TERMS AND CONDITIONS FOR FINANCERS
The following terms and conditions for Financers (Financers Terms and Conditions) provide guidance on the Raqamyah online Peer-to-Peer Financing platform (Raqamyah Platform or Platform) and how to become a Financer on the Raqamyah Platform (Financer). Not all of the below Financers Terms and Conditions may be relevant to you as they shall apply to different categories of Financers.
All references in these Financers Terms and Conditions to "Raqamyah" shall be to Raqamyah Platform for Information Technology, a limited liability company incorporated under the laws of the Kingdom of Saudi Arabia, with commercial registration number 1010449309 and with its registered Head Office address at 2908, Prince Mohammad Abdulaziz Road, Centria Mall, Third Floor, Office 307, Olaya, Riyadh 12241-6055, Kingdom of Saudi Arabia.
Where you are acting in your capacity as an authorised representative of an Institutional Financer (as defined below), you confirm that you have the necessary authority to enter into these Financers Terms and Conditions on behalf of the Institutional Financer and you represent that the Institutional Financer has the authority to enter into these Financers Terms and Conditions and to delegate that authority to you. Raqamyah shall not be liable in any way whatsoever as a result of the actions of any authorised representative who does not have the due authority to enter into the Financers Terms and Conditions on behalf of the Institutional Financer.
You should keep a copy of these Financers Terms and Conditions for your records and for future reference. The latest version can also be downloaded on the Website www.raqamyah.com. Before you register as a Financer, you must read these Financers Terms and Conditions. If you do not agree with these Financers Terms and Conditions or do not wish to comply with them, do not proceed to register as a Financer.
How to Register as a Financer and create a Financer Account
In order to become an Individual Financer, you must (i) be a natural person; (ii) be aged twenty-one (21) years or over; (iii) provide your National Identification Card details (if you are a Saudi Arabian national) or your Iqama (Residence Permit, if you are a foreign national); (iv) provide your passport details (if you are a foreign national); and (v) provide your national address details. You agree that we shall access Yakeen service to validate your National Identification Card or your Iqama (Residence Permit).
Qualified Individual Financer
In order to become a Qualified Individual Financer, you must (i) be a natural person; (ii) be aged twenty-one (21) years or over; (iii) provide your National Identification Card details (if you are a Saudi Arabian national) or your Iqama (Residence Permit, if you are a foreign national); and (iv) fulfil at least one of the following criteria (you must sign a declaration accessible online at www.raqamyah.com stating that you fulfil at least one of the following criteria):
- you own net assets with a value not less than Five (5) Million Saudi Riyals;
- you work or have worked for at least three (3) years in the financial sector;
- you hold a professional certificate that is related to financial analysis and accredited by a local or internationally recognised entity; or
- you hold the General Securities Qualification Certificate that is recognised by the Capital Market Authority and have an annual income that is not less than 600,000 Saudi Riyals in the two most recent years.
You agree that we shall access Yakeen service to validate your National Identification Card or your Iqama (Residence Permit).
- In order to become an Institutional Financer, you must be (i) an entity licensed by the Saudi Arabian Monetary Authority or (ii) an entity or an investment fund licensed by the Capital Market Authority or (iii) a legal entity incorporated under the laws of the Kingdom of Saudi Arabia or (iv) a governmental or semi-governmental office or entity of the Kingdom of Saudi Arabia. You warrant that you have a (i) a current valid Commercial Registration certificate issued by the Ministry of Commerce and Investment (if applicable) and (ii) a permanent place of business. You warrant that any authorised representative acting on your behalf possesses the requisite corporate authorisation to do so.
- You must provide a copy of the power of attorney or the authorisation letter appointing your authorised representative unless (i) your authorised representative shall be specifically appointed in your board or shareholders' resolution permitting you to carry out the necessary Platform activities or (ii) your authorised representative has the existing authority under your articles of association to carry out the necessary Platform activities. You confirm and warrant that you have all appropriate corporate authority or authorisation, licences and registrations required for performing the Financing activities on the Raqamyah Platform and that you shall be liable for any failure to do so.
- Raqamyah shall not carry out any independent inquiries to verify that the above corporate authority or authorisations, licences and registrations are in place. You must provide your authorised representative with a copy of these Financers Terms and Conditions and ensure that they also comply with them at all times.
