This Agreement provides the terms and conditions that regulate the contractual relationship between the user or the subscription applicant and the Money Loop Platform, to provide legally binding guidelines and conditions regarding the services provided to you by the Money Loop Company, which is a company established in accordance with the laws of Saudi Arabia and licensed by the Saudi Central Bank to test its innovative products in the sandbox environment. The Company has the capabilities that allow it to open accounts and provide services and products in the field of financial technology according to the regulations and instructions issued by the Saudi Central Bank. These terms and conditions govern your relationship with the Company and the services provided and your use of the Money Loop application, whether on the mobile phone or any other electronic device or the Money Loop website. These terms and conditions aim to enable the subscription applicant to benefit from the services and products provided on the Platform, on the highest standards of privacy in accordance with the regulations in the Kingdom of Saudi Arabia and the contents of this Agreement.
With your agreement, you acknowledge that you have read, understood, and accepted these terms and conditions, as well as any modifications, additions, or deletions that may occur. These terms and conditions become effective immediately upon the user’s signing up on the Platform or the specified service. The user is considered to have agreed to and is bound by these terms and must adhere to them in all future interactions and uses of the service or Platform.
2.1 Money Loop Co.: A limited liability company established in the Kingdom of Saudi Arabic in accordance with the Saudi Companies Law.
2.2 Money Loop: A Platform licensed by the Saudi Central Bank (SIMAH), affiliated to the Money Loop Company, that manages and supervises savings associations, to enable the subscriber to join the financial associations offered on the Platform, referred to as (the Platform).
2.3 Association: An association established by the Platform consisting of several natural persons, committed to an equal monthly financial commitment for a limited period of time, and aims to collect amounts from all its subscribers, so that each subscriber receives according to the month specified for him by the Platform upon subscription in the value of the total amounts paid from the rest of the subscribers.
2.4 SANDBOX: The legislative sandbox designed by the Saudi Central Bank that aims to measure and understand the impact of new technologies on the financial services market.
2.5 User: The natural person who owns the personal account on the Platform.
2.6 Subscriber: The user who has paid the subscription fees in the association to which he is affiliated after being accepted.
2.7 Approved Calendar: Gregorian calendar.
2.8 Month: The full Gregorian month, i.e. the number of days, for example: January (31 days) and February (28) days.
2.9 Monthly Installment: The monthly amount paid by the association members throughout its duration.
2.10 Fees: The amounts charged by the Platform to subscribers for accessing the Platform’s services, such as administrative fees for joining an association.
2.11 Charges: The amounts taken from the customer in the event of violating the conditions contained in the terms and conditions, which are amounts disbursed to an office or law firm that pleads to recover the amounts paid by the Platform to him.
2.12 Nafith: An electronic Platform under the supervision of the Ministry of Justice that enables you to issue and manage writs of execution with ease and security.
2.13 “SIMAH”: Saudi Credit Bureau Company.
3.1 The working mechanism and role of the Platform are as follows:
3.1.1 Coordination and supervision of associations in accordance with the Company’s policy.
3.1.2 Studying applications submitted for joining associations and considering the eligibility of applicants to ensure safety from the failure of subscribers.
3.1.3 Managing associations on the Platform and confirming the commitment of the subscribers to the association.
3.1.4 Collecting the amounts from the subscribers of the association and redistributing them according to the order in which the Platform does before the beginning of each association.
3.1.5 Authorizing an office or law firm to collect the amounts of defaulters to ensure the functioning of the association.
3.2 Steps of Joining the Association shall be as follows:
3.2.1 Registering the user on the Platform to check the credit score and verify the applicant’s eligibility.
3.2.2 Receiving and examining subscription applications from subscribers.
3.2.3 The Money Loop Platform reserves the right to exclude the customer from the association at its discretion, according to the types of associations or the provisions of the terms and conditions policy. Exclusions include, but are not limited to:
3.2.3.1 The income level is not commensurate with the amount of the monthly payment and the role of receipt or with the nature of the service or product provided.
4.1 When the user requests to subscribe in associations, he must meet all the following conditions:
4.1.1 The subscription applicant must meet the legal and financial capacity and complete all the required data as a user.
