Loan Declaration Form

Loan Declaration Form Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Loan Declaration Form for a Sharia-compliant personal home financing of 2 million SAR, to be submitted to Al Rajhi Bank by March 2025, with a guarantor clause included."

Document background

The Loan Declaration Form is a crucial document in Saudi Arabia's Islamic banking system, designed to facilitate compliant lending practices while protecting both lenders and borrowers. This document is required when individuals or businesses seek financing from Saudi financial institutions, serving as a formal declaration of the borrower's financial status, intentions, and ability to repay. It must adhere to strict Sharia principles that prohibit conventional interest-based lending, instead incorporating Islamic financing structures. The form is typically used at the pre-approval stage of a financing application and includes comprehensive declarations about the borrower's existing financial obligations, source of repayment funds, and the intended use of the financing. It plays a vital role in the credit assessment process and forms part of the official loan documentation required by Saudi Arabian Monetary Authority (SAMA) regulations.

Suggested Sections

1. Declaration Header: Date, reference number, and type of loan declaration

2. Declarant Information: Full details of the person/entity making the declaration including name, ID/CR number, contact information, and address

3. Loan Details: Specific information about the loan including amount, purpose, and terms of financing in compliance with Sharia principles

4. Source of Funds Declaration: Declaration regarding the source of funds for loan repayment and confirmation of legitimate income sources

5. Financial Obligations: Statement of existing financial obligations and confirmation of ability to repay

6. Sharia Compliance Declaration: Declaration that the loan purpose and structure comply with Islamic principles

7. Truth and Accuracy Statement: Declaration that all information provided is true, accurate, and complete

8. Acknowledgment of Terms: Confirmation of understanding all terms and conditions of the loan

9. Signature Block: Space for signature, date, and official stamps if required

Optional Sections

1. Guarantor Information: Required when the loan includes a guarantor - includes guarantor's personal details and declarations

2. Business Details: Required for business loans - includes company information, commercial registration details, and business financial declarations

3. Collateral Declaration: Required when the loan is secured - details of assets provided as security

4. Foreign Income Declaration: Required when repayment includes foreign source income - details of international income sources

5. Power of Attorney: Required when declaration is made by an authorized representative - includes representative's details and authority confirmation

Suggested Schedules

1. Schedule A - Supporting Documents: List of all required supporting documents attached to the declaration

2. Schedule B - Income Verification: Details of income sources and verification documents

3. Schedule C - Asset Statement: List of declared assets and their current market values when relevant

4. Appendix 1 - Terms and Conditions: Standard terms and conditions applicable to the loan

5. Appendix 2 - Fee Schedule: Breakdown of all applicable fees and charges in compliance with Sharia principles

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Islamic Finance

Real Estate

Commercial and Corporate

Retail Banking

Small and Medium Enterprises

Construction and Development

Manufacturing

Trading and Distribution

Healthcare

Education

Relevant Teams

Legal

Compliance

Credit Risk

Islamic Banking

Retail Banking

Corporate Banking

Documentation

Risk Management

Operations

Customer Service

Underwriting

Financial Control

Relevant Roles

Credit Officer

Loan Officer

Compliance Manager

Sharia Compliance Officer

Risk Assessment Manager

Branch Manager

Relationship Manager

Legal Counsel

Credit Analyst

Financial Controller

Corporate Banking Officer

Retail Banking Manager

Documentation Specialist

Underwriting Manager

Chief Risk Officer

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Authors

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