The No Interest Loan Agreement is essential for parties seeking to engage in Sharia-compliant lending transactions within the UAE legal framework. This document is particularly relevant when parties wish to establish a formal lending arrangement that adheres to Islamic finance principles, which prohibit the charging of interest (riba). It's commonly used by Islamic financial institutions, businesses, and individuals for various purposes including business expansion, personal financing, or charitable lending. The agreement ensures compliance with UAE Federal Law No. 5 of 1985 (Civil Code), Federal Law No. 14 of 2018 (UAE Central Bank Law), and Islamic banking regulations. It includes comprehensive provisions for loan disbursement, repayment schedules, security arrangements (if applicable), and default management, all structured to maintain the interest-free nature of the transaction while protecting both lender and borrower interests.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal names and addresses
2. Background: Explains the context of the loan and confirms its compliance with Sharia principles as an interest-free loan (Qard Hassan)
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Confirmation of Interest-Free Nature: Explicit statement that the loan is interest-free and compliant with Islamic principles
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
7. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter into the agreement
8. Events of Default: Circumstances that constitute default and consequences thereof
9. Borrower's Covenants: Obligations and promises made by the borrower regarding conduct and financial management
10. Notices: How formal communications between parties should be made and delivered
11. Governing Law and Jurisdiction: Confirms UAE law governs the agreement and specifies jurisdiction for disputes
12. Execution: Signature blocks and execution requirements
1. Security: Details of any collateral or security provided for the loan - include if the loan is secured
2. Guarantor Provisions: Terms relating to any guarantors of the loan - include if there are third-party guarantors
3. Early Repayment: Terms for early repayment of the loan - include if early repayment is permitted
4. Assignment and Transfer: Rights to assign or transfer the loan - include for institutional lenders
5. Force Majeure: Provisions for unforeseen circumstances - include for longer-term loans
6. Charitable Waiver: Provisions for potential waiver of repayment in cases of hardship - include if aligned with parties' intentions
7. Multiple Borrowers: Joint and several liability provisions - include if there are multiple borrowers
8. Currency Provisions: Specifications for loans in foreign currency - include for non-AED loans
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Security Details: Detailed description of any security or collateral provided
3. Conditions Precedent: List of conditions that must be satisfied before the loan is advanced
4. Form of Drawdown Notice: Template for requesting disbursement of the loan
5. Contact Details: Complete contact information for all parties and relevant representatives
6. Related Documents: List of associated documents such as security agreements or guarantees
Relevant legal definitions
Clauses
Relevant Industries
Islamic Banking
Financial Services
Real Estate
Construction
Manufacturing
Retail
Healthcare
Education
Technology
Family Business
Small and Medium Enterprises
Non-Profit Organizations
Islamic Charities
Agricultural
Relevant Teams
Legal
Finance
Compliance
Risk Management
Islamic Banking
Credit
Treasury
Corporate Affairs
Commercial
Operations
Documentation
Business Development
Relevant Roles
Legal Counsel
Sharia Compliance Officer
Finance Manager
Chief Financial Officer
Risk Manager
Corporate Lawyer
Islamic Banking Officer
Compliance Manager
Credit Officer
Treasury Manager
Business Development Manager
Contract Administrator
Company Secretary
Financial Controller
Managing Director
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