The following terms and phrases—wherever mentioned in these regulations—shall have the meanings specified next to each of them, unless the context requires otherwise:

Financing Entity: Banks, commercial banks, and financing companies subject to the supervision of SAMA, as well as government financing entities such as banks and funds affiliated with the National Development Fund.

Financing: Credit granted to the customer by the financing entity.

Customer: A natural person who has obtained a financing product from a financing entity.

Standing Payment Order in Favor of the Financing Entity: A service provided by banks through which regular financial transfers are made from the customer's account to the financing entity’s account for a specified period and amount to repay the financing.

Reliable Means of Communication: A registered means of communication that can be verified and retrieved in written or electronic form.

These regulations aim to establish the minimum provisions that must be adhered to regarding the standing payment order in favor of financing entities, promote and protect competition between financing entities, support the availability of financing options for customers, and contribute to reducing the risks of default in repayments.

These regulations apply to all financing products, without prejudice to the Responsible Lending Principles for Individual Customers and the Debt Collection Regulations and Procedures for Individual Customers, as well as other related laws and instructions.