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The Non-Interest Bearing Promissory Note is a crucial financial instrument in Malaysian business and personal transactions where parties need to formally document an interest-free debt obligation. This document is particularly relevant in situations where Islamic finance principles need to be observed, or where parties wish to create a legally binding payment obligation without incorporating interest charges. The note must comply with Malaysian law, particularly the Bills of Exchange Act 1949, and includes essential elements such as the names of the parties, the promised amount, payment terms, and execution date. It's commonly used in business transactions, family loans, and commercial arrangements where traditional interest-bearing instruments are not preferred or appropriate. The document provides legal protection for both the maker and payee while maintaining simplicity and clarity in documenting the payment obligation.

1. Title and Date: Clear identification of the document as a Non-Interest Bearing Promissory Note and the date of execution

2. Parties: Full legal names and addresses of the maker (promisor) and payee (promisee)

3. Promise to Pay: Unconditional promise to pay a specific sum of money, including the amount in both numbers and words

4. Payment Terms: Specific details about when and how the payment will be made, including maturity date and payment schedule if applicable

5. Place of Payment: Specific location or method where payment will be made

6. Governing Law: Statement that the note is governed by Malaysian law

7. Signature Block: Space for maker's signature, witness signatures, and date of signing