Terms & Conditions
Article 1: Introduction:
Kindly read the Terms and Conditions of Kafaa Capital carefully before using the service. Upon using the service, you acknowledge and agree to the following:
1. Providing accurate and complete information within registration.
2. Registering for the service and providing up-to-date, complete, and accurate information according to the terms of the registration application for opening an account with Kafaa Capital.
3. Being responsible for maintaining the confidentiality of the password and protecting your account from any unauthorized use.
4. Filling out and submitting the application shall be deemed a declaration of your eligibility to open an account with the company and the validity of the company terms and conditions for providing the service to the User.
5. Complying with all local and international laws and regulations related to using the platform.
6. The company shall protect User data and comply with local and international privacy laws.
7. In addition, you agree to indemnify and hold harmless Kafaa Capital and/or shareholders, affiliates, managers, officers, or employees from any claims or damages, including attorney fees, resulting from third parties related to your use or manner of use of the service.
8. Furthermore, you agree to refrain from attempting unauthorized access to the service, other accounts, applications, systems and networks of computer related to the service, whether by searching and probing passwords or other methods, or interfering with another member’s use or enjoyment of the service or the enjoyment of similar services provided by any other authority.
9. Kafaa Capital shall provide information and links to third-party websites.
10. Kafaa Capital shall not in any way control the information, products, or services provided by third parties.
11. The information provided by Kafaa Capital in investment operations or in any other manner, regarding any securities offerings or obtained from third parties, shall be offered “as is” and “as available” without any guarantees or conditions of any kind, whether explicit or implied, regarding its accuracy. Additionally, the party that provided or prepared the information shall be responsible for the same.
12. To the maximum extent permitted by applicable laws and regulations, Kafaa Capital does not acknowledge its responsibility under any circumstances, including, but not limited to negligence, for any direct or indirect damages, consequential, incidental, or special losses resulting from the use of the service, inability to use it, any changes to it, unauthorized access, alteration, or modification of your transmissions or data, or any transactions or deals performed through the service.
Article 2: Risk Disclosure and Client Acceptance:
Investing in small and medium-sized enterprises is associated with high risks and may lead to the gross loss of your investment. You shall not invest sums you may not afford to lose, and in case of loss, it shall be limited to the invested amount only. Investing through Kafaa Capital shall be a medium-to-long-term investment suitable for medium-to-long-term investors. Current investment opportunities shall be designated for individuals residing in Saudi Arabia.
Users shall carefully read this Agreement as it explains the details of the service provided by Kafaa Capital and defined the obligations and rights between Kafaa Capital and the User.
The platform shall not be used if all the provisions of the agreement are not fully understood and comprehended. This is the usage agreement for the Kafaa Capital platform, its subpages, and all contractual relationships with Kafaa Capital Company.
Article 3: Definitions:
Company: Kafaa Capital Company, Commercial Registration No. (1010911702), dated 14/08/2023 AD, headquartered in Riyadh.
User: A natural and legal persons for the beneficiary from the services of Kafaa Capital platform.
Platform: The electronic platform, applications, channels, and digital websites on the internet owned by Kafaa Capital Company through which it provides its financial services to clients.
Issuer Default Risk: The risk of the partner company (the company) defaulting, leading to the bankruptcy of the Sukuk program and failure to fulfill part or all the financial obligations due to insolvency, resulting in a gross loss for the investor (Allah forbid).
Behavioral and Administrative Change Risk: The risk of improper actions by employees or members, directly or indirectly causing financial losses or damages, potentially leading to insolvency.
Non-distribution of Investment Risks: The risk of the investor failing to achieve portfolio diversification, which may be mitigated by distributing investment amounts across Sukuk from multiple companies.
Exit Difficulty: Special conditions related to the feasibility of exiting the investment, as there is currently no secondary market for trading Sukuk.
Cybercrime Law: Issued under Royal Decree No. (M/17) in 1428 AH, 2007, 2008 AD.
Anti-Money Laundering Law: Issued under Royal Decree No. (M/20) in 1439 AH, 2017, 2018 AD.
Article 4: Platform Description:
The platform is a digital medium or online application that enables Users to access offers provided by companies included on the platform through the issuance of debt instruments and investments therein. These investments are made based on an investment agreement. For this purpose, companies publish their information on the platform for Users’ investments. Kafaa Capital shall not act as a contracting party, the investment agreement shall be made solely between the Users and the company being invested in.
Article 5: Issuing Companies Responsibilities:
The issuing company inviting Users to submit their offers based on a Sukuk issuance program shall provide investment-related information on the Kafaa Capital platform.
Article 6: Disclaimer:
Kafaa Capital shall not guarantee the authenticity, completeness, or accuracy of the data and reports provided by the issuing company.
Article 7: Service Development and Suspension:
Kafaa Capital continually shall strive to improve its services, which may necessitate the temporary or permanent suspension or cancellation of a service.
Article 8: Scope of Use:
The use of the platform shall be applicable in the Kingdom of Saudi Arabia only.
Article 9: Platform Operator and Provider:
Kafaa Capital Company shall be the operator and provider of Kafaa Capital platform and its E-applications. The services provided shall be subject to the current terms of Kafaa Capital, which shall be adhered to as per the applicable version upon the registration of the User.
Article 10: Registration:
1. The client shall register as a User and complete all sections on Kafaa Capital platform or application.
2. Upon registration, the client shall enter into a contract to use the platform, application, and channels operated by Kafaa Capital.
Kafaa Capital shall verify the User via the “Yaqeen” service provided by “Elm.” The client acknowledges the company right to obtain all relevant data from data providers in Saudi Arabia. The company is entitled to use all digital and regulatory channels for oversight and supervision of the client relationship, according to the applicable laws in Saudi Arabia or any other country involved in financial services.
3. The User shall have the legal capacity required to contract under the applicable laws.
4. Minors shall not be permitted to register.
5. Kafaa Capital may open a supplementary portfolio upon the User’s request for use by persons under 18 years old.
6. The person requesting the opening of the supplementary portfolio shall be fully responsible for its use, and it shall be deemed part of the User’s portfolio account.
7. Users of the supplementary portfolio may deposit or withdraw sums from the portfolio.
8. All data required from individuals or establishments for financial efficiency shall be provided within the registration, and the User shall be fully responsible if the same enters incorrect data within the registration or any stage of using the portfolio services.
9. Users shall provide additional information to verify their identity or the reliability of any financing tool they register for use with Kafaa Capital.
10. Kafaa Capital or a third party it contracts with may perform required investigations to verify the information provided, including, but not limited to, examining commercial databases or credit reports.
11. Kafaa Capital shall not guarantee the results of identity verification procedures.
12. Users shall promptly correct their data if it changes or incomplete or incorrect.
13. Users shall ensure the confidentiality of their password.
14. Unauthorized use of the User’s password or account shall be reported immediately to Kafaa Capital.
15. Accounts may not be used by anyone other than the registered User, whether natural or legal person.
16. The User agreement shall be binding upon the User and the company once the User clicks the confirmation link sent via email.
17. The User agreement shall be valid indefinitely.
18. Both Kafaa Capital and the User are entitled to terminate the agreement at any time without prior notice, including deleting the User’s account.
19. All liability and indemnity provisions of this agreement shall be applicable even after its termination.
Article 11: Investment Agency Agreement:
1. The client acknowledges completing all forms on the Kafaa Capital platform and adhering to all procedures, investment operations, and associated administrative actions.