4.1.2 For non-Saudis, check through (Association Types Section) that the association or service accepts non-Saudi members before registering. This means that you must read the terms and conditions carefully to ensure that there are no restrictions that prevent non-Saudis from joining or benefiting from the service.
4.1.3 The user who is requesting the subscription must be the real beneficiary of the service and product on the Platform, and it is not permissible to use another person’s account in any way.
4.1.4 The subscription applicant’s age should be at least 18 years old.
4.1.5 Approval of the issuance of an electronic promissory note through the Nafith Platform in the name of the Company with the total amount of the association and it will be canceled after the end of the association or if the association does not start for any reason.
4.1.6 Approval to provide and enable the Platform to assess the credit score, including, for example: the absence of financial delinquencies recorded with SIMAH, and reviewing the employment history through GOSI.
4.1.7 The subscription applicant or subscriber should not join another association on the Platform until the end of the active association.
4.1.8 There should be a fixed monthly income.
4.2 In the event of a disruption, loss or disappearance of one of the conditions referred to in item (4/1) during the period of the subscriber’s subscription in the association, the subscriber is immediately obligated to inform the Platform and is not entitled to benefit from the financial allocations if it is his turn, and the Platform responds to the subscriber within five working days, whether he continues or not. In the event that the Platform does not respond within the period referred to, this means that the Platform does not accept the continuation of the subscriber.
4.3 If the Platform responds with a rejection due to not meeting one of the conditions or after the specified period has elapsed, the Platform is obligated to refund the amounts paid during the subscription period, excluding any paid fees and charges, if any.
4.4 By applying to Money Loop, customers give their full consent and authorization to “Money Loop Co.” to request customer data from any financial agency, institution or consumer reporting agency to access financial registers or other financial information such as salary, to investigate or determine the eligibility of customers to use “Money Loop” services and products.
4.5 Commitment not to harass or mistreat – practice any behavior or utter any word that may be considered insulting or inappropriate towards others – or distort, slander, belittling, threatening or practicing discrimination or racial discrimination towards any user, member of the association, employee of the Company or any other user.
4.6 Not to publish or promote misleading or false information or attempt to distort the facts or present information in an inaccurate or incomplete way that makes readers make wrong decisions or understand events incorrectly.
5.1 The subscriber is obligated to comply with all the terms outlined in Section (4.1).
5.2 The subscriber is obligated to pay the monthly installments on the due date according to the type and duration of the association, and the payment shall be on the twenty-eighth (28th) day of each Gregorian month for the monthly installments.
5.3 The subscriber acknowledges the authenticity of the personal data uploaded to the Platform and agrees to bear all legal responsibility and consequences related thereto.
5.4 The subscriber is required to promptly provide any additional data or information requested by the Platform for the purposes of the terms and conditions. If the subscriber fails to respond, the Platform has the right to suspend the subscription, and the subscriber will bear all resulting legal and financial consequences.
5.5 The subscriber agrees to accept any modifications or updates to the terms and conditions to ensure continued subscription in the association. If the subscriber does not agree to these changes, the Platform reserves the right to suspend or terminate the subscription.
5.6 The subscriber acknowledges that he is the real beneficiary of the account and the products and services provided on the Platform.
5.7 The customer shall notify the Platform immediately through communication channels in case of any suspected unusual activity in their account.
5.8 The user/ subscriber acknowledges not to use the Platform for any illegal or defamatory purpose or any harm to the Platform or third parties.
5.9 The subscriber is obligated to enable the Platform to verify the credit history or register, through the Saudi Credit Bureau (SIMAH), and the credit score will have an impact on the receiving role of each subscriber.
5.10 Subscribers acknowledge that they have authorized the Platform to carry out the judicial claim of the defaulting subscriber, and the Platform has the right to authorize third parties including law firms and companies.
5.11 The Customer acknowledges his responsibility for the funds paid in his account with Money Loop or deposited or transferred to him, and he must inform the official authorities of any suspicious deposit or transfer or is not entitled to him immediately upon becoming aware of it, whether the deposited funds were made with or without his knowledge, and he acknowledges that these funds generated from legitimate and legal activities.
