Definitions
| No: 44006639 | Date(g): 23/8/2022 | Date(h): 26/1/1444 | Status: In-Force |
The following terms and phrases, wherever mentioned in this document, shall have the meanings assigned to them unless the context otherwise requires:
| Saudi Arabia | The Kingdom of Saudi Arabia. |
| SAMA | The Saudi Central Bank*. |
| Financial institution | An entity supervised and regulated by SAMA according to the applicable laws. |
| Bank | Any natural or juristic person that is basically practicing any of the banking business in Saudi Arabia and is licensed according to the provisions of the Banking Control Law. |
| Finance company | A joint stock company licensed to engage in finance activities according to the Finance Companies Control Law. |
| Insurance company | A joint stock company conducting insurance and/or reinsurance activities according to the Insurance Companies Control Law. |
| Payments institutions | Payment service providers licensed by SAMA according to the Law of Payments and Payment Services. |
| Remittance service providers | Financial institutions providing remittance services under the license issued by SAMA. |
| Credit and charge card issuers | Financial institutions licensed to issue credit and charge cards in Saudi Arabia. |
| Credit bureaus | Companies licensed to collect and maintain credit information on consumers and provide the same to members upon request according to the Credit Information Law. |
| Credit record | A report issued by a credit bureau containing consumer credit information. |
| Conflict of interest | A situation in which the objectivity and independence of a financial institution or any of its employees is adversely affected during the performance of tasks in pursuit of its own interests or the interests of any of its employees, in a manner that violates justice, fairness, integrity and responsibility to consumers. |
| Consumer | A natural person who is a beneficiary of products and services provided by licensed financial institutions. |
| Complaint | Any expression, written or verbal, entailing dissatisfaction with the provided services, whether such dissatisfaction is justified or not. |
| Complaint resolution | When a financial institution reaches a final outcome regarding the consumer's complaint by following the measures and procedures necessary to settle the complaint fairly and effectively within the specified time period. |
| Inquiries | A consumer’s inquiries about products and services provided by a financial institution. |
| Requests | A consumer’s request to obtain products or services provided by a financial institution. |
| Clearance letter | An official statement issued by the financial institution confirming that the consumer has no financial liabilities related to a product or a service previously obtained by the consumer. |
| Employees | Individuals responsible for providing services and products offered by the financial institution, including all employees, whether directly contracted or outsourced. |
| Error | An act violating the documented policy and work procedures, which has a financial effect and/or a breach of the statutory or regulatory rights of one or more consumers. |
| Outsourcing | An arrangement with a third party that the financial institution contracts with to provide a service on its behalf. |
| Documented channels | A recorded and verifiable contact method that can be retrieved in written or electronic format. |
| Day | Any calendar day including weekends and holidays. |
| Business day | Any calendar day excluding weekends and holidays. |
| Third party | An entity that is assigned an activity to perform on behalf of the financial institution. |
* The Saudi Arabian Monetary Agency was replaced by the name of Saudi Central Bank in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding 26/11/2020AD.