You agree that we shall access Thiqah service to validate your Commercial Registration.
The eligibility criteria listed above are non-exhaustive and we reserve the right to amend the eligibility criteria at any time, without any notification to the Financer or on our website. We reserve the right to accept or reject any application to become a Financer in our sole discretion, even if you satisfy the eligibility criteria. All decisions made by us shall be final and binding and shall not be subject to appeal. Raqamyah shall have the right, acting in its sole discretion, to waive the requirement for any document that must be provided by an Institutional Financer, without prejudice to its right to request these or additional documents at any time.
All information that you have provided to us in connection with your application to become a Financer is correct, true and up to date. Raqamyah shall not carry out any independent inquiries to verify that the information and documentation provided is correct, true and up to date. You are obliged to provide us immediately with any changes to the information and documentation and we shall not be obliged to request any changes to the information and documentation provided.
We shall carry out "know your customer" procedures and checks as required by our own internal requirements and in accordance with the applicable laws of the Kingdom of Saudi Arabia. We may request you to provide us with additional documentation for "know your customer" checks and any failure to provide us with the requested documentation shall result in your application as Financer being rejected, with such decision being final and binding.
In addition, you must provide us with all information and documents that we may reasonably request from you from time to time and in relation to your financial condition or business, in order to enable us to fulfil our legal obligations and to ensure the proper operation of Raqamyah Platform.
During your time as a Financer and for the duration you maintain a Financer Account, you confirm that:
- you shall continue to satisfy the Financer Eligibility Criteria;
- all information and documentation provided is correct, true, up to date and not misleading;
- you have disclosed and shall continue to disclose all circumstances and factors which may materially or adversely change your financial condition, such as legal claims, any liabilities, litigation or investigations which are threatened, pending or current against you;
- if you are acting on behalf of an Institutional Financer, you are authorised and remain authorised to act on their behalf;
- no unauthorised person will be able to access your Financer Account and only authorised persons are permitted to access your Financer Account and if such authorised persons change, you confirm that they are duly authorised; and
- you shall remain authorised to credit funds to the Omnibus Bank Account.
Creating a Financing Account
Once you have registered on the Website, provided us with all of the required verified documentation for the eligibility criteria and "know your customer" checks and satisfied all of our Anti-Money Laundering and Counter-Terrorism Financing procedures, we shall notify you within three (3) business days by email or SMS whether your application to become a Financer is successful and shall provide you with an IBAN number. You must from this stage use this IBAN number for all transactions to be carried out on the Raqamyah platform. You must keep your IBAN number secure and confidential. All decisions made by us whether to approve or reject your application shall be final and binding and may not be appealed.
It is not permitted to transfer from and to your Financing Account to a third-party without our specific prior written approval and you must notify us immediately if you suspect that a third party has accessed your Financing Account or if you suspect a security breach has occurred.
We have the right not to comply with your instructions and to suspend your Financing Account if we suspect a security breach, any illegal or fraudulent activity in connection with your Financing Account or the unauthorised use of your Financing Account.
We have the right to suspend your Financing Account if you have not updated any information provided to us in connection with creating the Financing Account as all such information must be updated and maintained for regulatory purposes. If you do not respond to our queries for updated information from time to time or if we do not obtain these from you, your Financing Account shall be suspended and you shall only be able to request withdrawals during the period of such suspension. During the period of suspension, you will not be permitted to carry out any Financing activities (see below). Your Financing Account will be activated once the required documentation has been provided.
We shall not charge you any fees for creating a Financer Account.
Once you have received your IBAN number, you shall be able to credit funds to the Omnibus Bank Account by means of bank transfer. It will not be permitted to make cash deposits.
Once we are in receipt of funds, the financing may commence. Any applicable fees in connection with the financing may be deducted from time to time from the balance of the funds held on your behalf. Such funds shall be held on your behalf until they are withdrawn by you, applied towards any applicable fees or transferred to a Financee (Debtor).
Once Financer funds are allocated to a specific finance request, you must wait until the finance request is fully repaid by the Financee (Debtor) as we do not offer a secondary market option. Therefore, your liquidity shall be affected during the duration of the relevant Murabaha Agreement unless there is an early repayment or a default by the Financees (Debtors).