2. The User agrees to invest in the issuing company according to its terms.
3. The minimum agreed investment amount for the issuance shall be met for the investment agreement to become effective.
4. The User is bound by the investment agreement without requiring a separate agreement unless otherwise specified in the investment procedures or administrative, legal, or regulatory requirements.
5. The issuing company shall adhere to the timeframe for offering investments on the Kafaa Capital platform.
6. Kafaa Capital is committed to providing all contracting parties with the required contact information for the other party.
7. Kafaa Capital will send all documents electronically through the User’s email and other communication channels agreed upon with the client.
8. The User is responsible for maintaining the confidentiality and safekeeping of all documents sent to them. The User also acknowledges the validity of all information and documents they provide electronically or physically to the company.
Article 12: Responsibility Limits:
1. Kafaa Capital shall be responsible for damages resulting from gross negligence or willful misconduct. In cases of ordinary negligence, responsibility shall not be applied only if a breach of essential obligations required for the proper performance of the contract, which the other contracting party relies.
2. In all other cases, neither party shall be responsible for damages of any kind, regardless of the subject of the claim, including contractual liability.
3. If the investment agency agreement is invalid, the User’s potential claims against Kafaa Capital shall be limited to recovering the invested amount. Claims shall not be applicable, provided that a final judgment issued.
4. Kafaa Capital shall be responsible for any responsibility other than the scope mentioned above, including:
Characteristics of services, Damages subject to product responsibility limits, Damages arising from loss of life, physical injury, or health issues.
5. Responsibility includes Kafaa Capital employees, direct agents, and third parties contracted by the company to fulfill the agreement.
6. Kafaa Capital’s responsibility shall be limited to the regulatory approvals for its services and the scope of its financial services model. Compensation shall not exceed the annual fees collected from the client, provided a failure in delivering financial services is proven.
Article 13: General Risks:
1. The investor shall acknowledge that investing in small and medium enterprises listed on the Kafaa Capital Platform containing a high level of risk and may lead to gross loss. The higher the expected return on investment, the greater the risk of loss.
2. The User shall understand that investment is a long-term activity requiring evaluation of opportunities, total risk of loss, insolvency risks, market volatility, administrative behavior, risks associated with non-diversified investments, difficulty of exit and risks related to investment activities, obligations or future performance predictions.
3. Kafaa Capital shall be responsible for its role in platform and does not provide consultation services.
4. Issuing companies shall be responsible for the accuracy of submitted data, and Kafaa Capital shall not be responsible for its credibility.
5. Kafaa Capital shall not undertake future projections of successful development provided by issuing companies. The User independently shall be responsible for all investment decisions and any associated future risks.
6. The User has sole discretion in deciding whether to invest in a proposed company.
7. The User shall review all relevant regulatory, economic and tax implications before investing and within the holding period.
Article 14: Terms and Conditions:
1. Investment Agency Agreement:
a. All terms and conditions shall be effect upon the User’s registration and selection to use the investment account services provided by the company.
2. Eligibility:
Investment account services and acceptance of this agreement shall not permit in the following cases:
a. If the User has not the legal capacity required to contract under applicable laws.
b. If the User prohibited from using investment account services under the laws of the Kingdom of Saudi Arabia.
3. Agreement Terms and Language:
a. The User shall review the agreement and its amendments on the website periodically.
b. The User shall accept the agreement to access investment account services by clicking on the “Register,” “Forgot Password”, or “Login” buttons on the website.
c. The agreement shall be drafted in Arabic, and in case of a discrepancy between the Arabic text and any other language, the Arabic text shall prevail.
d. This Agreement shall applicable to the use of investment account services, including depositing funds, investment values, sukuk investments and the withdrawal or recovery of funds.
Article 15: Portfolio:
1. Portfolio Definition
The portfolio is an e-financial account. The user acknowledges that it is not a bank account and does not offer banking services other than those specified in Article 12 of this Agreement.
2. Portfolio Services
The portfolio provides services as follows:
a. Subscription to sukuk issued on the platform.
b. Withdrawal of balances to the user’s registered bank account.
c. Depositing into the account to enable investments in issuing companies
3. Portfolio Services Development:
Kafaa Capital Company is entitled, at any time in its sole discretion, to modify or temporarily or permanently suspend the service (or any part thereof, including the transmission or delivery of related materials or documents) with or without prior notice. In addition, Kafaa Capital Company is entitled, at any time in its sole discretion, to change or terminate any content or features available on the website without prior notice. The user agrees that Kafaa Capital Company shall not be responsible for the user or any third party for any modification, suspension or discontinuation of the service, content or features provided on this website.
a. Kafaa Capital Company may introduce new services from time to time without prior notice from the user. The updated agreement, reflecting any amendments, shall be made available via the website.
4. Portfolio Responsibility Limits
The user acknowledges that Kafaa Capital Company is entitled to cancel providing the services specified in the agreement at any time without prior notice to the user. Similarly, the user may discontinue using the services at any time without the need to notify Kafaa Capital Company.
a. Kafaa Capital Company may impose restrictions on the use of portfolio services or current transactions without prior notice, including, but not limited to, individual or aggregate transaction limits on the value or number of financial transactions within a specified time frame and limits on account funding.
b. Kafaa Capital Company may restrict access to the portfolio for specific amounts or periods consider required to protect itself or other users under the following circumstances:
c. If Kafaa Capital Company is exposed to financial risks.
d. If the User violates the terms of this Agreement.
e. If there is a dispute related to the portfolio account or transactions conducted therein.
g. If required to protect the security of Kafaa Capital Company systems.
h. Kafaa Capital Company may restrict the User access to the portfolio account within investigations or settlements of any current disputes.
i. Kafaa Capital Company may withhold funds in the portfolio account according to applicable regulations, court orders, or upon the request of a competent governmental authority.
j. Kafaa Capital Company may reject any withdrawal request from the portfolio account.
k. The User is entitled to utilize the amounts shown in the available balance for investments and to transfer sums from the portfolio account to the User’s personal account.
Article 16: Prohibited Payments:
1. Prohibited Cases
Kafaa Capital Company is entitled to impose acceptable use conditions regarding the operation of accounts and the provision of portfolio services, including prohibiting certain categories of financial transactions. The portfolio shall not be used for the following purposes:
a. Illegal purposes such as fraud, deception and exploitation.
b. Money laundering activities.
c. Terrorism financing.
d. Other illegal or non-compliant activities within the Kingdom of Saudi Arabia.
e. If the User performs or attempts to act any prohibited or illegal transaction, Kafaa Capital Company shall take legal action against the User according to the Cybercrime Law, the Anti-Money Laundering Law, and other applicable regulations. Furthermore, Kafaa Capital Company is entitled to claim compensation for misuse of the account by the User.
Article 17: Depositing and Receiving Funds
1. Terms of Deposit and Receive:
a. Kafaa Capital Company shall not be responsible for sums until they are received.
b. The customer agrees to appoint Arab National Bank as the custodian of client funds. The bank shall apply procedures for safekeeping and transferring sums in a collective account according to regulations and instructions issued by the Saudi Central Bank (SAMA) via the bank digital channels. The customer acknowledges understanding these regulations and is entitled to appoint a third party to safeguard their rights against any failures that may arise from the bank failure to apply the relevant procedures for safekeeping client funds.
b. Funds shall be credited on the business day they are received thereon. If sums are received following service cutoff times, the same shall be considered as received on the following business day.
c. Regularly, the User shall reconcile incoming sums with the records thereof.
