Credit Card Promissory Note Template for Saudi Arabia

The Credit Card Promissory Note is a crucial document in Saudi Arabian banking operations, typically used when issuing credit cards or as security for existing credit card facilities. This document combines elements of traditional promissory notes with specific requirements for credit card debt under Saudi law and SAMA regulations. It serves as both a proof of indebtedness and a legally enforceable payment obligation, structured to comply with Islamic finance principles. The document is particularly important in Saudi Arabia's credit card market as it provides banks with additional security while ensuring compliance with local regulations and Shariah requirements. It includes detailed information about the credit card account, cardholder obligations, and enforcement mechanisms, making it a vital tool for credit risk management in Saudi Arabian banking operations.

1. Parties: Identification of the credit card issuer (bank/financial institution) and the cardholder(s), including full legal names, addresses, and official identification numbers

2. Background: Brief context stating the existing credit card relationship and purpose of the promissory note

3. Definitions: Key terms used in the document including 'Credit Card', 'Credit Limit', 'Outstanding Balance', and other relevant terms

4. Promise to Pay: Unconditional promise to pay the specified amount, as required by Saudi Commercial Papers Regulation

5. Amount: Clear statement of the amount promised to be paid, both in numbers and words

6. Payment Terms: Specification of payment date(s) and whether payment is on demand or at a fixed date

7. Place of Payment: Specific location where payment should be made

8. Governing Law and Jurisdiction: Statement confirming Saudi law governance and jurisdiction of Saudi courts

9. Shariah Compliance Declaration: Statement confirming the document's compliance with Islamic principles

10. Execution: Signature blocks and attestation requirements