The Authorization Letter For Bank Loan is a crucial document in Saudi Arabia's banking landscape, necessary when an individual or organization needs to delegate authority for handling loan-related matters. This document becomes essential in situations where the primary loan applicant cannot personally handle all aspects of the loan process, such as during business travel, medical absence, or in corporate scenarios where specific employees are designated to handle banking matters. The letter must strictly adhere to Saudi Arabian banking regulations, including SAMA guidelines and Islamic banking principles. It typically contains comprehensive details about the parties involved, specific authorities granted, loan parameters, and validity period. The document serves as a legal protection for all parties involved and is commonly used in both personal and corporate banking contexts within Saudi Arabia.
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1. Letter Header: Including date, reference number, bank's name and address, and 'Subject: Authorization Letter for Bank Loan'
2. Authorizer Details: Full name, ID/Iqama number, contact details, and address of the person giving authorization
3. Authorized Person Details: Full name, ID/Iqama number, contact details, and address of the person being authorized
4. Purpose Declaration: Clear statement of the purpose of the authorization, specifically relating to the bank loan
5. Scope of Authorization: Detailed list of specific actions the authorized person can take regarding the loan
6. Loan Details: Specific information about the loan being authorized, including amount, type, and purpose
7. Duration of Authority: Clear statement of how long the authorization remains valid
8. Declaration of Free Consent: Statement confirming the authorization is given freely and under no duress
9. Signature Block: Space for authorizer's signature, date, and witness signatures if required
1. Islamic Compliance Declaration: Statement confirming compliance with Sharia principles - required when dealing with Islamic banks or Islamic banking products
2. Joint Borrower Authorization: Additional section needed when the loan involves joint borrowers
3. Collateral Authorization: Required when the authorized person needs specific powers regarding collateral or security for the loan
4. Special Instructions: Any specific limitations or special conditions on the authorization
5. Language Declaration: Required when the letter is bilingual (Arabic/English), confirming which version prevails
1. Identity Documents: Copies of ID cards/Iqama of both authorizer and authorized person
2. Specimen Signature: Official specimen signature of the authorized person
3. Bank Account Details: List of relevant bank account numbers and details if specific accounts are involved in the authorization
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Banking & Financial Services
Real Estate & Construction
Manufacturing & Industrial
Retail & Commercial
Healthcare
Education
Transportation & Logistics
Technology & Communications
Energy & Utilities
Professional Services
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit Administration
Documentation
Operations
Executive Management
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Bank Relationship Manager
Loan Officer
Corporate Banking Officer
Legal Counsel
Compliance Officer
Company Secretary
Financial Controller
Managing Director
Chief Executive Officer
Business Development Manager
Account Manager
Risk Management Officer
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