Withdrawals of funds from the Omnibus Bank Account are permitted provided that all fees in connection with the Financing have been paid in full. We also have the authority to request the Omnibus Bank Account to place suspensions or limitations on the Omnibus Bank Account from time to time if this is necessary to comply with any legal or regulatory requirements.
Raqamyah is a Peer-to-Peer Financing platform. Our role is to:
- operate and manage the Website and the Platform;
- match Financers with Financees (Debtors);
- facilitate Financing Murabaha transactions between Financers and Financees (Debtors); and
- perform Intermediary Services as Financing Agent in relation to the Murabaha transactions.
The Intermediary Services shall consist of the below:
- assessing the creditworthiness of Financees (Debtors);
- preparing Murabaha Agreement for Financers and Financees (Debtors) and acting as Financing Agent in relation thereto;
- providing Financees (Debtors) with the necessary pre-contractual, contractual and post-contractual documentation and information;
- collecting and distributing payments due to you and received by us from Financees (Debtors) and Guarantors through the use of the Omnibus Bank Account; and
- entering into an Omnibus Protocol Agreement with the Omnibus Bank Account.
You authorise us to provide or arrange the provision of the Intermediary Services on your behalf as your agent.
The provision of Intermediary Services (including the credit assessment of Financees (Debtors)) is not intended to constitute or be construed as advice, recommendations or a guarantee by Raqamyah as to the creditworthiness of any Financee (Debtor), the amount of repayments you might receive, or the likelihood of payment defaults that may occur, in relation to any Murabaha Agreement.
We are not authorised to grant financing advice. No information contained on the Raqamyah Platform or on the Website constitutes or shall be construed to constitute financing advice, investment advice or a recommendation to finance money.
We shall charge a Management Fee in order to carry out the Intermediary Services which shall be calculated at 2% per annum on outstanding finance request amounts. If we incur further reasonable expenses in the provision of the Intermediary Services, we shall notify you in writing and you will reimburse us for such expenses. To facilitate such reimbursement, you authorise us to access and withdraw such amount from your Financing Account, otherwise recover such expenses from any payments due to you or request payment directly from you in relation to such expenses. We reserve the right to change or waive any applicable Management Fee from time to time.
Protection of Financer Funds
All Financer Funds shall be held in a segregated Omnibus Bank Account with SABB Bank, a bank regulated by the Saudi Arabian Monetary Authority. Raqamyah shall act as agent in relation to such Omnibus Bank Account. You agree that the Financer Funds may be held in the Omnibus Bank Account.
All Financer Funds shall be held in the same Omnibus Bank Account and are therefore co-mingled.
The Omnibus Bank Account does not accrue any interest or profit to be paid to the Financer. However, we confirm that:
- The Financer Funds will be co-mingled with other Financer Funds but shall not be co-mingled with funds belonging to Raqamyah and
- In the event of Raqamyah's insolvency, winding up or any other bankruptcy event, the Financer Funds shall be separate to and segregated from the funds that belong to Raqamyah and only the Raqamyah funds shall be subject to the distribution rules contained in the bankruptcy rules and regulations of the Kingdom of Saudi Arabia.
The Eligibility Criteria set out in Section 1 of these Financers Terms and Conditions shall dictate whether you are classified as an Individual Financer, a Qualified Individual Financer or an Institutional Financer. In addition to other factors, such classification will determine the limit on the amount of Financer Funds you can transfer in any one (1) year.
The limits on the amount of Financer Funds are as follows:
- For an Individual Financer, the maximum amount you can transfer to Raqamyah in any 12 months period is SAR 100,000 and the maximum exposure to one finance request is SAR 10,000.
- For a Qualified Individual Financer, there is no limit.
- For an Institutional Financer, there is no limit.
How Financing is done on Raqamyah
There are two ways to finance on Raqamyah:
Automatic Financing (recommended): This type of financing uses a tool called Automatic Financing to automatically select the financee (debtor)s that financers are willing to finance based on pre-selected criteria. Financers can select their own custom mix based on the following:
- Maximum amount for each finance request;
- Sector(s) that you want to finance
- Risk grades that you want to finance
Manual Financing: by self-selection of financee (debtor)s using the Raqamyah search tool to identify financee (debtor)s that financers may be interested in and bidding for funding those financee (debtor)s in online bidding via the Raqamyah Site. This process is called Manual Financing. Financers can browse available finance requests and compare finance requests details such as score, finance request purpose, finance request type, duration, profit rate, and financee (debtor) information. The funding process for every finance request is open for up to 30 days, and the funding period will close once it is fully committed. Orders are made on a first come first serve basis.