. Kafaa Capital is entitled to cancel any financial transaction if the payer, the bank, or the payment service provider reverses or is likely to reverse the payment from the Portfolio account.
e. The customer shall agree that Kafaa Capital is entitled to deduct and pay any fees or charges for its services or those charged by the bank for custody and transfer operations, and any other fees imposed by the bank, government taxes, or charges paid to third parties appointed to complete the services provided by Kafaa Capital Company. The customer also shall acknowledge the company’s right to receive any returns from the bank on sums held on behalf of clients, such as Murabaha returns.
2. Sending Payments and Their Methods:
a. Approving any financial transaction constitutes authorization to execute that transaction.
b. The User shall authorize Kafaa Capital to execute any transaction based on instructions displayed on the screen when using the website or any tools provided by the company.
c. The User shall notify Kafaa Capital before sending payments to third parties.
d. Payments will be sent to the User’s registered bank account, debit card, or credit card.
e. Payment instructions shall be sent exclusively through Kafaa Capital Company website. The User bears full responsibility for the accuracy and completeness of the instructions provided.
f. The User shall provide accurate information about the payment recipient. The User shall assume full responsibility for incorrect data entry, and Kafaa Capital Company is not liable for any resulting losses.
g. Kafaa Capital Company may make reasonable efforts to recover the User’s payments and is entitled to charge the User with costs incurred during recovery such sums.
h. The User shall provide Kafaa Capital Company with any additional information requested regarding any payment within two business days of the request.
i. Payment of Fees Method:
j. The User shall allow Kafaa Capital Company including the User’s full name, address, account number, and any other required details in the payment data sent to the recipient’s bank or payment service provider in compliance with the Anti-Money Laundering Law.
k. In the event that Kafaa Capital Company receives the financial transaction instructions by the service cutoff time on any business day, those instructions shall be considered received on the same business day. However, if the instructions are received following the service cutoff time or on any day other than a business one, those instructions s be considered received on the following business day.
l. The User shall report any unauthorized, incorrect, or unlawful transactions to Kafaa Capital Company as soon as possible. Kafaa Capital Company is not liable for such transactions under any circumstances.
m. Kafaa Capital Company may reject financial transaction instructions for specific reasons. In addition, the company shall explain the reasons for rejection and provide correction methods for any errors in financial transaction data. The company is entitled to charge the User with expenses incurred during the process. Kafaa Capital Company shall not process a payment if it is unlawful or non-compliant.
Article 18: Fees
1. Payment of Fees Method:
The User shall pay all fees required to utilize the platform services. Such fees may be paid directly to Kafaa Capital, affiliates or via the service provider’s website. Kafaa Capital shall notify Users of applicable fees from time to time, with the fees determined at Kafaa Capital’s sole discretion.
2. Fee Amount:
At any time, Kafaa Capital shall reserve the right to modify the fees thereof. Moreover, such fees shall be calculated based on the value of transactions, including all applicable charges—such as taxes and otherwise. All electronic sums, fees, and payments collected or made through the service shall be denominated in Saudi Riyals (SAR).
3. Error Corrections:
The User shall acknowledge authorizing Kafaa Capital to make credit or debit entries in the portfolio account to correct any errors in transactions.
Article 19: Agreement Duration and Termination
1. Agreement Effective Date:
This Agreement shall take effect as the earliest of the following: the date the User registers, resets their password, logs in, or uses Kafaa Capital services.
2. Agreement Termination:
a. At, any time, the User may terminate this Agreement by contacting Kafaa Capital and closing their portfolio account.
b. For any reason at any time, Kafaa Capital may terminate or suspend portfolio services, subject to prior notice to the User.
3. Cases for Portfolio Account Block and Suspension:
Kafaa Capital may suspend or block the service to the User’s portfolio account in the following cases:
a. If the User violates the terms of this Agreement.
b. If Kafaa Capital reasonably determines that the User exposes its services to credit, fraud or illegal risks.
c. If it established to Kafaa Capital that the User has provided misleading, false, incomplete, or inaccurate information or engaged in fraudulent or illegal activities.
d. If Kafaa Capital has security concerns regarding the portfolio account, including credentials.
e. If Kafaa Capital suspects unauthorized or fraudulent activity on the portfolio account or the payment data thereof.
In such cases, Kafaa Capital shall suspend the account and inform the User of the reasons for the rejection, where possible.
4. Post-Termination Procedures:
a. Upon termination, Kafaa Capital shall, upon the User’s request, refund any remaining sums in the portfolio account.
b. The User may request that Kafaa Capital transfer the sums to their bank account in cash.
c. Kafaa Capital shall not refund such amounts within a specific timeframe but shall seek to process the refund within a reasonable period upon receiving the transfer request.
d. Kafaa Capital shall make every effort to refund the amounts using the User’s chosen method, noting that Kafaa Capital may not acknowledge guarantee compliance with the User’s preferred method.
Article 20: Privacy, Data Protection, Responsibilities, and Indemnities
1. Privacy Policy:
a. Kafaa Capital shall set a privacy policy accessible to the personal data owners when their personal data is collected. The policy shall specify the purpose of data collection, the type of data required, methods of collection, storage mechanisms, processing methods, destruction procedures, data subjects’ rights and how to exercise them.
b.
Kafaa Capital shall use Users’ personal data according to the privacy notice and as outlined in this Agreement.
2. Information Protection:
The User shall acknowledge the collection and use of his information by Kafaa Capital, and the method and circumstances under which his information may be disclosed. Accordingly, the User shall review the privacy notice periodically.
3. Verification of Personal Data Accuracy:
Kafaa Capital shall strive to ensure the accuracy, completeness, and timeliness of personal data before processing, ensuring the relevance thereof to the purpose for which the data was collected, in compliance with applicable laws.
4. Disclosure of Personal Data:
Kafaa Capital shall maintain the confidentiality of personal data except in the following cases:
a. With the consent of the data subject.
b. As stipulated by applicable laws or regulations.
c. To fulfill the purposes for which the data was collected.
d. Where processing is required for legal or security purposes.
5. User’s Obligations:
The User shall represent and ensure the following:
a. He is qualified to register for and use portfolio services, possess the legal authority, capacity, and ability to enter into this Agreement, and grant the rights, licenses, and permissions to Kafaa Capital under this Agreement.
b. The name provided during registration is his actual name or the trade name registered with the Ministry of Commerce.
c. He shall not use the portfolio on behalf of any individual or legal entity.
d. He shall comply with all applicable laws and regulations in the Kingdom of Saudi Arabia.
e. He shall not use portfolio services for fraudulent activities or in any way that disrupts the services.
f. They are not subject to any restrictions or listed on any prohibited or restricted parties’ lists, including but not limited to lists by the United Nations Security Council, the U.S. government (e.g., the Specially Designated Nationals List, Foreign Sanctions Evaders List, or Entity List by the U.S. Department of Commerce), the European Union, or other applicable governmental authorities.
Kafaa Capital and its affiliates do not provide any permit or guarantee regarding any of the following:
That the User’s use of the portfolio services and other payment services would meet the User’s requirements.
That the User’s use of the portfolio services and other payment services shall be uninterrupted, timely, secure, or error-free.
That all information obtained as a result of the User’s use of the portfolio services shall be accurate or reliable.
These terms, warranties, or other provisions shall apply only to the extent expressly stated in this Agreement.
6. Liability:
This Agreement shall not be interpreted to exclude or limit Kafaa Capital liability for losses that may not be excluded or limited under applicable laws.
7. Disclaimer:
Kafaa Capital and its affiliates shall not be responsible for the following:
a. Loss of profits.
b. Loss of business.
c. Loss of revenue.
d. Total investment loss.
e. Loss of data.
f. Indirect or consequential losses.
