A. Definitions
| No: 43033273 | Date(g): 18/11/2021 | Date(h): 13/4/1443 | Status: In-Force |
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Effective from 2021-11-18 - Nov 17 2021
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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."