The Non Interest Bearing Loan Agreement is essential in the Malaysian legal and business landscape, particularly where parties seek to establish lending arrangements without interest components. This document is commonly used in Islamic finance transactions, family lending, corporate group financing, and social impact lending. It ensures compliance with Malaysian legal requirements including the Contracts Act 1950 and, where relevant, Islamic Financial Services Act 2013. The agreement typically includes comprehensive terms covering loan disbursement, repayment mechanisms, borrower obligations, default provisions, and security arrangements. It's particularly valuable in scenarios requiring Shariah-compliant financing or where parties prefer interest-free lending for ethical, religious, or commercial reasons.
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1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses
2. Background: Explains the context of the loan and confirms its non-interest bearing nature
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. The Loan: Specifies the loan amount, purpose, and confirms it is provided on an interest-free basis
5. Drawdown: Sets out the conditions and process for disbursement of the loan
6. Repayment: Details the repayment schedule, method, and currency of repayment
7. Representations and Warranties: Standard representations by the Borrower about their capacity and authority
8. Borrower Covenants: Ongoing obligations of the Borrower during the loan term
9. Events of Default: Lists circumstances that constitute default and consequences
10. Notices: Specifies how formal communications between parties should be made
11. Governing Law and Jurisdiction: Confirms Malaysian law governs the agreement and jurisdiction for disputes
12. General Provisions: Standard boilerplate clauses including assignment, amendments, and severability
1. Security: Include when the loan is secured by any assets or collateral
2. Guarantor: Include when a third party is guaranteeing the loan
3. Early Repayment: Include when early repayment options are to be specifically permitted or regulated
4. Purpose of Loan: Include when the loan must be used for specific purposes only
5. Insurance: Include when insurance of any security or the Borrower is required
6. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
7. Assignment: Include when transfer rights need to be specifically addressed
8. Shariah Compliance: Include when the agreement needs to explicitly comply with Islamic finance principles
1. Schedule 1 - Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Schedule 2 - Conditions Precedent: List of documents and conditions required before loan disbursement
3. Schedule 3 - Security Details: Details of any security or collateral (if applicable)
4. Schedule 4 - Form of Drawdown Notice: Template for the Borrower to request loan disbursement
5. Schedule 5 - Form of Notices: Templates for various notices under the agreement
6. Appendix A - Copy of Board Resolutions: Corporate authorizations (if Borrower is a company)
7. Appendix B - Security Documents: Copies of security documents (if applicable)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Islamic Finance
Real Estate
Small and Medium Enterprises
Corporate Finance
Family Business
Non-Profit Organizations
Education
Healthcare
Agriculture
Manufacturing
Construction
Relevant Teams
Legal
Finance
Compliance
Treasury
Risk Management
Corporate Secretarial
Credit Control
Islamic Banking
Corporate Affairs
Business Development
Relevant Roles
Legal Counsel
Finance Manager
Compliance Officer
Corporate Secretary
Chief Financial Officer
Treasury Manager
Risk Manager
Banking Relations Manager
Islamic Finance Specialist
Credit Controller
Financial Controller
Company Director
Loan Officer
Contract Administrator
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