8. Compensations:
The User undertakes to indemnify and hold harmless Kifaya Capital, and all employees, directors, agents and representatives working for Kifaya Capital Capital, and all entities affiliated with Kifaya Capital from all claims, costs, lawsuits, cases and demands arising from any claim, lawsuits, audit, investigation, inquiry or any legal action brought by any person or entity due to the following.
a. Any actual or alleged breach of the User’s representations, warranties, or obligations under this Agreement.
b. Any infringement, misrepresentation, or actual or alleged violation of third-party rights by the User or their trademarks concerning the service within portfolio use.
c. Any infringement, misrepresentation, or actual or alleged violation by the User related to their use of portfolio services or any transaction initiated through the portfolio.
Article 21: Data Protection Overview
Kafaa Capital prioritizes data protection to the highest degree. The data protection policy explains the types of information collected from Users on Kafaa Capital website, the actions taken concerning such information, and how to access the available information on the website. It is important to note that the data protection policy may change from time to time; Users should review the website periodically.
1. Information Collected by Kafaa Capital
Upon visiting Kafaa Capital website without logging in as a user, the following information is collected:
a. Kafaa Capital web servers.
b. The domain name used to access the internet.
c. The User’s internet service provider (ISP).
d. The User’s preceding and succeeding websites.
The information collected is not intended to identify individuals but is used for statistical purposes and to improve the website appeal, content, and functionality. Kafaa Capital shall follow all applicable data protection laws and regulations.
2. Data Protection:
The User grants full consent to Kafaa Capital when storing data in their profile and authorizes Kafaa Capital to use this data and make it available to listed companies in which the User has pledged to invest. The User also authorizes the availability of such data to payment service providers associated with the listed companies or Kafaa Capital for the purpose of disbursing amounts due to the User from their investments. This includes, but is not limited to: first name, last name, email address, phone number, permanent residence – including city, postal code, and country, personal identification number, gender, date of birth, nationality, investment amount, bank account number (IBAN), and banking information (BIC).
3. Collection and Processing of Personal Data:
a. Kafaa Capital collects personal data with the explicit consent of the User. The User is entitled to withdraw this consent at any time, provided that such withdrawal does not affect the legality of the processing conducted based on the prior consent.
b. The User may be required to provide required data to access services, obtain information, log in, or provide Kafaa Capital with details about the User or their affiliated company. Such information may include the name, job title, email address, and other relevant details. In such cases, browsing the website in an anonymous mode will not be possible.
c. To submit investment requests or use certain services available through the website, the User may be required to provide additional information, such as their name, address, and banking details.
d. The User may be asked to provide information when submitting comments or participating in surveys.
e. Kafaa Capital, its affiliates, and service providers are committed to maintaining the confidentiality of User information. Such information will not be disclosed to third parties in any form or to individuals acting on behalf of Kafaa Capital, except with the explicit consent of the User. This includes the use of (cookies).
Kafaa Capital uses cookies for the following purposes:
a. To enhance and simplify the User experience on the website and to organize and customize products and services according to the company interests and needs.
b. To collect anonymous User statistics, enabling Kafaa Capital to understand how visitors use the website and assist in improving its structure and content. Noting that these statistics do not allow for the personal identification of Users. Users have the option to disable cookie functionalities.
4. Data Usage and Sharing
When Users provide Kafaa Capital with information, Kafaa Capital uses the same to deliver products and services and may share the private information with Sukuk Subsidiaries and use it to communicate with the User.
5. Data Retention
a. Kafaa Capital retains personal data as long as it is required to provide the requested service or as authorized by the User.
b. Kafaa Capital shall retain personal data only for the period required to achieve the purposes for which it was collected or as mandated by applicable laws and regulations. If the data is no longer required for any legal, practical, or regulatory purpose, the data shall be promptly deleted.
6. Security
Kafaa Capital implements all required technical and organizational security measures to protect the available information from manipulation, tampering, loss, damage, or unauthorized access. Security measures are continually reviewed and updated in line with the latest technologies.
7. Obtaining and correcting information
a. The Users are entitled to obtain information regarding all stored personal and to access, receive, review, and, if required, modify or delete all stored personal data.
b. The Users are entitled to access their personal data and request its correction or deletion at any time, according to the controls stipulated in the law and the executive regulations thereof.
8. Intellectual Property and Copyrights
Kafaa Capital holds ownership of all copyrights for the content available on its website, mobile applications, and smart devices. These rights include, but are not limited to:
a. All documents, materials, and resources related to the service.
b. All texts, information, data, graphics, charts, tools, images, videos, fonts, music, sounds, HTML codes, and all other website components.
c. Designs, layouts, and arrangements specific to the website, By submitting or providing any material containing texts, information, data, graphics, charts, tools, images, videos, fonts, music, or sounds (for the purposes mentioned in this section) to Kafaa Capital’s debt instruments and investment services, the User acknowledges the intellectual property rights granted by law to Kafaa Capital for these services in a permanent and exclusive manner. Upon submission, the following terms apply:
The User shall acknowledge that Kafaa Capital is entitled to retain the submitted information for purposes aligned with its privacy policy, and the rights granted by the User to Kafaa Capital are permanent. All usage of these services shall comply with the laws of the Kingdom of Saudi Arabia. These terms and conditions apply to all Users of Kafaa Capital’s services.
The User shall undertake that he has the full right to distribute or publish such submitted content.
The User shall indemnify Kafaa Capital for any damages resulting from objections to the distribution or publication of the content, regardless of the outcome of such objections.
9. Trademarks
Trademarks are used by Kafaa Capital according to the services requested by the User. Accordingly, any unauthorized use of these trademarks beyond the stated purposes is strictly prohibited without prior written consent from Kafaa Capital. Each request for consent shall be considered individually.
Article 22: Conflict of interest Policy:
1. Limitation of Liability:
Under no circumstances shall Kafaa Capital Company be liable for any direct, indirect, punitive, incidental, consequential, or any other damages (whether contractual, tortious, or otherwise) resulting from the content or services provided on the Kafaa Capital platform/application, including, but not limited to, damages resulting from loss of profits or revenues, damages from corrupted or lost data, damages from viruses or other harmful software and data, damages from internet networks and webpages, any damages resulting from economic or business losses, damages resulting from decisions made by any party based on the service or its content or outcomes, any damages resulting from delay, failure, interruption, or corruption of data or information related to the use of the service, and any damages resulting from inaccurate information, errors, or omissions related to the content and services provided on the Kafaa Capital platform. In all cases, the total liability of Kafaa Capital Company and its employees, agents, and representatives in relation to the content and services provided on the Kafaa Capital platform/application shall not exceed the total amount of registration fees or User fees paid for the use of the service, whether the liability is tortious or contractual.
2. Force Majeure:
Kafaa Capital Company shall not be liable for any obligation if an extraordinary event directly prevents it from performing its functions and responsibilities. Kafaa Capital Company shall not be liable towards the clients for any failure or delay in fulfilling its obligations under this Agreement caused by or resulting from events beyond its direct or indirect control, including, but not limited to, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural disasters, acts of Allah, or disruptions, loss, or failure in facilities or communications or technical services (software, applications, hardware), and human services. Noting that Kafaa Capital Company shall make reasonable efforts consistent with accepted practices in the financial technology sector to resume performance as soon as possible under the circumstances.