5.12 The customer acknowledges and undertakes that there are no legal or regulatory restrictions preventing him from dealing with Money Loop or opening an account with Money Loop. The customer also ensures that all data and documents provided to Money Loop are correct and properly documented. In addition, the customer acknowledges that he has fully read and understood all the terms, conditions and provisions of this Agreement.
5.13 The user is responsible for immediately correcting their data if it changes or if it was entered incorrectly or incompletely.
Money Loop is divided into three associations: 1. The Quick Pay-Out Loop, 2. The Late Pay-Out Loop, 3. The Flexible Loop.
7. The Quick Pay-Out Association is an association in which the subscriber receives the amount of the association in the first turn – that is he is the first one who receives the amount of the association among the members – on the date specified for him.
7.1 The member is committed to paying the monthly installments on their due dates, with payments being made on the twenty-eighth (28th) day of each Gregorian month.
7.2 The association amount will be received on the specified date for the subscriber.
7.3 The subscriber cannot modify the association amount, the number of months, or the specified receipt date after subscribing.
7.4 The Quick Pay-Out Loop Association is not available to non-Saudis.
7.5 The subscriber in the Quick Pay-Out Loop Association must be an employee.
7.6 The subscriber must be at least 18 years old and must meet the legal and financial capacity.
7.7 An electronic promissory note will be sent before subscribing to the association, including the remaining installments plus judicial and legal fees in case of default. The note will be canceled if the association expires or does not start for any reason, to ensure the association’s stability.
7.7.1 To subscribe to the association, the electronic promissory note must be agreed upon.
7.8 Fees are calculated before joining the Association based on the monthly installment and the number of months.
7.9 The provisions mentioned in Article 13 (Defaults and Claims) will be applied in the event of a default.
8. The Late Pay-Out Loop Association is an association in which the subscriber receives the amount of the association in the last round, with obtaining a financial reward.
8.1 The Late Pay-Out Loop Association has no fees, and the subscriber receives an additional bonus along with the association’s amount.
8.2 The Late Pay-Out Loop Association is available to non-Saudis.
8.3 The subscriber in The Late Pay-Out Loop Association is not required to be an employee.
8.4 The subscriber shall pay the monthly installments on time, and the payment shall be on the twenty-eighth (28) day of each Gregorian month.
8.5 The subscriber must be at least 18 years old and must meet the legal and financial capacity.
8.6 The subscriber receives the amount of the association on the date specified for him, even if all payments have been paid.
8.7 The subscriber cannot modify the association type, amount, the number of months, or the specified receipt date after subscribing.
8.8 The amount of the association will not be transferred if you have defaulted payments.
8.9 The provisions mentioned in Article 13 (Defaults and Claims) will be applied in the event of a default.
9. The Flexible Loop Association grants the subscriber the freedom to choose the month of receipt, and the amount of the association based on available turns and associations.
9.1 The subscriber shall pay the monthly installments on time, and the payment shall be on the twenty-eighth (28) day of each Gregorian month.
9.2 The Flexible Loop Association is not available to non-Saudis.
9.3 The subscriber in The Flexible Loop Association is not required to be an employee.
9.4 The subscriber must be at least 18 years old and must meet the legal and financial capacity.
9.5 The subscriber cannot amend the amount of the association, the number of months, or the date specified for receipt after subscribing thereto.
9.6 An electronic promissory note will be sent before subscribing to the association, including the remaining installments plus judicial and legal fees in case of default. The note will be canceled if the association expires or does not start for any reason, to ensure the association’s stability.
9.6.1 To subscribe to the association, the electronic promissory note must be agreed upon.
9.7 Fees are calculated before joining the Association based on the monthly installment and the number of months.
9.8 The provisions mentioned in Article 13 (Defaults and Claims) will be applied in the event of a default.
9.9 The amount of the association will not be transferred if you have defaulted payments.
10. This wording provides a comprehensive and concise overview of the types of associations and their different conditions, allowing for an understanding of the differences between them. With your agreement, you acknowledge that you have read the terms and conditions, understand their content, agree to what is stated in them and any amendments, additions, or deletions made, and confirm the authenticity of your personal information.
