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2.7.4 Cooling off period

No: م أ ق/15631 Date(g): 2/5/2012 | Date(h): 11/6/1433 Status: In-Force

Effective from Jan 31 2025 - Jan 30 2025
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The contracting entity (an individual or a juristic person or government entity) shall be entitled to a cooling-off period of 14 days, during which they may terminate the initial contract without any penalties.

a)
 		 The issuer can start the provision of services during the cooling-off period provided the contracting entity (an individual or a juristic person or government entity) agrees to such and the full verification where appropriate has been completed. Agreement during the cooling-off period is deemed granted when contracting entity (an individual or a juristic person or government entity) activates the payment device. Such agreement may not restrict the contracting entity's (an individual or a juristic person or government entity) right to cancel within the 14 day period;
b)
 		 If the contracting entity (an individual or a juristic person or government entity) terminates the contract during the cooling-off period, the contracting entity (an individual or a juristic person or government entity) will be entitled to a full refund of any unused balance (the difference between any loads and spend, and between withdrawals or fees charged to the prepaid payment service account).