The Promissory Note Without Interest is a crucial financial instrument in the UAE business landscape, designed to facilitate commercial transactions while maintaining compliance with both UAE federal laws and Islamic finance principles. This document type is commonly used in situations requiring a formal promise of payment, such as business transactions, property purchases, or debt restructuring, where the maker commits to paying a specific sum to the payee without any interest component. The document's structure and content are governed by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and must include specific elements to be legally enforceable. The Promissory Note Without Interest is particularly valuable in the UAE market as it provides a Sharia-compliant alternative to interest-bearing promissory notes, making it suitable for both conventional and Islamic business transactions.
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1. Date and Place of Execution: The date and location where the promissory note is issued, which is crucial for determining applicable jurisdiction and enforcement
2. Promise to Pay: An unconditional promise to pay a specific sum, clearly stating this is without interest
3. Payment Details: The exact amount in numbers and words, currency, and date or time of payment
4. Maker's Information: Full legal name, address, and identification details of the person/entity making the promise to pay
5. Payee's Information: Full legal name, address, and identification details of the person/entity to whom payment is to be made
6. Place of Payment: Specific location where the payment is to be made
7. Signature Block: Space for maker's signature, with clear identification of the signing party
1. Witness Details: Section for witness information and signatures, recommended for additional verification but not legally required
2. Payment Instructions: Specific bank account or payment method details, used when payment method needs to be pre-specified
3. Transfer Rights: Specific conditions regarding the transfer or assignment of the note, if transferability is to be restricted
4. Governing Law Declaration: Explicit statement of UAE law application, recommended for international transactions
5. Joint Maker Details: Information and signature blocks for additional makers, used when multiple parties are jointly promising payment
1. Payment Schedule: If payment is to be made in installments, details of payment dates and amounts
2. Security Details: If the note is secured, details of the security or collateral provided
3. Corporate Authorization: For corporate makers, evidence of authority to issue the promissory note
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Trading and Commerce
Manufacturing
Professional Services
Healthcare
Education
Retail
Import/Export
Islamic Finance
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit Control
Islamic Banking
Corporate Governance
Accounts Receivable
Commercial Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Lawyer
Treasury Manager
Credit Manager
Financial Controller
Compliance Officer
Islamic Finance Specialist
Risk Manager
Commercial Director
Accounts Receivable Manager
Business Development Manager
Contract Administrator
Company Secretary
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