The Business Finance Agreement is a crucial document used in Saudi Arabia when businesses seek Shariah-compliant financing from financial institutions. It establishes the legal framework for providing business funding while ensuring compliance with both Saudi Arabian law and Islamic finance principles. This agreement is particularly relevant in scenarios where companies require capital for expansion, working capital, asset acquisition, or project financing. The document details the financing structure, profit-sharing mechanisms, security arrangements, and obligations of all parties involved, while incorporating necessary provisions to meet Saudi Central Bank (SAMA) regulations and Shariah requirements. It serves as the primary contractual document governing the relationship between the financial institution and the business customer, providing clear terms for disbursement, payment, security, and default scenarios.
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1. Parties: Identification of the Finance Provider and the Business Customer, including full legal names and registration details
2. Background: Context of the financing arrangement and confirmation of Shariah compliance
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Facility Details: Description of the financing facility, amount, purpose, and Shariah structure
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Payment Terms: Payment schedule, profit rate, and payment mechanics in compliance with Shariah principles
7. Customer Representations and Warranties: Standard and Shariah-specific representations and warranties
8. Customer Undertakings: General, financial, and Shariah-compliance undertakings
9. Events of Default: Circumstances constituting default and consequences
10. Security: Overview of security arrangements and enforcement rights
11. Costs and Expenses: Allocation of costs, taxes, and expenses
12. Changes to Parties: Rules regarding assignment and transfer of rights
13. Notices: Communication methods and contact details
14. Governing Law and Jurisdiction: Saudi law as governing law and jurisdiction provisions
1. Guarantee Provisions: Required when personal or corporate guarantees are part of the financing structure
2. Property Purchase Undertaking: Needed for Murabaha-based financing structures
3. Agency Provisions: Required for Wakala-based financing structures
4. Early Payment Provisions: Optional provisions for early settlement scenarios
5. Additional Security Rights: Required when multiple forms of security are involved
6. Special Covenants: Industry-specific or transaction-specific covenants
7. Insurance Requirements: Detailed insurance provisions for specific asset types
8. Currency Provisions: Required for multi-currency facilities
9. Syndication Provisions: Required for syndicated financing arrangements
1. Facility Terms Schedule: Detailed commercial terms including profit rate, payment dates, and facility limits
2. Security Details: Detailed description of all security assets and arrangements
3. Form of Drawdown Request: Template for requesting disbursement under the facility
4. Conditions Precedent Documents: List of required documents and conditions
5. Permitted Security: List of security interests permitted under the agreement
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Shariah Structure Documents: Documents implementing the Shariah-compliant structure
8. Payment Schedule: Detailed payment dates and amounts
9. Required Insurance: Details of required insurance coverage
10. Form of Transfer Certificate: Template for transferring rights under the agreement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Real Estate and Construction
Retail and Commerce
Technology and Communications
Healthcare
Transportation and Logistics
Energy and Utilities
Agriculture and Food Production
Professional Services
Industrial and Engineering
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Finance
Operations
Credit
Business Development
Shariah Advisory
Corporate Governance
Commercial
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Treasury Manager
Financial Controller
Business Development Manager
Risk Manager
Credit Manager
Corporate Finance Manager
Shariah Compliance Officer
Managing Director
Commercial Director
Operations Director
Company Secretary
Account Manager
Senior Finance Manager
Banking Relationship Manager
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