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The Unsecured Promissory Note is a fundamental financial instrument used in the United Arab Emirates for documenting debt obligations without requiring collateral or security. It serves as a formal acknowledgment of debt and promise of repayment, commonly used in both business and personal transactions. The document must comply with UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and other relevant UAE regulations, including Sharia principles regarding interest. This type of promissory note is particularly useful in situations where parties have established trust or where the payee is willing to accept the maker's promise to pay without requiring security. The document includes essential elements such as the amount owed, payment terms, parties' details, and specific dates, all structured to ensure enforceability under UAE law.

1. Promise to Pay: Clear statement of unconditional promise to pay a specific sum of money, including the exact amount in both numbers and words

2. Maker Details: Full legal name and address of the person/entity making the promise to pay (the maker)

3. Payee Details: Full legal name and address of the person/entity to whom the payment is to be made (the payee)

4. Payment Terms: Specific details about when and how payment will be made, including payment date(s), installment amounts if applicable, and payment method

5. Interest Rate: Clear statement of any applicable interest rate, ensuring compliance with UAE Central Bank regulations and Sharia principles

6. Place of Payment: Specific location where payment is to be made or bank account details for transfer

7. Date and Place of Issuance: The date when and place where the promissory note is issued

8. Governing Law: Statement that the note is governed by UAE law and subject to UAE jurisdiction