4. Definitions
4.1 Product or Service
A product or service are what the banks offer to their customers within the scope of banking business as defined in the Banking Control Law.
4.2 New Product or Service
A new product or service is one that a bank offers for the first time in Saudi Arabia notwithstanding the fact that a bank, its parent bank, branches or subsidiaries in a foreign jurisdiction may have offered similar product and service outside of Saudi Arabia, or a variation to an existing product offered by bank in Saudi Arabia or a combination of product or service with another existing or new product or service, that results in a material change(1) to the structure, features or risk profile of the existing product or service.
(1) Material changes or modifications may include, for example, significant changes to key terms related to payout, rights and obligations of the counterparties/customers, the changes in nature of assets underlying the product or service, changes result in new or additional risk exposure to the bank or the customer.
4.3 Existing Product or Service
An existing product or service, which a bank had offered, and continue to offer, until the bank decides to discontinue or make material modifications to the product or service.