1. Definitions
| No: 43076917 | Date(g): 5/4/2022 | Date(h): 4/9/1443 | Status: In-Force |
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Effective from Jul 01 2022 - Jun 30 2022
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The terms and phrases listed below, whenever used in these instructions, shall have the meanings specified beside each, unless the context requires otherwise:
Central Bank: Saudi Central Bank (SAMA).
Instructions: Instructions for Handling Promissory Notes.
Financing Entity: Banks, financial institutions, and financing companies under the supervision and regulation of SAMA.
Client: An individual or legal entity receiving a financing product from a financing entity.
Default: The failure of the client to pay the agreed-upon monthly installments in the financing contract for three consecutive months, or for more than five separate months throughout the financing period, or as stipulated in the financing contract for non-monthly payments.
Third Party: An entity contracted to perform services on behalf of the financing entity that were previously carried out by the financing entity or to provide a new service intended for implementation. This may be a unit within the financing entity, an affiliated company, or an independent company.
Documented Communication: A recorded means of communication that can be verified and retrieved in written or electronic form.