The subscriber acknowledges that he is fully aware that the Platform is licensed by the Saudi Central Bank to test its products and services within the legislative pilot program (Sandbox), which aims to be part of the experience of testing products and services of the Platform, while confirming the Platform’s commitment to all its responsibilities and obligations that it provided to the user or the subscriber.
12. Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT):
12.1 The Platform develops clear procedures for all its employees regarding AML and CFT to ensure compliance and prevent the use of individual accounts for illegal purposes that may be related to money laundering or terrorism financing. The Platform’s controls are derived from regulations and instructions issued by the Saudi Central Bank, for the purpose of verifying that there are no suspicions related to money laundering or terrorism financing activities.
12.2 The subscriber shall cooperate and disclose any suspicions in this regard and must use their account personally; and they are not allowed to subscribe on behalf of third parties. If it is proven that they do not comply therewith, they may be held accountable by the responsible authorities.
13. Defaults and Claims:
13.1 If the subscriber fails to pay the due monthly installment, the Platform has the right to notify the subscriber via email or text messages to make the payment within 60 days, starting from the first month of the subscriber’s default.
13.2 If the period mentioned in the previous paragraph ends and the subscriber’s default in making monthly installment payments continues, the Platform will appoint a law firm or company to collect the outstanding amounts from the subscriber using the available legal means.
13.3 The Platform has the right to list the defaulting subscriber in the Saudi Credit Bureau (SIMAH).
13.4 In addition to settling the overdue amounts, the defaulting subscriber shall pay legal fees, court costs, or any other imposed government or judicial charges.
14. Withdrawals:
14.1 The subscriber has the right to withdraw with the possibility of refunding the administrative fees and the monthly installment, within 48 hours of the start of joining the association.
14.2 The subscriber has the right to withdraw from the association and refund the monthly installments after 48 hours from the start of the association, without refund of administrative fees.
14.3 Administrative fees and monthly installments of the withdrawing subscriber shall be refunded, without prejudice to the provisions of this clause, within 14 working days.
15. Disclaimer of Platform:
15.1 The App shall be provided on as-is basis, the website or the materials on the App or any product or service obtained through the App shall be as-is basis, without warranties of any kind, either express or implied to the fullest extent permitted in accordance with the applicable law in KSA.
15.2 The use of the site shall be at the user’s/subscriber’s own risk, and the Platform will not be held responsible to the user/subscriber or any other party for any of the following:
15.2.1 Service on the site is delayed or disrupted, regardless of how this occurs, and for any damages incurred as a result.
15.2.2 Any direct, indirect, incidental, consequential, special, punitive, foreseeable or other damages resulting from the use of the website or its contents.
15.2.3 Losses, compensation, liabilities, claims or expenses, including statutory fees and costs, whether direct, indirect, actual, consequential or foreseeable, arising out of your use of the website or its contents in any matter regardless of the cause.
15.2.4 Any loss or damage caused by any reason beyond the control of the Platform, whether directly or indirectly.
15.2.5 All provisions of the exemption from liability as set forth in these Terms shall apply to the extent permitted by applicable law.
The Platform has the right to transfer, assign, subcontract, or deal in any other manner with all or any of its rights or obligations under this Agreement without notifying or obtaining the consent of the user or subscriber.
17. Preserving Confidentiality:
17.1 Neither party to the Agreement may disclose any confidential information or communicate it to any person except to professional advisors or their representatives, or if requested by any competent court, or to any regulatory, or supervisory authority.
17.2 Confidential information includes all information available in any form, whether visual, verbal, or electronic, that pertains to the Platform or the subscriber and that is provided or disclosed through the Platform or to its employees concerning the use of the Platform.
17.3 The customer undertakes to preserve the confidentiality of all his data in Money Loop, including login data, passwords and user identities for electronic services and others, and the customer bears any responsibilities, consequences or losses arising as a result of his disclosure or failure to preserve such data and information.
18. Fees:
The Platform conducts the financial efficiency study of subscribers, verifies that the requirements apply to them, and follows up on all associations on the Platform to verify their progress to the fullest.
The administrative fees shall be assumed by the customer based on certain criteria through which the fees that the subscriber must pay to be able to join the association are issued, for example: the turn of the subscriber in the association, the integrity of the credit register.
