The Authorization Letter For Gold Loan Release is a critical document used in Saudi Arabian banking operations when a borrower needs to delegate authority for releasing gold held as collateral. This document becomes necessary when the original borrower cannot personally attend to the release process and needs to authorize a representative. The letter must strictly comply with Saudi Arabian banking regulations, SAMA guidelines, and Islamic banking principles. It includes comprehensive details about the gold loan account, specific characteristics of the gold collateral, and the precise scope of authority being granted. The document serves as legal evidence of the delegation of authority and protects the interests of the bank, the borrower, and the authorized representative. It is particularly important in the Saudi Arabian context where gold loans are a significant part of both personal and business banking services, and proper documentation is essential for compliance with local regulatory requirements.
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1. Letter Header and Date: Official letterhead, date, and reference number of the authorization letter
2. Addressee Details: Complete details of the bank/financial institution to whom the authorization is addressed
3. Authorizer Information: Full legal name, ID/Iqama number, and contact details of the person granting authorization
4. Authorized Person Details: Complete information about the person being authorized, including full legal name, ID/Iqama number, and relationship to authorizer
5. Loan Reference: Specific details of the gold loan account, including account number and date of loan creation
6. Gold Details: Detailed description of the gold being released, including weight, purity, and form
7. Authorization Statement: Clear and specific statement of the powers being granted for the gold loan release
8. Declaration of Authority: Statement confirming the authorizer's right to grant this authorization
9. Signature Block: Space for signatures, witness details, and official stamps as required
1. Duration of Authority: To be included when the authorization has a specific validity period or expiration date
2. Multiple Authorized Persons: Required when more than one person is being authorized, specifying if they can act independently or jointly
3. Specific Conditions: Any special conditions or limitations on the authorization
4. Language Declaration: Required when the letter is bilingual (Arabic/English), confirming which version prevails
5. Previous Authorizations: Required when this authorization supersedes or relates to previous authorizations
1. Identity Documents: Copies of ID cards/Iqama of both authorizer and authorized person
2. Original Loan Agreement: Copy of the original gold loan agreement referenced in the authorization
3. Gold Specification Certificate: Detailed description and certification of the gold under loan
4. Authentication Certificate: If required, official authentication or attestation from relevant authorities
5. Specimen Signature: Verified specimen signature of the authorized person
Relevant legal definitions
Authorizer
Authorized Representative
Authorization Period
Bank
Business Day
Collateral
Gold Loan Account
Gold Specifications
Gold Storage Facility
Identification Documents
Islamic Banking Terms
Loan Agreement
Original Gold Deposit
Release Date
Release Documentation
SAMA
Shariah Principles
Specimen Signature
Valid Authorization
Witnesses
Authorized Representative
Authorization Period
Bank
Business Day
Collateral
Gold Loan Account
Gold Specifications
Gold Storage Facility
Identification Documents
Islamic Banking Terms
Loan Agreement
Original Gold Deposit
Release Date
Release Documentation
SAMA
Shariah Principles
Specimen Signature
Valid Authorization
Witnesses
Clauses
Authorization Grant
Party Identification
Scope of Authority
Gold Loan Details
Release Authorization
Duration and Validity
Specimen Signatures
Witness Requirements
Declaration of Authority
Compliance with Shariah
Regulatory Compliance
Authentication Requirements
Revocation Rights
Indemnification
Governing Law
Party Identification
Scope of Authority
Gold Loan Details
Release Authorization
Duration and Validity
Specimen Signatures
Witness Requirements
Declaration of Authority
Compliance with Shariah
Regulatory Compliance
Authentication Requirements
Revocation Rights
Indemnification
Governing Law
Relevant Industries
Banking
Financial Services
Islamic Banking
Jewelry and Precious Metals
Legal Services
Wealth Management
Personal Banking
Corporate Banking
Retail Banking
Relevant Teams
Legal
Compliance
Retail Banking
Operations
Risk Management
Islamic Banking
Document Processing
Customer Service
Treasury
Credit Administration
Relevant Roles
Branch Manager
Loan Officer
Compliance Officer
Legal Counsel
Banking Operations Manager
Gold Loan Specialist
Document Control Officer
Relationship Manager
Risk Assessment Officer
Credit Manager
Islamic Banking Specialist
Treasury Manager
Customer Service Manager
Authentication Officer
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