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The No Interest Promissory Note serves as a crucial financial instrument in the UAE's Islamic finance landscape, providing a Sharia-compliant alternative to conventional interest-bearing promissory notes. This document is commonly used in situations where one party needs to formally document a debt obligation while ensuring compliance with Islamic principles that prohibit the charging of interest (riba). The note is particularly relevant in commercial transactions, real estate dealings, and business financing where parties seek to document payment obligations in a manner that respects both UAE legal requirements and religious considerations. It includes specific provisions about the principal amount, payment terms, and maturity date, while explicitly stating its interest-free nature. The document's structure follows UAE Federal Law requirements while incorporating necessary elements to ensure Sharia compliance, making it suitable for both individual and corporate use in the UAE market.

1. Date and Place of Execution: Specifies when and where the promissory note is executed, which is crucial for legal validity

2. Parties: Identifies the maker (promisor) and the payee (promisee) with full legal names and addresses

3. Promise to Pay: Clear, unconditional promise to pay a specific sum, explicitly stating this is interest-free

4. Payment Terms: Specifies the principal amount, payment schedule, and method of payment

5. Maturity Date: States when the full amount becomes due and payable

6. Place of Payment: Specifies where the payment should be made

7. No Interest Declaration: Explicit statement that no interest will be charged, confirming Sharia compliance

8. Signature: Space for maker's signature and witness attestation