The Loan Agreement Between Individual And Company is a specialized legal document designed for use in Saudi Arabia where a company extends financing to an individual borrower under Sharia-compliant terms. This agreement is essential for companies engaging in direct lending activities within Saudi Arabia, requiring careful structuring to comply with both Islamic finance principles and Saudi regulatory requirements. The document addresses key aspects including the loan amount, profit structure (avoiding conventional interest), repayment terms, security arrangements, and enforcement mechanisms. It's particularly relevant in situations where traditional bank financing may not be suitable or where direct company-to-individual lending relationships are preferred. The agreement must conform to Saudi Civil Law and the oversight of the Saudi Arabian Monetary Authority (SAMA), while maintaining strict adherence to Islamic finance principles prohibiting riba (interest) and gharar (excessive uncertainty).
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1. Parties: Identification of the lender (company) and borrower (individual) with full legal names and addresses
2. Background: Context of the loan arrangement and purpose, confirming Sharia compliance
3. Definitions: Key terms used throughout the agreement, including Islamic finance terminology
4. Loan Amount and Purpose: Specification of the principal amount and permitted use of funds
5. Islamic Finance Structure: Details of the Sharia-compliant financing structure (e.g., Murabaha, Ijara) and profit calculation method
6. Disbursement: Conditions and process for releasing the loan amount
7. Repayment Terms: Payment schedule, method, and currency of repayment
8. Representations and Warranties: Statements of fact by both parties regarding their capacity and authority
9. Borrower's Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences
11. Remedies: Rights and actions available to the lender in case of default
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution process
14. Entire Agreement: Integration clause and relationship to other documents
1. Security Arrangements: Required if the loan is secured by any assets or collateral
2. Guarantee Provisions: Include when there is a third-party guarantor
3. Insurance Requirements: Necessary when specific insurance coverage is required for secured assets
4. Early Repayment: Terms for voluntary early repayment if permitted
5. Assignment and Transfer: Include if either party may transfer their rights or obligations
6. Force Majeure: Include for longer-term loans to address unforeseen circumstances
7. Costs and Expenses: Include if there are specific cost allocations beyond the basic loan terms
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Disbursement Conditions: List of documents and conditions required for loan disbursement
3. Schedule 3 - Form of Drawdown Notice: Template for requesting loan disbursement
4. Schedule 4 - Security Details: Description of any collateral or security arrangements
5. Schedule 5 - Fees and Charges: Breakdown of any administrative fees or permitted charges
6. Appendix A - Required Documents: List of supporting documents required from the borrower
7. Appendix B - Compliance Certificates: Templates for ongoing compliance certification
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Islamic Banking
Commercial Lending
Real Estate
Investment Services
Corporate Finance
Asset Management
Business Services
Construction
Manufacturing
Retail
Relevant Teams
Legal
Finance
Compliance
Risk Management
Islamic Banking
Credit Administration
Corporate Finance
Treasury
Documentation
Governance
Operations
Relevant Roles
Legal Counsel
Finance Manager
Compliance Officer
Credit Risk Manager
Islamic Finance Specialist
Contract Administrator
Corporate Finance Manager
Treasury Manager
Chief Financial Officer
Legal Director
Risk Assessment Officer
Documentation Specialist
Company Secretary
Lending Officer
Financial Controller
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