3. Compensation. )Refer to the provision at the beginning of these terms to reconcile the provisions)
The User undertakes to indemnify and hold harmless Kafaa Capital and all employees, directors, agents and representatives working for Kafaa Capital from all claims, costs, claims, lawsuits, cases and demands resulting from any claim, lawsuit, audit, investigation, inquiry or any legal proceeding by any person or entity for reasons related to:
a. Any actual or alleged breach of the User’s representations, warranties, or obligations under this Agreement.
b. Any modification, false representation, or actual or alleged infringement of third-party rights by the User or their trademarks in connection with the service while using the platform/application services.
c. The User’s use of the platform/application services.
d. Any transaction submitted by the User through the platform/application services.
Article 23: Understanding the terms:
The User acknowledges that they have read and understood this Agreement and that they have been given the opportunity to ask any questions related to it. The User further agrees that this Agreement shall govern the relationship between them and Kafaa Capital.
Article 24: Governing Law:
This Agreement shall be governed by and shall be interpreted according to the laws and regulations of the Kingdom of Saudi Arabia. All disputes resulting from this document shall be referred to the competent courts and committees in Riyadh.
Article 25: Customer Consent:
a. I confirm that the data stated in this application is entirely accurate and under my responsibility, and I agree that it shall be binding upon me. I authorize Kafaa Capital to contact me at any time. I consent to interactive analysis through the Kafaa Capital website and agree to provide Kafaa Capital with any information or data requested to establish, review, or manage my account. I also authorize Kafaa Capital to obtain any required or required information about me or any other account I hold with the Saudi Credit Bureau or any government authority. I further consent to the disclosure of my information and account details, or any other account I hold, to the Saudi Credit Bureau and/or any other entity approved by the Saudi Central Bank.
b. I confirm that I am the ultimate beneficial owner of the account being opened with Kafaa Capital.
Article 26: Contact with Kafaa Capital:
a. If the User has any questions or inquiries regarding these terms and conditions or how their personal data is processed, or any of our other services, they can contact us through the following methods:
Email: support@kafaacapital.com
Last updated: 13/01/2025
Terms & Conditions
Article 1: Introduction:
Kindly read the Terms and Conditions of Kafaa Capital carefully before using the service. Upon using the service, you acknowledge and agree to the following:
1. Providing accurate and complete information within registration.
2. Registering for the service and providing up-to-date, complete, and accurate information according to the terms of the registration application for opening an account with Kafaa Capital.
3. Being responsible for maintaining the confidentiality of the password and protecting your account from any unauthorized use.
4. Filling out and submitting the application shall be deemed a declaration of your eligibility to open an account with the company and the validity of the company terms and conditions for providing the service to the User.
5. Complying with all local and international laws and regulations related to using the platform.
6. The company shall protect User data and comply with local and international privacy laws.
7. In addition, you agree to indemnify and hold harmless Kafaa Capital and/or shareholders, affiliates, managers, officers, or employees from any claims or damages, including attorney fees, resulting from third parties related to your use or manner of use of the service.
8. Furthermore, you agree to refrain from attempting unauthorized access to the service, other accounts, applications, systems and networks of computer related to the service, whether by searching and probing passwords or other methods, or interfering with another member’s use or enjoyment of the service or the enjoyment of similar services provided by any other authority.
9. Kafaa Capital shall provide information and links to third-party websites.
10. Kafaa Capital shall not in any way control the information, products, or services provided by third parties.
11. The information provided by Kafaa Capital in investment operations or in any other manner, regarding any securities offerings or obtained from third parties, shall be offered “as is” and “as available” without any guarantees or conditions of any kind, whether explicit or implied, regarding its accuracy. Additionally, the party that provided or prepared the information shall be responsible for the same.
12. To the maximum extent permitted by applicable laws and regulations, Kafaa Capital does not acknowledge its responsibility under any circumstances, including, but not limited to negligence, for any direct or indirect damages, consequential, incidental, or special losses resulting from the use of the service, inability to use it, any changes to it, unauthorized access, alteration, or modification of your transmissions or data, or any transactions or deals performed through the service.
Article 2: Risk Disclosure and Client Acceptance:
Investing in small and medium-sized enterprises is associated with high risks and may lead to the gross loss of your investment. You shall not invest sums you may not afford to lose, and in case of loss, it shall be limited to the invested amount only. Investing through Kafaa Capital shall be a medium-to-long-term investment suitable for medium-to-long-term investors. Current investment opportunities shall be designated for individuals residing in Saudi Arabia.
Users shall carefully read this Agreement as it explains the details of the service provided by Kafaa Capital and defined the obligations and rights between Kafaa Capital and the User.
The platform shall not be used if all the provisions of the agreement are not fully understood and comprehended. This is the usage agreement for the Kafaa Capital platform, its subpages, and all contractual relationships with Kafaa Capital Company.
Article 3: Definitions:
Company: Kafaa Capital Company, Commercial Registration No. (1010911702), dated 14/08/2023 AD, headquartered in Riyadh.
User: A natural and legal persons for the beneficiary from the services of Kafaa Capital platform.
Platform: The electronic platform, applications, channels, and digital websites on the internet owned by Kafaa Capital Company through which it provides its financial services to clients.
Issuer Default Risk: The risk of the partner company (the company) defaulting, leading to the bankruptcy of the Sukuk program and failure to fulfill part or all the financial obligations due to insolvency, resulting in a gross loss for the investor (Allah forbid).
Behavioral and Administrative Change Risk: The risk of improper actions by employees or members, directly or indirectly causing financial losses or damages, potentially leading to insolvency.
Non-distribution of Investment Risks: The risk of the investor failing to achieve portfolio diversification, which may be mitigated by distributing investment amounts across Sukuk from multiple companies.
Exit Difficulty: Special conditions related to the feasibility of exiting the investment, as there is currently no secondary market for trading Sukuk.
Cybercrime Law: Issued under Royal Decree No. (M/17) in 1428 AH, 2007, 2008 AD.
Anti-Money Laundering Law: Issued under Royal Decree No. (M/20) in 1439 AH, 2017, 2018 AD.
Article 4: Platform Description:
The platform is a digital medium or online application that enables Users to access offers provided by companies included on the platform through the issuance of debt instruments and investments therein. These investments are made based on an investment agreement. For this purpose, companies publish their information on the platform for Users’ investments. Kafaa Capital shall not act as a contracting party, the investment agreement shall be made solely between the Users and the company being invested in.
Article 5: Issuing Companies Responsibilities:
The issuing company inviting Users to submit their offers based on a Sukuk issuance program shall provide investment-related information on the Kafaa Capital platform.
Article 6: Disclaimer:
Kafaa Capital shall not guarantee the authenticity, completeness, or accuracy of the data and reports provided by the issuing company.
Article 7: Service Development and Suspension:
Kafaa Capital continually shall strive to improve its services, which may necessitate the temporary or permanent suspension or cancellation of a service.
Article 8: Scope of Use:
The use of the platform shall be applicable in the Kingdom of Saudi Arabia only.
Article 9: Platform Operator and Provider:
Kafaa Capital Company shall be the operator and provider of Kafaa Capital platform and its E-applications. The services provided shall be subject to the current terms of Kafaa Capital, which shall be adhered to as per the applicable version upon the registration of the User.
Article 10: Registration:
1. The client shall register as a User and complete all sections on Kafaa Capital platform or application.
2. Upon registration, the client shall enter into a contract to use the platform, application, and channels operated by Kafaa Capital.
Kafaa Capital shall verify the User via the “Yaqeen” service provided by “Elm.” The client acknowledges the company right to obtain all relevant data from data providers in Saudi Arabia. The company is entitled to use all digital and regulatory channels for oversight and supervision of the client relationship, according to the applicable laws in Saudi Arabia or any other country involved in financial services.