If you use the automated financing tool, you can stop future financing by switching off the automated tool at any time. Using the automated tool function, your funds shall automatically start to be allocated to different finance requests from different Financees (Debtors).
All financing bids, whether by means of Automated Financing or Manual Financing, shall be binding on the financer and irrevocable; once the financer has made a bid for financing using either method to provide financing, such bid may not be revoked by the financer for any reason whatsoever. It is your sole decision whether or not to Finance to Financees (Debtors) on the Raqamyah Platform. Please seek independent financial, legal, Zakat, tax or other professional advice prior to financing through the Raqamyah Platform.
Financers will be able to monitor the following (but not limited to) using the Raqamyah Platform: (i) amount financed; (ii) special commission earned; (iii) special commission receivable; (iv) amount received; (v) annual specialised commission rate; (vi) funded finance requests; (vii) transaction history; (viii) status of financed amounts; (ix) repayment schedule; (x) detailed profile of each Financee (Debtor); and (xi) portfolio composition.
There are three (3) types of finance requests available on the Raqamyah Platform: (i) Term Finance; (ii) Invoice Financing; and (iii) Inventory Financing.
If any form of security has been created by a Financee (Debtor) or a Guarantor, their obligations to you under the Murabaha Agreement and the Guarantee will be secured by that security.
We may enter into an agreement with a security agent to hold any security on your behalf.
In the event that we have appointed a security agent, you are not entitled to take any action to enforce the security against the Financee (Debtor) or the Guarantor directly and we shall do so through the security agent. We shall authorise the security agent to exercise the rights, powers, authorities and discretions specifically granted to the security agent under any separate security agreement. The security agent's authorities are purely administrative and shall be governed by the security agreement, these Financers Terms and Conditions and applicable laws. If there is any inconsistency between the security agreement and these Financers Terms and Conditions, the Financers Terms and Conditions shall prevail.
You understand that the existence of security does not mean that a Financee (Debtor) or a Guarantor shall fully fulfill its repayment obligations under a Murabaha Agreement or a Guarantee and does not constitute a guarantee of full repayment by the Financee (Debtor) or the Guarantor.
If a Financee (Debtor) or a Guarantor fail to fulfill any repayment obligation when due or if an event of default occurs under the Murabaha Agreement, the security agent shall be entitled to enforce the security. A default notice shall be sent to the Financee (Debtor) and the Guarantor together with a demand for repayment of the amounts due and any applicable fees and costs.
The security agent is entitled to rely on any representation, notice or document believed by it to be authorised, genuine, correct and may rely on any statement made by a director, authorised person or employee of any person regarding any matters which may reasonably be assumed to be within their knowledge or power to verify. The security agent shall have the discretion to exercise all of its rights and authorities and it shall have no liability save for any action caused by its own negligence or misconduct.
If the security becomes enforceable, the security agent shall enforce the security in accordance with the security agreement in the interests of the Financer and shall be entitled to make the distributions in accordance with the security agreement and these Financers Terms and Conditions. The security agent shall not be liable for any loss suffered by you unless the loss is caused by its own negligence or misconduct.
Following the enforcement of security, any amounts received or recovered by the Security Agent shall be applied in the following order of priority:
- towards payment or reimbursement of all costs, expenses, losses or liabilities incurred by the Security Agent;
- payments of all amounts due to the Financer in accordance with these Financers Terms and Conditions and the relevant Murabaha Agreement; and
- payment of any surplus amounts to the Financee (Debtor), the Guarantor or any other person entitled to receive the same under applicable law.
You accept and acknowledge that the enforceability of the security is subject to the normal risks and limitations under applicable law and that the proceeds received following enforcement may not be sufficient to discharge all of the obligations owed by the Financee (Debtor) and any Guarantor to you. It is also possible that there may be other creditors of the Financee (Debtor) and the Guarantor that have claims that may be recovered in priority to those of the Security Agent acting on your behalf.
Appointment of Collection Agent
If the Financee (Debtor) defaults or misses a repayment under the relevant Murabaha Agreement, we shall take administrative steps to attempt to recover the payment which may include discussions with the Financee (Debtor) and/or restructuring the finance request in order to attempt to recover the outstanding sums due from them, as we deem in your best interests as a whole. We may also recover our reasonable costs and expenses as a priority from any amounts recovered from the Financee (Debtor) in this manner.
