Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Effective from Dec 01 2021 - Nov 30 2021 To view other versions open the versions tab on the right
1-
The Debt-Based Crowdfunding Company shall not grant financing for consumer purposes. The targeted beneficiaries shall be legal persons from micro, small and medium-sized enterprises only.
2-
The total amount of credit granted to each Institutional Beneficiary shall not exceed SAR 7,500,000 (seven million five hundred thousand Saudi riyals).
3-
The Participant's contribution shall not exceed 25% of the Finance Amount requested, with the total amount of contribution capped at SAR 50,000 (fifty thousand Saudi riyals) for each Institutional Beneficiary and SAR 200,000 (two hundred thousand Saudi riyals) annually for all finance options offered through the Debt-Based Crowdfunding Platform. Eligible Participants shall be excluded.
4-
The fund-raising period for each Institutional Beneficiary shall not exceed 60 days, provided that the funds are transferred to the Institutional Beneficiary within a period not exceeding five working days after the Finance Amount is completed. In the event that the requested Finance Amount is not covered during the fund-raising period, the finance campaign shall be void, and Participants shall be refunded within 15 days after the end of the fund-raising period.
5-
Participants shall be given at least two days to withdraw from participation.
6-
Repayment period shall not exceed 60 months. The Debt-Based Crowdfunding Company may extend this period upon the approval of the Participants.
7-
Repayment shall be made through electronic channels, but not in cash.
8-
The funds in the collection account shall not be used for other purposes. The collection account shall be in the name of the Participants by signing the necessary agreements with any of the licensed banks.