3. The User shall have the legal capacity required to contract under the applicable laws.
4. Minors shall not be permitted to register.
5. Kafaa Capital may open a supplementary portfolio upon the User’s request for use by persons under 18 years old.
6. The person requesting the opening of the supplementary portfolio shall be fully responsible for its use, and it shall be deemed part of the User’s portfolio account.
7. Users of the supplementary portfolio may deposit or withdraw sums from the portfolio.
8. All data required from individuals or establishments for financial efficiency shall be provided within the registration, and the User shall be fully responsible if the same enters incorrect data within the registration or any stage of using the portfolio services.
9. Users shall provide additional information to verify their identity or the reliability of any financing tool they register for use with Kafaa Capital.
10. Kafaa Capital or a third party it contracts with may perform required investigations to verify the information provided, including, but not limited to, examining commercial databases or credit reports.
11. Kafaa Capital shall not guarantee the results of identity verification procedures.
12. Users shall promptly correct their data if it changes or incomplete or incorrect.
13. Users shall ensure the confidentiality of their password.
14. Unauthorized use of the User’s password or account shall be reported immediately to Kafaa Capital.
15. Accounts may not be used by anyone other than the registered User, whether natural or legal person.
16. The User agreement shall be binding upon the User and the company once the User clicks the confirmation link sent via email.
17. The User agreement shall be valid indefinitely.
18. Both Kafaa Capital and the User are entitled to terminate the agreement at any time without prior notice, including deleting the User’s account.
19. All liability and indemnity provisions of this agreement shall be applicable even after its termination.
Article 11: Investment Agency Agreement:
1. The client acknowledges completing all forms on the Kafaa Capital platform and adhering to all procedures, investment operations, and associated administrative actions.
2. The User agrees to invest in the issuing company according to its terms.
3. The minimum agreed investment amount for the issuance shall be met for the investment agreement to become effective.
4. The User is bound by the investment agreement without requiring a separate agreement unless otherwise specified in the investment procedures or administrative, legal, or regulatory requirements.
5. The issuing company shall adhere to the timeframe for offering investments on the Kafaa Capital platform.
6. Kafaa Capital is committed to providing all contracting parties with the required contact information for the other party.
7. Kafaa Capital will send all documents electronically through the User’s email and other communication channels agreed upon with the client.
8. The User is responsible for maintaining the confidentiality and safekeeping of all documents sent to them. The User also acknowledges the validity of all information and documents they provide electronically or physically to the company.
Article 12: Responsibility Limits:
1. Kafaa Capital shall be responsible for damages resulting from gross negligence or willful misconduct. In cases of ordinary negligence, responsibility shall not be applied only if a breach of essential obligations required for the proper performance of the contract, which the other contracting party relies.
2. In all other cases, neither party shall be responsible for damages of any kind, regardless of the subject of the claim, including contractual liability.
3. If the investment agency agreement is invalid, the User’s potential claims against Kafaa Capital shall be limited to recovering the invested amount. Claims shall not be applicable, provided that a final judgment issued.
4. Kafaa Capital shall be responsible for any responsibility other than the scope mentioned above, including:
Characteristics of services, Damages subject to product responsibility limits, Damages arising from loss of life, physical injury, or health issues.
5. Responsibility includes Kafaa Capital employees, direct agents, and third parties contracted by the company to fulfill the agreement.
6. Kafaa Capital’s responsibility shall be limited to the regulatory approvals for its services and the scope of its financial services model. Compensation shall not exceed the annual fees collected from the client, provided a failure in delivering financial services is proven.
Article 13: General Risks:
1. The investor shall acknowledge that investing in small and medium enterprises listed on the Kafaa Capital Platform containing a high level of risk and may lead to gross loss. The higher the expected return on investment, the greater the risk of loss.
2. The User shall understand that investment is a long-term activity requiring evaluation of opportunities, total risk of loss, insolvency risks, market volatility, administrative behavior, risks associated with non-diversified investments, difficulty of exit and risks related to investment activities, obligations or future performance predictions.
3. Kafaa Capital shall be responsible for its role in platform and does not provide consultation services.
4. Issuing companies shall be responsible for the accuracy of submitted data, and Kafaa Capital shall not be responsible for its credibility.
5. Kafaa Capital shall not undertake future projections of successful development provided by issuing companies. The User independently shall be responsible for all investment decisions and any associated future risks.
6. The User has sole discretion in deciding whether to invest in a proposed company.
7. The User shall review all relevant regulatory, economic and tax implications before investing and within the holding period.
Article 14: Terms and Conditions:
1. Investment Agency Agreement:
a. All terms and conditions shall be effect upon the User’s registration and selection to use the investment account services provided by the company.
2. Eligibility:
Investment account services and acceptance of this agreement shall not permit in the following cases:
a. If the User has not the legal capacity required to contract under applicable laws.
b. If the User prohibited from using investment account services under the laws of the Kingdom of Saudi Arabia.
3. Agreement Terms and Language:
a. The User shall review the agreement and its amendments on the website periodically.
b. The User shall accept the agreement to access investment account services by clicking on the “Register,” “Forgot Password”, or “Login” buttons on the website.
c. The agreement shall be drafted in Arabic, and in case of a discrepancy between the Arabic text and any other language, the Arabic text shall prevail.
d. This Agreement shall applicable to the use of investment account services, including depositing funds, investment values, sukuk investments and the withdrawal or recovery of funds.
Article 15: Portfolio:
1. Portfolio Definition
The portfolio is an e-financial account. The user acknowledges that it is not a bank account and does not offer banking services other than those specified in Article 12 of this Agreement.
2. Portfolio Services
The portfolio provides services as follows:
a. Subscription to sukuk issued on the platform.
b. Withdrawal of balances to the user’s registered bank account.
c. Depositing into the account to enable investments in issuing companies
3. Portfolio Services Development:
Kafaa Capital Company is entitled, at any time in its sole discretion, to modify or temporarily or permanently suspend the service (or any part thereof, including the transmission or delivery of related materials or documents) with or without prior notice. In addition, Kafaa Capital Company is entitled, at any time in its sole discretion, to change or terminate any content or features available on the website without prior notice. The user agrees that Kafaa Capital Company shall not be responsible for the user or any third party for any modification, suspension or discontinuation of the service, content or features provided on this website.
a. Kafaa Capital Company may introduce new services from time to time without prior notice from the user. The updated agreement, reflecting any amendments, shall be made available via the website.
4. Portfolio Responsibility Limits
The user acknowledges that Kafaa Capital Company is entitled to cancel providing the services specified in the agreement at any time without prior notice to the user. Similarly, the user may discontinue using the services at any time without the need to notify Kafaa Capital Company.
a. Kafaa Capital Company may impose restrictions on the use of portfolio services or current transactions without prior notice, including, but not limited to, individual or aggregate transaction limits on the value or number of financial transactions within a specified time frame and limits on account funding.
b. Kafaa Capital Company may restrict access to the portfolio for specific amounts or periods consider required to protect itself or other users under the following circumstances:
c. If Kafaa Capital Company is exposed to financial risks.
d. If the User violates the terms of this Agreement.
e. If there is a dispute related to the portfolio account or transactions conducted therein.
g. If required to protect the security of Kafaa Capital Company systems.
h. Kafaa Capital Company may restrict the User access to the portfolio account within investigations or settlements of any current disputes.
i. Kafaa Capital Company may withhold funds in the portfolio account according to applicable regulations, court orders, or upon the request of a competent governmental authority.
j. Kafaa Capital Company may reject any withdrawal request from the portfolio account.
k. The User is entitled to utilize the amounts shown in the available balance for investments and to transfer sums from the portfolio account to the User’s personal account.
