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Master Repurchase Agreement

Master Repurchase Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Master Repurchase Agreement

"I need a Master Repurchase Agreement for use between our Islamic investment company and various Saudi banks, with specific provisions for agency arrangements and enhanced Shariah compliance monitoring requirements to be implemented by March 2025."

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Document background
The Master Repurchase Agreement serves as the primary documentation for conducting Shariah-compliant repo transactions in Saudi Arabia. It is essential for financial institutions seeking to manage liquidity while adhering to Islamic finance principles and local regulations. The agreement provides a standardized framework that covers multiple transactions, eliminating the need for separate documentation for each repo trade. It includes detailed provisions for transaction execution, risk management, default handling, and compliance with both Saudi Central Bank (SAMA) requirements and Shariah principles. This document is particularly relevant in the context of Saudi Arabia's developing financial markets and its Vision 2030 initiative to enhance the Kingdom's financial sector.
Suggested Sections

1. Parties: Identification of the contracting parties and their legal status

2. Background: Context of the agreement and statement of Shariah compliance intention

3. Definitions: Comprehensive definitions of terms used throughout the agreement, including Shariah-specific terminology

4. Scope and Application: Overview of covered transactions and application of the agreement

5. Initiation and Confirmation: Procedures for initiating transactions and confirmation requirements

6. Purchase and Repurchase Obligations: Core provisions defining the Shariah-compliant structure of repo transactions

7. Margin Maintenance: Procedures for margin calculations and transfers

8. Income Payments: Treatment of income on purchased securities

9. Payment and Transfer: Mechanics of payments and securities transfers

10. Events of Default: Definition of default events and consequences

11. Notices and Other Communications: Communication requirements and procedures

12. Termination: Provisions for early termination and close-out

13. Governing Law and Jurisdiction: Choice of Saudi law and jurisdiction provisions

14. Shariah Compliance: Specific provisions ensuring compliance with Islamic principles

Optional Sections

1. Agency Provisions: Required when parties act in agency capacity for transactions

2. Special Custody Arrangements: Used when specific custody arrangements are needed

3. Force Majeure: Additional provisions for force majeure events beyond standard defaults

4. Taxes: Specific tax provisions when transactions involve cross-border elements

5. Electronic Trading: Required when parties use electronic trading platforms

6. Buy/Sell Back Transactions: Special provisions for buy/sell back transactions

7. Shariah Advisory: Details of Shariah advisory arrangement when specific oversight is required

Suggested Schedules

1. Schedule 1: Form of Confirmation: Standard form for transaction confirmations

2. Schedule 2: Eligible Securities: List of Shariah-compliant securities eligible for transactions

3. Schedule 3: Pricing Parameters: Methodology for pricing and margin calculations

4. Schedule 4: Party Details: Detailed contact information and account details

5. Schedule 5: Supplemental Terms and Conditions: Additional terms specific to the parties

6. Appendix A: Shariah Guidelines: Detailed Shariah compliance requirements and principles

7. Appendix B: Form of Power of Attorney: Standard form for agency arrangements

8. Appendix C: Operational Procedures: Detailed operational procedures for transactions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Act of Insolvency
Additional Margin
Applicable Law
Base Currency
Business Day
Buy/Sell Back Transaction
Cash Margin
Confirmation
Default Market Value
Default Notice
Designated Office
Distribution Amount
Early Termination Date
Eligible Margin
Event of Default
Forward Transaction
Income
Margin Ratio
Margin Transfer
Market Value
Master Agreement
Netting
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
Repurchase Date
Repurchase Price
Shariah Board
Shariah Compliance
Spot Transaction
Term
Transaction
Transaction Exposure
Transfer Date
Wa'ad (Promise)
Wakala (Agency)
Murabaha
Securities Equivalent
SAMA Rules
CMA Regulations
Enforcement Notice
Margin Percentage
Net Exposure
Payment Date
Price Differential
Rating Agency
Specified Condition
Trading Day
Clauses
Interpretation
Transaction Procedures
Purchase and Repurchase
Margin Maintenance
Income Payments
Payment and Transfer
Conditions Precedent
Representations and Warranties
Events of Default
Tax
Interest
Margin
Set-off
Costs and Expenses
Transfer and Assignment
Notices
Force Majeure
Term and Termination
Close-out and Netting
Governing Law
Dispute Resolution
Shariah Compliance
Agency Provisions
Custody Arrangements
Securities Handling
Risk Disclosure
Regulatory Compliance
Confidentiality
Amendments
Severability
Entire Agreement
Electronic Trading
Recording
Waiver
Time of Essence
Counterparts
Third Party Rights
Further Assurance
Language
Relevant Industries

Banking

Financial Services

Islamic Finance

Investment Management

Securities Trading

Insurance

Asset Management

Treasury Services

Public Sector

Capital Markets

Relevant Teams

Legal

Treasury

Risk Management

Compliance

Islamic Banking

Trading

Operations

Finance

Investment

Documentation

Middle Office

Shariah Advisory

Portfolio Management

Relevant Roles

Treasury Manager

Legal Counsel

Shariah Compliance Officer

Risk Manager

Trading Manager

Financial Controller

Compliance Officer

Operations Manager

Investment Manager

Chief Financial Officer

Head of Islamic Banking

Securities Operations Officer

Documentation Specialist

Portfolio Manager

Chief Investment Officer

Industries
Islamic Banking Control Law (Royal Decree No. M/5): Fundamental law governing banking operations in Saudi Arabia, ensuring compliance with Shariah principles
Capital Market Law (Royal Decree No. M/30): Regulates securities business and transactions in Saudi Arabia, including repo transactions
SAMA Rules on Repo Transactions: Specific regulations issued by Saudi Central Bank governing repurchase agreements and their operational requirements
CMA Prudential Rules: Regulations governing market conduct, capital requirements, and risk management for securities transactions
Law of Commercial Courts (Royal Decree No. M/93): Governs commercial disputes and contract enforcement, relevant for repo agreement disputes
Anti-Money Laundering Law (Royal Decree No. M/20): Compliance requirements for financial transactions including repo agreements
Saudi Arabian Monetary Authority Law: Establishes SAMA's authority to regulate banking and financial institutions, including their repo operations
Shariah Standards on Sale and Repurchase: Islamic principles governing sale and repurchase transactions, ensuring compliance with Islamic finance requirements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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