While the Platform reserves the right to claim any compensation, the Platform may cancel, terminate, or suspend this Agreement and the subscriber’s subscription in any of the following cases:
19.1 If the user violates the provisions of this Agreement.
19.2 If the Platform is conclusively or likely aware that the user is exposed to illegal or irregular credit or fraudulent risks.
19.3 If the Platform finds that the user has provided misleading, incomplete or incorrect data or the user is involved in fraud or illegal behavior.
19.4 If the Platform suspects unauthorized or fraudulent activity of the account or payment data.
19.5 The Platform may seize the current funds in the customer’s account on the Platform in accordance with regulations, by court ruling, or at the request of a government agency or executive authority. Additionally, the Platform may restrict the user’s access to their personal account during any investigations or settlements of outstanding disputes.
19.6 If the subscriber fails to pay (two) installments or monthly subscriptions for 60 days from the last due installment, whichever comes first.
19.7 If “Money Loop” has reason to believe that the account of the customer used to obtain the services of the “Money Loop” Platform is being used contrary to what has been disclosed, or in unauthorized ways, or in case of suspicion or belief that the account is being used for irregular or illegal activities or in violation of this Agreement.
19.8 In the event that any specialized regulatory or governmental entity or other similar authority initiates an investigation, regulatory or executive actions against a Money Loop customer or any other act that Money Loop believes may damage the corporate image of “Money Loop Co.”, in which case “Money Loop” may take measures to protect its corporate image in light of investigations or actions that could adversely affect it.
19.8.1 “Money Loop” cooperates fully with official agencies and competent authorities and responds to the legal requirements applicable within the legal and regulatory context of its field of work.
19.9 In case the customer does not comply with the terms or instructions related to the use of “Money Loop” services, including the provisions and terms of use.
20.1 The deceased subscriber who is still associated with the Platform shall be treated as follows:
20.1.1 In the event that the deceased subscriber has paid several installments, but did not receive his share from the association, his name will be excluded from the list of subscribers of the association and his share will be returned to the heirs of the deceased according to the determination deed of heirs and a valid POA, while returning the amount paid without deducting therefrom, except for administrative fees on the Platform, and only the Platform has the right to restructure the association to ensure its continuity as required.
20.1.2 In case the deceased person has paid their installments and received their share from the association, their name will be removed from the list of association members, and the remaining payments will be waived. The Company will cover these payments to ensure the service continues for all members without any impact.
21. Severability:
If any provision or clause of this Agreement becomes unenforceable, illegal, or invalid in any way, the unenforceability, illegality, or invalidity of that part shall not affect any of the other provisions of this Agreement or the application of that clause. For this purpose, the provisions of this Agreement are treated separately, and if the unenforceable, illegal, or invalid clause affects the execution of this Agreement, the clause shall be reformulated in a manner consistent with the purpose of executing this Agreement.
22.1 Arabic language shall be the original language for using the Platform.
22.2 No partial exercise, non-exercise or delay in exercising any right or compensation shall constitute a waiver by us of the remaining rights and compensations under this Agreement.
22.3 These provisions and clauses, and any non-contractual obligations arising from or relating to them, shall be subject to the regulations of KSA, and in the event of a dispute, Allah forbid, the jurisdiction shall be in the courts of KSA and territorial jurisdiction in the city of Riyadh.
22.4 The Company alone is competent to interpret any text or clause in the event that it is not clear.
22.5 The trademarks and software belong to the Money Loop Company and all materials and information are protected by Saudi regulations.
22.6 This document has been prepared in the Arabic and the English languages, each of which shall be treated as an original. In the event of a conflict between the Arabic and the English text, the Arabic text shall prevail.
23. The Customer acknowledges that he has read, understood and agreed to the terms and conditions of the Agreement, and that he must abide by them in all dealings performed with “Money Loop”, including accounts, savings associations and other services provided by the Company.
Compliance with the terms and conditions also includes all forms, documents, requests and appendices that are agreed upon between the customer and “Money Loop”, which are related to the account or savings association, and that the Platform may inquire about the customer from information providers such as but not limited to, SIMAH and GOSI and what was mentioned in this Agreement. In addition, the customer confirms the validity of all data mentioned in the Agreement and acknowledges that the data processed within the framework of the services of “Money Loop” is correct.
