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Article 10: Right of Termination or Withdrawal

No: 351000116619 Date(g): 7/7/2014 | Date(h): 10/9/1435 Status: In-Force
  1. The Borrower may, by giving written notice to the Creditor within 10 Calendar Days from the date of execution of a Financing Contract, terminate the Financing Contract, unless
    1. Draw-down of any part of the Amount of Financing has occurred; or
    2. A credit card or other means of obtaining Financing provided to the Borrower by the Creditor has been used to acquire goods or services for which Financing is to be advanced under the Financing Contract.
  2. In the event of termination under Article 10(1), the Creditor may not charge or claim any Term Cost and or fees from the Borrower unless the conditions under Article 10(1)(a) or (b) above have been met.

 

Clarifications in accordance with Circular No.  (381000095091) dated 10/09/1438H.

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