Article 16: Prohibited Payments:
1. Prohibited Cases
Kafaa Capital Company is entitled to impose acceptable use conditions regarding the operation of accounts and the provision of portfolio services, including prohibiting certain categories of financial transactions. The portfolio shall not be used for the following purposes:
a. Illegal purposes such as fraud, deception and exploitation.
b. Money laundering activities.
c. Terrorism financing.
d. Other illegal or non-compliant activities within the Kingdom of Saudi Arabia.
e. If the User performs or attempts to act any prohibited or illegal transaction, Kafaa Capital Company shall take legal action against the User according to the Cybercrime Law, the Anti-Money Laundering Law, and other applicable regulations. Furthermore, Kafaa Capital Company is entitled to claim compensation for misuse of the account by the User.
Article 17: Depositing and Receiving Funds
1. Terms of Deposit and Receive:
a. Kafaa Capital Company shall not be responsible for sums until they are received.
b. The customer agrees to appoint Arab National Bank as the custodian of client funds. The bank shall apply procedures for safekeeping and transferring sums in a collective account according to regulations and instructions issued by the Saudi Central Bank (SAMA) via the bank digital channels. The customer acknowledges understanding these regulations and is entitled to appoint a third party to safeguard their rights against any failures that may arise from the bank failure to apply the relevant procedures for safekeeping client funds.
b. Funds shall be credited on the business day they are received thereon. If sums are received following service cutoff times, the same shall be considered as received on the following business day.
c. Regularly, the User shall reconcile incoming sums with the records thereof.
. Kafaa Capital is entitled to cancel any financial transaction if the payer, the bank, or the payment service provider reverses or is likely to reverse the payment from the Portfolio account.
e. The customer shall agree that Kafaa Capital is entitled to deduct and pay any fees or charges for its services or those charged by the bank for custody and transfer operations, and any other fees imposed by the bank, government taxes, or charges paid to third parties appointed to complete the services provided by Kafaa Capital Company. The customer also shall acknowledge the company’s right to receive any returns from the bank on sums held on behalf of clients, such as Murabaha returns.
2. Sending Payments and Their Methods:
a. Approving any financial transaction constitutes authorization to execute that transaction.
b. The User shall authorize Kafaa Capital to execute any transaction based on instructions displayed on the screen when using the website or any tools provided by the company.
c. The User shall notify Kafaa Capital before sending payments to third parties.
d. Payments will be sent to the User’s registered bank account, debit card, or credit card.
e. Payment instructions shall be sent exclusively through Kafaa Capital Company website. The User bears full responsibility for the accuracy and completeness of the instructions provided.
f. The User shall provide accurate information about the payment recipient. The User shall assume full responsibility for incorrect data entry, and Kafaa Capital Company is not liable for any resulting losses.
g. Kafaa Capital Company may make reasonable efforts to recover the User’s payments and is entitled to charge the User with costs incurred during recovery such sums.
h. The User shall provide Kafaa Capital Company with any additional information requested regarding any payment within two business days of the request.
i. Payment of Fees Method:
j. The User shall allow Kafaa Capital Company including the User’s full name, address, account number, and any other required details in the payment data sent to the recipient’s bank or payment service provider in compliance with the Anti-Money Laundering Law.
k. In the event that Kafaa Capital Company receives the financial transaction instructions by the service cutoff time on any business day, those instructions shall be considered received on the same business day. However, if the instructions are received following the service cutoff time or on any day other than a business one, those instructions s be considered received on the following business day.
l. The User shall report any unauthorized, incorrect, or unlawful transactions to Kafaa Capital Company as soon as possible. Kafaa Capital Company is not liable for such transactions under any circumstances.
m. Kafaa Capital Company may reject financial transaction instructions for specific reasons. In addition, the company shall explain the reasons for rejection and provide correction methods for any errors in financial transaction data. The company is entitled to charge the User with expenses incurred during the process. Kafaa Capital Company shall not process a payment if it is unlawful or non-compliant.
Article 18: Fees
1. Payment of Fees Method:
The User shall pay all fees required to utilize the platform services. Such fees may be paid directly to Kafaa Capital, affiliates or via the service provider’s website. Kafaa Capital shall notify Users of applicable fees from time to time, with the fees determined at Kafaa Capital’s sole discretion.
2. Fee Amount:
At any time, Kafaa Capital shall reserve the right to modify the fees thereof. Moreover, such fees shall be calculated based on the value of transactions, including all applicable charges—such as taxes and otherwise. All electronic sums, fees, and payments collected or made through the service shall be denominated in Saudi Riyals (SAR).
3. Error Corrections:
The User shall acknowledge authorizing Kafaa Capital to make credit or debit entries in the portfolio account to correct any errors in transactions.
Article 19: Agreement Duration and Termination
1. Agreement Effective Date:
This Agreement shall take effect as the earliest of the following: the date the User registers, resets their password, logs in, or uses Kafaa Capital services.
2. Agreement Termination:
a. At, any time, the User may terminate this Agreement by contacting Kafaa Capital and closing their portfolio account.
b. For any reason at any time, Kafaa Capital may terminate or suspend portfolio services, subject to prior notice to the User.
3. Cases for Portfolio Account Block and Suspension:
Kafaa Capital may suspend or block the service to the User’s portfolio account in the following cases:
a. If the User violates the terms of this Agreement.
b. If Kafaa Capital reasonably determines that the User exposes its services to credit, fraud or illegal risks.
c. If it established to Kafaa Capital that the User has provided misleading, false, incomplete, or inaccurate information or engaged in fraudulent or illegal activities.
d. If Kafaa Capital has security concerns regarding the portfolio account, including credentials.
e. If Kafaa Capital suspects unauthorized or fraudulent activity on the portfolio account or the payment data thereof.
In such cases, Kafaa Capital shall suspend the account and inform the User of the reasons for the rejection, where possible.
4. Post-Termination Procedures:
a. Upon termination, Kafaa Capital shall, upon the User’s request, refund any remaining sums in the portfolio account.
b. The User may request that Kafaa Capital transfer the sums to their bank account in cash.
c. Kafaa Capital shall not refund such amounts within a specific timeframe but shall seek to process the refund within a reasonable period upon receiving the transfer request.
d. Kafaa Capital shall make every effort to refund the amounts using the User’s chosen method, noting that Kafaa Capital may not acknowledge guarantee compliance with the User’s preferred method.
Article 20: Privacy, Data Protection, Responsibilities, and Indemnities
1. Privacy Policy:
a. Kafaa Capital shall set a privacy policy accessible to the personal data owners when their personal data is collected. The policy shall specify the purpose of data collection, the type of data required, methods of collection, storage mechanisms, processing methods, destruction procedures, data subjects’ rights and how to exercise them.
b.
Kafaa Capital shall use Users’ personal data according to the privacy notice and as outlined in this Agreement.
2. Information Protection:
The User shall acknowledge the collection and use of his information by Kafaa Capital, and the method and circumstances under which his information may be disclosed. Accordingly, the User shall review the privacy notice periodically.
3. Verification of Personal Data Accuracy:
Kafaa Capital shall strive to ensure the accuracy, completeness, and timeliness of personal data before processing, ensuring the relevance thereof to the purpose for which the data was collected, in compliance with applicable laws.