We recognise that where a Financee (Debtor) faces a temporary economic issue such as a liquidity issue or a decrease in sales revenue or an unforeseen event, it may default on its repayment obligations under the relevant Murabaha Agreement. We shall determine on your behalf whether to agree to a request from the Financee (Debtor) to restructure the finance request whether by (i) reducing repayment amounts by extending the repayment period and increasing the number of repayments or (ii) suspending or reducing repayment amounts during a given period and then increasing the amount of the monthly installments. For you, this shall be a better option than declaring a default as you will still receive repayments but structured in a different manner. However, the restructuring of a finance request does not guarantee that the Financee (Debtor) will meet its future repayment obligations and it may still be necessary to appoint a Collection Agent (please see below).
By reading and accepting these Financers Terms and Conditions, you agree that we may appoint a third-party collection agent (the Collection Agent) in the event of any default on the repayment of any finance request that you have provided. If we are unable to recover the amounts outstanding in accordance with Section 8.1 above or through the enforcement of any security, we shall appoint a Collection Agent to collect and recover any outstanding sums due under the Murabaha Agreement on your behalf.
The Collection Agent is hereby authorised to take all actions as are reasonable to protect your rights which may include enforcing guarantees, corporate or personal promissory notes and other forms of security as provided by the Financees (Debtors) and taking any other remedy or action as may be available from time to time in accordance with the applicable law.
In the event of any default on the repayment of any finance request that you have provided, you hereby authorise us to take the necessary administrative and remedial steps acting on your behalf and acting in your best interests. You permit us to deduct all legal and administrative costs and expenses (including reasonable legal expenses) incurred in taking any such action, from the amounts recovered under this Section 8 (Appointment of Collection Agent).
If we are not able to recover under any of the security provided by the Financee (Debtor), we shall refer the default payment to the Collection Agent who will attempt to collect the monies due on your behalf. The legal and administrative costs and expenses of the Collection Agent shall be deducted from all amounts claimed from the Financee (Debtor). The Collection Agent may deduct any amount that represents market practice of the amount claimed and recovered from the Financee (Debtor), and the remainder of such amount that shall be distributed to you.
We shall keep you duly informed of all actions taken by the Collection Agent.
We give no guarantee that any court proceedings taken on your behalf shall be successful and there is a risk that any such court proceedings may result in you paying damages. You also acknowledge that there may be other creditors of the Financee (Debtor) with claims that may be recovered in priority to you.
In the event that court proceedings are required, we have the right to request you to provide us with a power of attorney for litigation purposes (if required) and you undertake to comply with this request.
The Collection Agent may charge a Collection Fee which is payable by the Financee (Debtor) and which shall be deducted from the overall amount which the Collection Agent is seeking to collect and recover from the Financee (Debtor), and such Collection Fee shall be deducted in priority to any distributions to be made to you.
You accept that only we, the Security Agent or the Collection Agent can engage with the Financee (Debtor) and any Guarantor to recover outstanding sums on your behalf. You are not permitted to undertake any individual action in this regard or to engage with the Financee (Debtor) or the Guarantor unless we agree otherwise in writing. You will be kept duly updated with the progress of all efforts and actions to collect missed payments and recover outstanding sums and you will be able to view this status information in your Financer Account.
Exclusion of Liability and Indemnity
Raqamyah makes no representation and gives no warranty as to the ability of any Financee (Debtor) to fulfill their repayment obligations in relation to any type of funding method and we shall not be liable for the failure of any Financee (Debtor) to fulfill their repayment obligations. You acknowledge and agree that you are providing Funding at your own risk.
Where a particular Financee (Debtor) has provided a personal guarantee from an individual shareholder or a director therein, it is accepted by you that the enforceability of such personal guarantee is subject to any qualifications or reservations under applicable law and that we are not under an obligation to ensure that the issuer of such personal guarantee is of sound mind and has the capacity to enter into such personal guarantee. Such personal guarantee can be open to challenge and you accept that the personal guarantor or a third-party may challenge such personal guarantee on the basis of capacity.
