A Promissory Note Without Interest is commonly used in Malaysia when parties need to formalize a lending arrangement without including interest provisions, making it particularly suitable for interest-free loans or Islamic financing arrangements. This document type is governed by the Bills of Exchange Act 1949 and must be properly stamped under the Stamp Act 1949 to be admissible in Malaysian courts. It serves as evidence of debt and includes specific details about the payment promise, including the principal amount, payment date or demand terms, and party information. The note can be used in various contexts, from business transactions to personal loans, and can be either negotiable or non-negotiable depending on how it's drafted. The absence of interest makes it particularly suitable for situations where parties wish to avoid interest-bearing instruments for religious, personal, or business reasons.

1. Promise to Pay: Clear and unconditional promise by the maker to pay a specific sum to the payee

2. Payment Amount: The principal sum to be paid, written in both numbers and words to avoid ambiguity

3. Payment Date: Specific date or determinable future time when payment is due

4. Maker Details: Full legal name, address, and identification details of the person making the promise

5. Payee Details: Full legal name, address, and identification details of the person to whom payment is promised

6. Place of Payment: Specified location where payment should be made

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

8. Execution: Signature block with date and witness requirements