Loan Servicing Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Loan Servicing Agreement

I need a Loan Servicing Agreement for my UAE-based Islamic bank to engage a third-party servicer to manage our retail mortgage portfolio, ensuring Shariah compliance and including specific provisions for digital payment processing.

Document background

The Loan Servicing Agreement is essential for financial institutions operating in the UAE who engage third-party servicers to manage their loan portfolios. This document is particularly relevant in the context of the UAE's sophisticated banking sector, where efficient loan administration is crucial for both conventional and Islamic banking products. The agreement must comply with UAE Federal Law No. 14 of 2018 (UAE Central Bank Law) and related regulations governing banking operations. It typically includes detailed provisions for loan administration, payment processing, borrower communications, default management, and regulatory compliance. The document becomes particularly important when financial institutions want to outsource loan servicing operations while maintaining control over portfolio quality and regulatory compliance.

Suggested Sections

1. Parties: Identification of the loan servicer and the loan owner/financial institution

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Key terms used throughout the agreement including regulatory and technical terminology

4. Appointment and Scope: Formal appointment of servicer and detailed scope of services

5. Servicer's Duties and Responsibilities: Comprehensive list of core servicing obligations and responsibilities

6. Service Levels: Performance standards and metrics for service delivery

7. Fees and Expenses: Compensation structure and reimbursement terms

8. Compliance Requirements: Obligations to comply with UAE banking laws and regulations

9. Reporting and Documentation: Required reports, records, and documentation maintenance

10. Representations and Warranties: Standard declarations by both parties

11. Term and Termination: Duration of agreement and termination provisions

12. Confidentiality: Protection of confidential information and data

13. Liability and Indemnification: Risk allocation between parties

14. Dispute Resolution: Process for resolving disputes under UAE law

15. General Provisions: Standard boilerplate clauses including governing law, notices, etc.

Optional Sections

1. Shariah Compliance: Required when dealing with Islamic banking products

2. Sub-contracting: Include when servicer may need to delegate certain functions

3. Business Continuity: Detailed disaster recovery provisions for critical services

4. Data Protection: Enhanced data protection clauses for international transactions

5. Foreign Currency Provisions: Required for cross-border lending arrangements

6. Special Asset Management: Include for non-performing loan servicing

7. Transfer Provisions: Include when portfolio transfers are contemplated

Suggested Schedules

1. Schedule 1 - Services Description: Detailed description of all servicing activities

2. Schedule 2 - Fee Schedule: Detailed breakdown of fees and payment terms

3. Schedule 3 - Service Levels: Specific performance metrics and KPIs

4. Schedule 4 - Required Reports: Format and frequency of required reporting

5. Schedule 5 - Operating Procedures: Detailed procedures for loan servicing activities

6. Schedule 6 - Compliance Checklist: Specific UAE regulatory requirements and checks

7. Schedule 7 - Contact Details: Key personnel and escalation contacts

8. Appendix A - Document Forms: Standard forms and templates for servicing activities

9. Appendix B - Systems Requirements: Technical specifications for systems integration

10. Appendix C - Regulatory Licenses: Copies of required UAE licenses and permits

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services

Islamic Banking

Fintech

Real Estate Finance

Consumer Finance

Commercial Lending

Asset Management

Debt Collection

Financial Technology

Credit Services

Relevant Teams

Legal

Compliance

Risk Management

Operations

Finance

Credit Administration

Collections

Portfolio Management

Treasury

Client Relations

Loan Administration

Islamic Banking

Contract Management

Relevant Roles

Chief Financial Officer

Head of Loan Operations

Loan Servicing Manager

Compliance Officer

Legal Counsel

Risk Manager

Operations Director

Portfolio Manager

Credit Manager

Relationship Manager

Treasury Manager

Collections Manager

Chief Operating Officer

Contracts Manager

Financial Controller

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Let's create your Loan Servicing Agreement

Authors

Alex Denne

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