1. Privacy Policy for User or Subscriber Data:
Money Loop Co. respects the privacy of users and pays great attention to protect their personal information. The Privacy Policy explains how to deal with the information provided by the user and ensures the protection and integrity of such information. It also sets out the obligations of users and the Platform towards this information.
Money Loop Platform is committed to exert maximum efforts to maintain the confidentiality and integrity of user’s information. This Policy applies to all information collected through the Money Loop app or website. We recommend that you should read this Policy carefully as it explains how we protect your personal information and how we use it.
1.1 Data Collected and Saved by the Platform:
The Platform collects more than one type of data as follows:
1.1.1 Data provided directly by the subscriber:
1.1.1.1 Personal information, including but not limited to identity (your full name, date of birth, ID number, date …)
1.1.1.2 The subscriber’s contact details.
1.1.1.3 Subscriber’s account information on the Platform (username and password)
1.1.1.4 Subscriber’s bank account information.
1.1.1.5 Work information for example: Job Title, Employer, Number of Work Years for the last employer of the subscriber.
1.1.1.6 Credit Score information for the customer registered with the Saudi Credit Bureau (SIMAH).
1.1.1.7 Financial transactions that are currently or in progress, such as payments and transfers conducted through the Platform, to provide an accurate register of transactions performed through the Platform.
1.1.1.8 Financial transactions that have been successfully completed, such as purchases carried out or transfers achieved, to provide an accurate register of transactions performed through the Platform.
1.1.2 Data collected automatically when using the Platform’s website or application, including, but not limited to:
1.1.2.1 Information of the device from which the Platform is used, model and manufacturer.
1.1.2.2 The way through which you browse the Platform.
1.1.2.3 The duration of your browsing on the pages and your visits to the Platform.
1.1.2.4 Other information that helps in developing the Platform and providing better services to subscribers.
1.2 The Platform is committed to exerting the utmost efforts to maintain the confidentiality and integrity of user’s information.
1.3 Members shall commit not to disclose any information of a confidential nature, and shall take all necessary precautionary measures to ensure that such information is not disclosed.
1.4 The Platform uses the information collected for various purposes, including, but not limited to:
1.4.1 Improving User Experience: Information helps in understanding how you use the Platform and providing a more relevant and effective experience for the parties.
1.4.2 User Identity Authentication: The information is used to verify the user’s identity to ensure security and reliability.
1.4.3 Development of Products and Services: The Platform utilizes information to develop and improve the offered products and services, in accordance with the needs and preferences of users.
1.5 In the event of any suspicious activity or exposure to an incident related to information security, please inform us immediately through the (Contact Us) option in the application or the Platform’s website.
1.6 Money Loop retains personal data as long as it is necessary to provide the service requested or agreed by the user.
1.7 These policies become effective immediately upon the user’s signing up on the Platform or the specified service. The user is considered to have agreed to and committed to these policies and must adhere to them in all future interactions and uses of the service or Platform.
2. Disclosure of Data:
2.1 The Platform is committed not to share or disclose user or subscriber data with any person or third party. In other words, the Platform will keep user’s data in confidence and will not provide it to any third party without permission or legal reason justifying it.
2.2 The Platform is committed not to sell or trade the data of the user or subscriber in any way.
2.3 The Platform may share some data with its partners or third parties for statistical and research purposes, but this data is processed in a way that does not allow the identification of the user or subscriber; i.e. the data is presented in an aggregated or processed form so that it cannot be used to identify individuals. This measure is performed in accordance with the regulations and laws applicable in Kingdom of Saudi Arabia.
2.4 The Platform may disclose the personal data of users or subscribers in cases such as:
2.4.1 In response to judicial or executive authorities: If an official entity such as a court or a specific executive authority requests submission of data.
2.4.2 To the Saudi Central Bank: If there is a request or need for disclosure to the Saudi Central Bank.
2.4.3 To Implement the Terms and Conditions: If it is necessary that the data should be disclosed to implement the stipulated terms and conditions.
2.4.4 In Compliance with the Laws and Regulations: If disclosure is required by the applicable laws and regulations in Saudi Arabia
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