Introduction

In addition to reading the General Terms and Conditions (accessible online at www.raqamyah.com), the FAQ's (accessible online at www.raqamyah.com) and the Privacy Policy (accessible online at www.raqamyah.com), all prospective Financees (Debtors) must read these terms and conditions for Financees (Debtors) (Financee (Debtor) Terms and Conditions).

The Financee (Debtor) Terms and Conditions provide guidance on the rights of the Raqamyah Platform to (1) obtain certain information in relation to you and (2) to share or disclose such information on the Site with third parties.

All references in these Financee (Debtor) 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.

In order to become a Financee (Debtor) on Raqamyah, you must comply with these Financee (Debtor) Terms and Conditions which are to be read in conjunction with our General Terms and Conditions, FAQ's and Privacy Policy (accessible online at www.raqamyah.com) which are incorporated into these Financee (Debtor) Terms and Conditions by reference herein. You should read each of these documents carefully in order to ensure that you should fully understand them and where necessary, seek advice from a financial advisor or a legal advisor.

By registering on the Raqamyah Platform as a Financee (Debtor), you are warranting that you have read, understood and agreed to be bound by the Financee (Debtor) Terms and Conditions and the General Terms and Conditions, as they may be amended from time to time. Raqamyah has the right to amend the Financee (Debtor) Terms and Conditions and the General Terms and Conditions at any time, for example in order to reflect changes in laws and regulations or to change our existing services due to changes in technology and systems, without any notification to or consent from the Financees (Debtors). Agreeing with the Financee (Debtor) Terms and Conditions will not guarantee that you shall become a Financee (Debtor) on the Site. If, once you qualify as a Financee (Debtor) and open a Financee (Debtor) Account, you do not agree with the amended Financee (Debtor) Terms and Conditions, you may close your Financee (Debtor) Account by contacting us by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by telephone at 920004032. By continuing to access and use the Raqamyah Platform after any amendments to these Financee (Debtor) Terms and Conditions, you accept and agree to be bound by the amended Financee (Debtor) Terms and Conditions.

Where you are acting in your capacity as an authorised representative of a Financee (Debtor) (as defined below), you confirm that you have the necessary authority to enter into these Financee (Debtor) Terms and Conditions on behalf of the Financee (Debtor) and that you represent that the Financee (Debtor) has the authority to enter into these Financee (Debtor) 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 Financee (Debtor) Terms and Conditions on behalf of the Financee (Debtor).

You should keep a copy of these Financee (Debtor) 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 Financee (Debtor), you must read these Financee (Debtor) Terms and Conditions. If you do not agree with these Financee (Debtor) Terms and Conditions or do not wish to comply with them, do not proceed to register as a Financee (Debtor).

If you have any queries, please contact us by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by telephone at 920004032.

How to become a Financee (Debtor)

In order to become a Financee (Debtor), you must be a small or medium business and provide Raqamyah with, but not limited to, (i) a copy of your Commercial Registration; (ii) a copy of your Articles of Association and your Bylaws if applicable, (iii) a board or shareholders' resolution authorising you to get financed (unless such authority is already included in your Articles of Association and your Bylaws if applicable), (iv) a bank statement for the current and previous year; (v) a SIMAH report on you and your five (5) largest majority shareholders; (vi) audited financial statements for the last three (3) years and (vii) interim unaudited financial statements for the last available financial period (the "Financee (Debtor) Eligibility Criteria").

We have the sole discretion whether to request further documents and whether to accept the above documents as confirming your eligibility to qualify as a Financee (Debtor). The eligibility criteria and documents above are not exhaustive and we reserve the right in our sole discretion to reject any application to become a Financee (Debtor) where we deem appropriate. All decisions made by us are final and binding.

You acknowledge that the provision of the above information does not guarantee that you shall become a Financee (Debtor) on the Site. You warrant and represent to us that all information provided to us is complete, up to date, true and accurate in all respects and is not misleading or fraudulent.

Our Role

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 Financers 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.

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 obligations of any Financer or with respect to any Murabaha Agreement.

We are not authorised to grant financing and getting finance advice. No information contained on the Raqamyah Platform or on the Website constitutes or shall be construed to constitute getting finance advice, investment advice or a recommendation to get financed.

Financee (Debtor) Information and Consent

Searches on Financee (Debtor)

By registering on the Raqamyah Platform as a Financee (Debtor), you expressly consent that we have your permission to search for, obtain and hold information including but not limited to your personal information, company information, directors and shareholders, credit history and other financial information whether such information is publicly available or whether by contacting third parties including credit reference agencies such as SIMAH Credit Bureau and Bayan Credit Bureau and other sources, whether published or not. Such information will enable us to determine whether you are eligible to become a Financee (Debtor) on the Site. Such information can also be used to authenticate your identity, the identity of your business, the identity of key individuals responsible for the conduct of your business, and the identity of individuals authorised to act on your behalf. We also have the ongoing right to undertake additional checks on you, your business, directors and shareholders for as long as you remain a Financee (Debtor) on the Site.

Exceptions

We do not require your consent to search for or obtain any information in relation to you which:

  • is in the public domain and was or becomes publicly available through no fault of Raqamyah;
  • Raqamyah can show that was in its possession prior to searching or obtaining such information;
  • is required by applicable law or requested by a competent regulatory or judicial authority; or
  • is information required to be disclosed pursuant to the lawful order of any competent regulatory authority or court order but in such event only to the extent required.

