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Definitions
Date(g): 5/9/2022 | Date(h): 9/2/1444 |
Versions (7 versions) |
Effective from Sep 05 2022 - Sep 04 2022
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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. |
Central Bank | The Saudi Central Bank. |
Financial institution | An entity supervised and regulated by Saudi Central Bank 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 Saudi Central Bank according to the Law of Payments and Payment Services. |
Remittance service providers | Financial institutions providing remittance services under the license issued by Saudi Central Bank. |
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. |