Terms & Conditions

JAK AlMUQADDIMAH FINANCING COMPANY “Sakhi”

TERMS AND CONDITIONS

These Terms and Conditions (“Terms”) have been drafted to provide clear guidance and legally binding terms regarding services provided to the customer by Jak Almuqaddimah Company hereinafter referred as Trademark “Sakhi”, as per commercial registration no.1010951858  , national unified no.7037306649 , duly licensed and authorized by the Saudi Central Bank licence no. Not granted yet, using the brand name (“Jak  Almuqaddimah”).

These Terms govern the use of the SAKHI Application (“SAKHI Application”), the SAKHI Website and the customer’s relationship with the Company as well as any other services that are made available through using SAKHI Application from time to time (the “Services”). This agreement is available both in Arabic and English.

These Terms are being presented to the customer’s review and acceptance before granting consent for the completion of the onboarding and registration process (hereinafter referred to as “Registration”). Registration is a prerequisite for using SAKHI Application, SAKHI Site, and Services. Registration requires the Company to undertake “Know Your Customer” procedures (hereinafter referred to as “KYC”) to verify the customer’s status as an authorized user of the Services when accepting these conditions.

Please read these Terms carefully before the completion of Registration, as the Terms affect your rights and liabilities under the laws of the Kingdom of Saudi Arabia. If you do not agree to these Terms, please refrain from using the SAKHI Site or the SAKHI Application.

By registering for SAKHI Application Services, you acknowledge that you have read, understood, and agree to be bound by these Terms.

Definitions

Unless the context otherwise requires, the following terms have the following meanings:

“Account” means the electronic account the Customer opens with the SAKHI Application for the use of the Services after registering and accepting the terms and conditions provided by SAKHI.

“Customer” refers to any person, 18-years or older, who has registered for SAKHI Application Services and has accepted its Terms and Conditions as reflected in this agreement.

“Credentials” means the Customer’s username and PIN code used to access the SAKHI Application.

“SAMA” means the Saudi Central Bank.

“SIMAH” means the Saudi Credit Bureau.

“Charges” means the service charges imposed by SAKHI on different Services offered on the SAKHI Application.

“Credit” is the balance of approved finance available in the Account.

“Customer Care Centre” means the customer care service which Customers may access during working hours to report any technical problems experienced through using SAKHI Application or Service through available channels and which allows SAKHI Financing Company to respond to such problems or address any other Customer inquiries.

“Financing” refers to the financing service offered to SAKHI Customers on a case-by-case basis. SAKHI’s determination of the Customer’s eligibility to receive financing will be at SAKHI’s sole discretion and in accordance with SAKHI’s defined qualification criteria and procedures.

“KYC” refers to the “Know-Your-Customer” process and to the personal identification details of a customer, which is authenticated as per SAMA and other government entity requirements.

“Participating Retailers” means the online and physical retailers in KSA that offer the SAKHI financing service for purchase of assets including goods.

“Money Laundering” refers to all activities prohibited in accordance with the KSA’s Anti-Money Laundering laws and rulings.

“Partner Bank” means the bank holding the SAKHI Bank Account.

“PIN Code” means the 6-digit personal identification number selected by the Customer to secure their Account.

“Registration” means the registration process which the Customer must complete to be able to use the SAKHI Service.

“SAR” means Saudi Arabian Riyals.

“SAKHI Application” is an electronic platform offered by SAKHI Financing Company, through which the registered Customer can obtain financing and manage repayments through various money transfer channels within the boundaries of the KSA, and according to SAKHI license issued by SAMA.

“SAKHI Bank Account” means the bank account opened in the Partner Bank to regulate and keep all payments on behalf of the Customers.

“OTP” means the 6-digit security code number, issued to the customer when registering in SAKHI Application via ABSHER to validate the Customer’s data and mobile.

Clarifying note: any references in these Terms to financing do not constitute deposit-taking, and SAKHI does not accept deposits or hold customer funds except as permitted under applicable regulations.

