The following terms and phrases, wherever mentioned herein, shall have the meanings
assigned thereto unless the context otherwise requires:

1. SAMA:

The Saudi Central Bank

2. Rules:

Rules for Bank Accounts.

3. Bank Account:

An accounting record maintained by a bank licensed to operate in Saudi Arabia. Such a record is generated under a contract called "Account Opening Agreement" between the bank and the account holder (the Customer) or its representative. The Agreement sets out the rights and obligations of each party including accounting entries posted by the bank in accordance with the applicable regulations and the acceptable rules and practices agreed upon under the account opening agreement, other agreements signed by the two parties, and other instructions given by the account holder to the bank.

4. Freezing of Account:

A temporary suspension of withdrawal/transfer or the like from a bank account/relationship due to the expiration of the customer’s ID; non update by the customer or his representative of KYC data or violation of any provision of the Account Opening Agreement.

5. Bank Verification:

Placing the bank official stamp or the like in addition to the bank employee signature and stamp on a copy of a document or ID card to confirm that it is a copy of the original.

6. Special Purposes Entities

Entities established and licensed under Rules for Special Purposes Entities, issued by the Capital Market Authority.

7. Government Entities:

Government entities, public institutions, authorities, funds and the like, whether they have appropriations in the State general budget or not.

8. Foreign Schools:

Schools licensed by the Ministry of Education that apply non-Saudi curriculum and are subject to the Regulation for Foreign Schools in Saudi Arabia. They are different from educational institutions of foreign embassies.

9. International Multilateral Organizations:

International organizations in Saudi Arabia that exist under a headquarters agreement (license), signed by Saudi government, such as the Muslim World League, World Assembly of Muslim Youth and the like.

10. Chambers of Commerce and Industry:

Non-profit organizations that represent commercial and industrial interests before public entities and protect and develop such interests. They have their own Boards of Directors.

11. Freelancer:

A self-employed person (who gets paid per hour, day, or work) rather than working for an employer in exchange for a monthly salary.

12. Minor:

A male or female under the age of 18 Hijri years.

13. Curator:

A person appointed by a Guardianship Deed issued by the competent courts to be a guardian of a minor.

14. Guardian:

The father of a minor or a person appointed by the court under a Guardianship Deed.

15. Custodial Person:

A person appointed by the court under a Custody Deed authorizing him/her to receive the allowances provided by public or private entities to a child in his/her custody.

16. Legally Incompetent Person:

A person not allowed to manage his/her money under a court deed that proves the lack or loss of mental capacity.

17. Private Associations and Foundations:

Associations and foundations as defined in the Civil Associations and Foundations Law.

18. Philanthropic/Charitable Committees:

Committees licensed by local government entities to serve the public, such as Patients’ Friends Committee and Disabled Persons Committee and the like.

19. National Societies and Committees:

Societies and committees established pursuant to a royal approval or a resolution by the Council of Ministers to perform specialized roles to serve the public interests.

20. Cooperative Associations and Funds:

- Cooperative associations:

An associations formed by individuals in accordance with the provisions of the Law of Cooperative Associations to improve the social and economic conditions of its members in production, consumption, marketing or services through the joint efforts of the members using cooperative principles.

- Cooperative funds:

Funds established by the employees of a government agency or a company in accordance with the provisions of Cooperative Funds. The source of funding is member contributions. Such funding is mainly used to cover social, cultural and sport activities of the Fund's members.

21. Foreign Endowment⁽²⁾:

Endowment for specific Saudi individuals or Saudi charities inside Saudi Arabia owned by natural or juristic non-Saudi persons with one or more Saudi legal agents.

22. Escrow accounts for off-plan sale or rental real estate projects ⁽⁶⁾:

A bank account for depositing the amounts paid by financiers, buyers or tenants for the project.

23. Escrow Accounts for Real Estate Contributions Project ⁽⁷⁾:

A bank account for depositing real estate contribution funds.

24. Scientific Societies ⁽³⁾:

Societies established in Saudi universities under their direct management and supervision in accordance with the Rules for Scientific Societies in Saudi universities.

25. Professional Associations ⁽³⁾:

Juristic and financially independent associations established to improve specific professions and work under the supervision of a government entity authorized to do so.

26. Payment Service Providers ⁽¹⁾:

Any entity qualified and licensed by SAMA to provide one or more payment services in the Kingdom in accordance with SAMA'S relevant instructions.

27. Debt-Based Crowdfunding Company ^{(4) (5)}:

a joint-stock company licensed to engage in Debt-Based Crowdfunding activity.

28. Finance Amount ^{(4) (5)}:

funds raised from Participants via a Debt-Based Crowdfunding Platform to be provided for an Institutional Beneficiary.

⁽¹⁾ This paragraph has been added pursuant to the circular No. (42073085), Dated 21/10/1442H, corresponding to 01/06/2021G.

⁽²⁾ This paragraph has been amended according to the circular No. (41042946), Dated 19/06/1441H, corresponding to 13/02/2020G.

⁽³⁾ This paragraph has been added pursuant to the circular No. (41039895), Dated 08/06/1441H, corresponding to 02/02/2020G.

⁽⁴⁾ This paragraph has been added pursuant to the circular No. (42075950), Dated 29/10/1442H, corresponding to 09/06/2021G.

⁽⁵⁾ This paragraph has been amended according to the circular No. (000046024651), Dated 19/04/1446H, corresponding to 22/10/2024G.

⁽⁶⁾ This paragraph has been amended according to the circular No. (46028059), Dated 08/05/1446H, corresponding to 09/11/2024G.

⁽⁷⁾ This paragraph has been added pursuant to the circular No. (46028059), Dated 08/05/1446H, corresponding to 09/11/2024G..