The following terms and phrases, where used in these Rules, shall have the corresponding meanings, unless the context requires otherwise:
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| | i. | SAMA: the Saudi Arabian Monetary Agency. |
| | ii. | Rules: Depositors Protection Fund (DPF) Rules. |
| | iii. | Bank: means any Person practicing any banking business as such term is defined in the Banking Control Law of the Kingdom issued under Royal Decree No. M/5 on 22/2/1386H (11/6/1966). |
| | iv. | Subsidiary: means any legal entity in which a Bank owns or controls more than 50% of the shares or voting rights. |
| | v. | Deposit: means the unpaid balance of the aggregate of moneys received or held by a Bank from or on behalf of a person in the usual course of the business of deposit taking of the Bank and includes:
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| | | a) | a bank draft, cheque or other similar instrument or instruction entered into a payment system notwithstanding any delay or failure or unsettlement by the Bank in crediting the account; |
| | | b) | all forms of deposits including current accounts, savings accounts, time deposits, inheritance accounts, unclaimed accounts, escrow accounts, client accounts, trust accounts, structured deposits, etc. by whatever name called; |
| | | c) | a foreign currency deposit; and/or |
| | | d) | any other deposit or financial instrument as may be specified by SAMA.
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However, the term “Deposit” does not include the following, unless it is otherwise specified by SAMA:
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| | | a) | a deposit that is not payable in Saudi Arabia; |
| | | b) | an inter-bank deposit; |
| | | c) | a negotiable instrument of deposit and any other bearer deposit; |
| | | d) | a repurchase agreement; and |
| | | e) | any other deposit or financial instrument as may be specified by SAMA.
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| | vi. | Eligible Depositor: means any depositor of a Bank, whether a natural or a legal Person, but excludes the following:
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| | | a) | members of the board of directors and senior management of Bank (including its chief executive officer and Key Executives) as well as their Family Members; |
| | | b) | other Banks or financial institutions; |
| | | c) | shareholders holding in excess of 5% shares in the Bank |
| | | d) | Saudi government or quasi-government institutions; or |
| | | e) | Persons acting on behalf of any of the Persons mentioned in a) through c) above; |
| | | f) | any other Person(s) or institution(s) as may be specified by SAMA from time to time;
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| | vii. | Family Members: means first-degree relatives including father, mother, spouse and children. |
| | viii. | Key Executive: means an officer of the Bank whose appointment is subject to prior non-objection of SAMA. |
| | ix. | Person: means a natural or a legal person. |
| | x. | Assessment Year: means a calendar year from 1st January to 31st December for determining the amount of annual premium payable by a Bank to the DPF;
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