount, payment terms, default provisions, and any security arrangements, all structured in accordance with Saudi Arabian legal requirements and Islamic banking principles.

1. Sender and Recipient Details: Full legal names and addresses of both the creditor and debtor

2. Date: Date of the letter which will be considered the effective date

3. Reference Number: Unique identifier for the credit arrangement

4. Subject Line: Clear indication that this is a Credit Payment Agreement Letter

5. Credit Amount and Purpose: Statement of the total credit amount and its intended use

6. Payment Terms: Detailed breakdown of payment schedule, amounts, and method of payment

7. Shariah Compliance Statement: Declaration of compliance with Islamic financing principles

8. Default Consequences: Clear statement of what constitutes default and its consequences

9. Acknowledgment: Space for both parties to acknowledge and agree to the terms

10. Signature Block: Designated space for signatures, names, and dates