SAKHI Registration and Requirements

Registration to the SAKHI Services can be completed through the Registration process in the SAKHI Application.

Completion of KYC procedures and verification of customer identity in accordance with SAMA regulations is a requirement for registration to SAKHI Services.

The Company reserves the right, at any time, to undertake all relevant steps and procedures necessary to ensure compliance with all relevant and applicable SAMA KYC requirements.

As part of the Registration process, the Customer will be required to complete biometric authentication through the NAFATH platform, using the mobile number registered with the relevant government systems. The biometric authentication must be successfully completed through the SAKHI Application to verify the Customer’s identity and registered mobile number. To activate the Account, the Customer is required to accept these Terms and Conditions and create a personal identification number (PIN) for access to the SAKHI Application. The Customer may change the PIN at any time.

The Customer certifies that all information provided is correct, complete, and accurate.

The Company reserves the right at any time to reject a registration request in the event of any discrepancies or inaccuracies in the information or documentation provided by the Customer.

The Customer is solely responsible for the accuracy of the information provided in the Registration process for the SAKHI Service. If the information provided by the Customer is determined to be incorrect, erroneous, or misleading, SAKHI retains no responsibility and shall not be liable for any consequences that may result from the provision of such incorrect, erroneous, or misleading information.

If the Company discovers that the information provided by the Customer is false, erroneous, or misleading, the Company reserves the right to terminate the Customer’s Account at any time, with or without notice. Termination will be effective immediately or as specified by SAKHI, and will include disabling access to the SAKHI Application.

SAKHI Services Conditions

In the event of loss or failure of the Customer’s registered mobile number, the Customer must inform the Company immediately through the Customer Care Centre to prevent unauthorized use.

By applying for SAKHI Services, Customers grant full consent and authorization for SAKHI to request Customer data from financial agencies, institutions, or consumer reporting agencies to assess eligibility.

Customers grant consent for SAKHI to request KYC information from ABSHER or other institutions to determine identity and legal capacity.

SAKHI shall not disclose personal information except where required by law, regulatory authorities, or with Customer consent.

Suspension and Closure of Account and Services

SAKHI reserves the right to suspend or discontinue Services or to block, restrict, or terminate the Account at its discretion, including but not limited to the following cases:

1. Suspected misuse of the Customer’s mobile phone or PIN Code

2. Regulatory, legal, or governmental investigations

3. Violation of these Terms or applicable regulations

4. Loss or compromise of Credentials

5. Customer request after settlement of liabilities

6. Technical or operational reasons

7. Suspected violations of SAMA regulations

SAKHI shall not be liable for any losses arising from Account suspension or termination.

Service Charges

The Customer shall pay the Charges prescribed by SAKHI in the form and manner specified.

The Account enables Customers to access approved Credit and conduct financing transactions through approved channels.

Security and Unauthorized Usage

Each Account is protected by a PIN Code.

The Customer is solely responsible for safeguarding Credentials and all consequences of unauthorized use.

In case of compromise, the Customer must notify SAKHI immediately.

Customer Obligations

The Customer is responsible for all transactions conducted through the Account.

The Customer shall not use SAKHI Services for unlawful, fraudulent, or prohibited activities.

The Customer shall promptly report any suspected illegal activity.

Data Protection and Confidentiality

SAKHI processes personal data in accordance with the Personal Data Protection Law (PDPL).

Access to Customer data is restricted to authorized personnel.

Customers have the right to access, correct, and request deletion of personal data in accordance with applicable law.

Disclaimer and Indemnity

Services are provided “as is” without warranties to the extent permitted by law.

The Customer agrees to indemnify SAKHI against claims arising from misuse of Services or violation of these Terms.

Changes to Terms and Conditions

SAKHI may amend these Terms with prior notice.

Continued use of Services constitutes acceptance of amended Terms.

Applicable Law and Dispute Resolution

These Terms are governed by the laws of the Kingdom of Saudi Arabia.

Any dispute shall be subject to the exclusive jurisdiction of the competent courts of Riyadh.