You hereby agree to defend, indemnify and hold us, our subsidiaries, affiliates, officers, directors, agents, employees, representatives, successors and assigns from and against any and all actions, claims, suits, demands, judgments, losses, costs, expenses, regulatory fines and damages, including legal fees and expenses, for or arising out of any breach by you of these Financers Terms and Conditions or any Murabaha Agreement and/or any third-party claims arising out of any breach by you of these Financers Terms and Conditions or any Murabaha Agreement or any failure to comply with applicable law. This Clause 9 (Exclusion of Liability and Indemnity) shall survive the termination or expiry of these Financer Terms and Conditions for any reason whatsoever.
Ceasing to be a Financer and Termination of Financers Terms and Conditions
If you no longer wish to be a Financer and provided that you have: (i) no Murabaha Agreement still in force; (ii) no outstanding amounts in your Financer Account; and (iii) no amounts owing and payable to us or the Security Agent, you may notify us at any time and we will close your Financer Account.
If you wish to close your Financer Account but: (i) you are a party to a Murabaha Agreement which is still in force; (ii) you have funds which are allocated for Financing to Financees (Debtors); or (iii) you still owe any amounts to us or the Security Agent, you must either (i) wait for the underlying finance requests to be repaid in full or (ii) pay any owed amounts to us or the Security Agent, as applicable. Once this has been carried out, all the funds in your Financer Account shall be fully available for withdrawal and you should transfer these to your nominated bank account, and we will close your Financer Account.
We may give you fifteen (15) business days' notice that we intend to close your Financer Account at any time if:
- you cease to be an eligible Financer because you cease to satisfy the Eligibility Criteria;
- you do not comply with our reasonable requests for information;
- we suspect that you have been involved in fraud, money laundering or other criminal activities or we discover that any information provided to us is false, misleading or materially incorrect;
- you use the Raqamyah Platform for a purpose for which it was not intended;
- you undertake direct action to contact or engage directly with a Financee (Debtor)(s) to recover outstanding payments; or
- your Financer Account is not funded for a period of six (6) months from the date on which you have created a Financer Account.
In the event of the receipt of the above mentioned notice, you authorise us to transfer any outstanding Murabaha Agreement to another Financer in order to recover the principal amount that you have financed under such outstanding Murabaha Agreement , remit any funds remaining to which you are entitled to your nominated bank account after deduction of amounts owned to us or the Security Agent and then close your Financer Account.
If Raqamyah shall plan to cease its operations for any reason and in order to ensure minimal impact and disruption to you, we shall continue our operations for a further three (3) months, which may be extended a further three (3) month period. All available balances from you in the Omnibus Bank Account shall be reimbursed to your nominated bank account. A statement of outstanding payments and a repayment schedule shall be emailed to you within ten (10) business days. During the above-mentioned three (3) month period, we may (i) sell your financed amount portfolio to a bank or a financial institution in order to refund all outstanding financed amounts to you or (ii) seek early repayment of the outstanding financed amounts and assist the Financee (Debtor) in having the outstanding financed amounts refinanced in the event that the Financee (Debtor) is not able to achieve the early repayment of the financed amount. If both of these methods fail, we shall appoint the Collection Agent to recover the outstanding financed amounts. All outstanding financed amounts shall continue to be valid, legally binding and enforceable and shall continue to be collected as they fall due. All payments shall continue to be made to the Collection Agent who shall, after the deduction of the Collection Fee, shall make regular repayments to you. In the event of the above, we shall inform you of the situation and of all action taken to preserve your rights and to ensure the repayment of the principal and profit amounts due to you under each relevant Murabaha Agreement Contract.
The Raqamyah Platform is subject to a SAMA Fintech Sandbox application and shall operate under the SAMA Fintech Sandbox regulatory environment.
If any provision of these Financers Terms and Conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the validity and enforceability of the remaining provisions shall not be affected.
The Raqamyah Platform is an online service and all documents and notices to be sent to you by us shall be delivered through the Raqamyah Website. We may also send you documents and notices to your address or your email that you have registered with us.
We and the Security Agent are permitted to assign or transfer all or part of our respective rights and obligations under these Financers Terms and Conditions to any third-party and are permitted to exercise any of our rights through a third-party service provider. However, you are not permitted to assign or transfer your rights and obligations under these Financers Terms and Conditions.
These Financers Terms and Conditions are governed by Saudi laws and shall be subject to the jurisdiction of the competent Saudi Arabian courts.