Sharing of Financee (Debtor) Information and Consent

Once we have obtained all information which we deem necessary to determine whether you shall qualify as an Eligible Financee (Debtor) pursuant to clause 4.1 of these Financee (Debtor) Terms and Conditions and once you have registered on the Raqamyah Platform as a Financee (Debtor), it is hereby agreed that, we have your express consent to (i) publish such information on our Website, (ii) share such information with Financers, (iii) share such information with SIMAH Credit Bureau and Bayan Credit Bureau or any other relevant credit reference agency, (iv) share such information with external collection agencies, (v) share such information with third party guarantors and (iv) disclose such information as required by any competent regulatory authority as necessary to carry out our services under the Site.

You agree and acknowledge that other than by registering on the Raqamyah Platform as a Financee (Debtor) and carrying out the procedures in clause 5.1 above, we do not require any further consent from you in any manner to publish, share or disclose your information as set out in clause 5.1 above.

We do not require your consent to publish, share or disclose your information in relation to you which:

  • is required by applicable law or requested by a competent regulatory or judicial authority; or
  • is information required to be disclosed pursuant to the lawful order of any competent regulatory authority or court order but in such event only to the extent required.

Creating a Financee (Debtor) Account

If you have satisfied the Eligibility Criteria in clause 2 and we are satisfied after carrying out the necessary checks and searches in clause 4, we shall activate your Financee (Debtor) Account.

You agree and acknowledge that we have absolute discretion whether to accept or reject your application to become a Financee (Debtor) even if you have satisfied the above.

You agree and warrant that for as long as you are a Financee (Debtor) on this Site and when you create a Financee (Debtor) Account that you shall:

  • meet and shall continue to satisfy the Financee (Debtor) Eligibility Criteria;
  • ensure all information provided to us is true and up to date and complete and is not misleading;
  • not omit to disclose any information to us which is relevant to your application for credit;
  • ensure that no unauthorised person can access or use your Financee (Debtor) Account;
  • have the capacity and authority to enter into a Murabaha Agreement with us;
  • represent that all hard copy documents of the Murabaha Agreement and any security agreement that you shall enter into in connection with such Murabaha Agreement shall be duly executed by you or your duly authorised representative;
  • ensure all persons acting on your behalf in any manner in connection with your role as Financee (Debtor) is duly authorised;
  • be fully responsible to repay all financed amounts, together with all applicable profit, fees and charges; and
  • be and remain properly authorised to transfer money in and out of your Financee (Debtor) Account.

When you create your Financee (Debtor) Account you shall be requested to provide a username and a password and certain other security information. You shall need these to access restricted parts of the Site and these security details are non-transferable.

You shall keep your username, password and security information confidential and secure; you are not permitted to transfer your Financee (Debtor) Account to another person or permit another Person to use your Financee (Debtor) Account, other than a duly authorised representative who must also have a copy of these Financee (Debtor) Terms and Conditions and comply with these Financee (Debtor) Terms and Conditions at all times. You have to notify us immediately if you have reason to believe or suspect that an authorised person is using your Financee (Debtor) Account of you suspect that the security of your Financee (Debtor) Account has been or may be breached.

We are permitted to (i) decline to act on your instructions or (ii) suspend your Financee (Debtor) Account for such period as we see fit acting in our sole discretion, if we suspect illegal or fraudulent activity in relation to your Financee (Debtor) Account or unauthorised use of your Financee (Debtor) Account.

Appointment of Collection Agent

You agree and acknowledge that we may appoint a third party Collection Agent on behalf of the Financer(s) which have provided you with a Murabaha Agreement and such Collection Agent shall be entitled to pursue you (directly or indirectly) for collection of amounts due and owing to the Financer(s) in the event of a default of any of your repayment obligations under the Murabaha Agreement. Such Collection Agent shall be entitled to take any and all actions as permissible under applicable law.

Exclusion of Liability and Indemnity

Raqamyah makes no representation and gives no warranty as to our ability to obtain funding for you or that funding shall be available, and we shall not be liable if any Financer fails to provide you with funding on this Site.

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 Financee (Debtor) Terms and Conditions or any Murabaha Agreement and/or any third party claims arising out of any breach by you of these Financee (Debtor) Terms and Conditions or any Murabaha Agreement or any failure to comply with applicable law. This Clause 8 shall survive the termination or expiry of these Financee (Debtor) Terms and Conditions for any reason whatsoever.

Miscellaneous

If any provision of these Financee (Debtor) 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.

Our rights under these Financee (Debtor) Terms and Conditions are cumulative and not exclusive of any further rights and remedies that are provided under applicable law. Delay in the exercise of any of our rights granted to us under these Financee (Debtor) Terms and Conditions or under applicable law, shall not operate as a waiver of that right.

We are permitted to assign or transfer all or part of our respective rights and obligations under these Financee (Debtor) 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 Financee (Debtor) Terms and Conditions.

These Financee (Debtor) Terms and Conditions are governed by Saudi law and shall be subject to the jurisdiction of the competent Saudi Arabian courts.

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