4. Disclosure of Personal Data:
Kafaa Capital shall maintain the confidentiality of personal data except in the following cases:
a. With the consent of the data subject.
b. As stipulated by applicable laws or regulations.
c. To fulfill the purposes for which the data was collected.
d. Where processing is required for legal or security purposes.
5. User’s Obligations:
The User shall represent and ensure the following:
a. He is qualified to register for and use portfolio services, possess the legal authority, capacity, and ability to enter into this Agreement, and grant the rights, licenses, and permissions to Kafaa Capital under this Agreement.
b. The name provided during registration is his actual name or the trade name registered with the Ministry of Commerce.
c. He shall not use the portfolio on behalf of any individual or legal entity.
d. He shall comply with all applicable laws and regulations in the Kingdom of Saudi Arabia.
e. He shall not use portfolio services for fraudulent activities or in any way that disrupts the services.
f. They are not subject to any restrictions or listed on any prohibited or restricted parties’ lists, including but not limited to lists by the United Nations Security Council, the U.S. government (e.g., the Specially Designated Nationals List, Foreign Sanctions Evaders List, or Entity List by the U.S. Department of Commerce), the European Union, or other applicable governmental authorities.
Kafaa Capital and its affiliates do not provide any permit or guarantee regarding any of the following:
That the User’s use of the portfolio services and other payment services would meet the User’s requirements.
That the User’s use of the portfolio services and other payment services shall be uninterrupted, timely, secure, or error-free.
That all information obtained as a result of the User’s use of the portfolio services shall be accurate or reliable.
These terms, warranties, or other provisions shall apply only to the extent expressly stated in this Agreement.
6. Liability:
This Agreement shall not be interpreted to exclude or limit Kafaa Capital liability for losses that may not be excluded or limited under applicable laws.
7. Disclaimer:
Kafaa Capital and its affiliates shall not be responsible for the following:
a. Loss of profits.
b. Loss of business.
c. Loss of revenue.
d. Total investment loss.
e. Loss of data.
f. Indirect or consequential losses.
8. Compensations:
The User undertakes to indemnify and hold harmless Kifaya Capital, and all employees, directors, agents and representatives working for Kifaya Capital Capital, and all entities affiliated with Kifaya Capital from all claims, costs, lawsuits, cases and demands arising from any claim, lawsuits, audit, investigation, inquiry or any legal action brought by any person or entity due to the following.
a. Any actual or alleged breach of the User’s representations, warranties, or obligations under this Agreement.
b. Any infringement, misrepresentation, or actual or alleged violation of third-party rights by the User or their trademarks concerning the service within portfolio use.
c. Any infringement, misrepresentation, or actual or alleged violation by the User related to their use of portfolio services or any transaction initiated through the portfolio.
Article 21: Data Protection Overview
Kafaa Capital prioritizes data protection to the highest degree. The data protection policy explains the types of information collected from Users on Kafaa Capital website, the actions taken concerning such information, and how to access the available information on the website. It is important to note that the data protection policy may change from time to time; Users should review the website periodically.
1. Information Collected by Kafaa Capital
Upon visiting Kafaa Capital website without logging in as a user, the following information is collected:
a. Kafaa Capital web servers.
b. The domain name used to access the internet.
c. The User’s internet service provider (ISP).
d. The User’s preceding and succeeding websites.
The information collected is not intended to identify individuals but is used for statistical purposes and to improve the website appeal, content, and functionality. Kafaa Capital shall follow all applicable data protection laws and regulations.
2. Data Protection:
The User grants full consent to Kafaa Capital when storing data in their profile and authorizes Kafaa Capital to use this data and make it available to listed companies in which the User has pledged to invest. The User also authorizes the availability of such data to payment service providers associated with the listed companies or Kafaa Capital for the purpose of disbursing amounts due to the User from their investments. This includes, but is not limited to: first name, last name, email address, phone number, permanent residence – including city, postal code, and country, personal identification number, gender, date of birth, nationality, investment amount, bank account number (IBAN), and banking information (BIC).
3. Collection and Processing of Personal Data:
a. Kafaa Capital collects personal data with the explicit consent of the User. The User is entitled to withdraw this consent at any time, provided that such withdrawal does not affect the legality of the processing conducted based on the prior consent.
b. The User may be required to provide required data to access services, obtain information, log in, or provide Kafaa Capital with details about the User or their affiliated company. Such information may include the name, job title, email address, and other relevant details. In such cases, browsing the website in an anonymous mode will not be possible.
c. To submit investment requests or use certain services available through the website, the User may be required to provide additional information, such as their name, address, and banking details.
d. The User may be asked to provide information when submitting comments or participating in surveys.
e. Kafaa Capital, its affiliates, and service providers are committed to maintaining the confidentiality of User information. Such information will not be disclosed to third parties in any form or to individuals acting on behalf of Kafaa Capital, except with the explicit consent of the User. This includes the use of (cookies).
Kafaa Capital uses cookies for the following purposes:
a. To enhance and simplify the User experience on the website and to organize and customize products and services according to the company interests and needs.
b. To collect anonymous User statistics, enabling Kafaa Capital to understand how visitors use the website and assist in improving its structure and content. Noting that these statistics do not allow for the personal identification of Users. Users have the option to disable cookie functionalities.
4. Data Usage and Sharing
When Users provide Kafaa Capital with information, Kafaa Capital uses the same to deliver products and services and may share the private information with Sukuk Subsidiaries and use it to communicate with the User.
5. Data Retention
a. Kafaa Capital retains personal data as long as it is required to provide the requested service or as authorized by the User.
b. Kafaa Capital shall retain personal data only for the period required to achieve the purposes for which it was collected or as mandated by applicable laws and regulations. If the data is no longer required for any legal, practical, or regulatory purpose, the data shall be promptly deleted.
6. Security
Kafaa Capital implements all required technical and organizational security measures to protect the available information from manipulation, tampering, loss, damage, or unauthorized access. Security measures are continually reviewed and updated in line with the latest technologies.
7. Obtaining and correcting information
a. The Users are entitled to obtain information regarding all stored personal and to access, receive, review, and, if required, modify or delete all stored personal data.
b. The Users are entitled to access their personal data and request its correction or deletion at any time, according to the controls stipulated in the law and the executive regulations thereof.
8. Intellectual Property and Copyrights
Kafaa Capital holds ownership of all copyrights for the content available on its website, mobile applications, and smart devices. These rights include, but are not limited to:
a. All documents, materials, and resources related to the service.
b. All texts, information, data, graphics, charts, tools, images, videos, fonts, music, sounds, HTML codes, and all other website components.
c. Designs, layouts, and arrangements specific to the website, By submitting or providing any material containing texts, information, data, graphics, charts, tools, images, videos, fonts, music, or sounds (for the purposes mentioned in this section) to Kafaa Capital’s debt instruments and investment services, the User acknowledges the intellectual property rights granted by law to Kafaa Capital for these services in a permanent and exclusive manner. Upon submission, the following terms apply:
The User shall acknowledge that Kafaa Capital is entitled to retain the submitted information for purposes aligned with its privacy policy, and the rights granted by the User to Kafaa Capital are permanent. All usage of these services shall comply with the laws of the Kingdom of Saudi Arabia. These terms and conditions apply to all Users of Kafaa Capital’s services.
The User shall undertake that he has the full right to distribute or publish such submitted content.
The User shall indemnify Kafaa Capital for any damages resulting from objections to the distribution or publication of the content, regardless of the outcome of such objections.
9. Trademarks
Trademarks are used by Kafaa Capital according to the services requested by the User. Accordingly, any unauthorized use of these trademarks beyond the stated purposes is strictly prohibited without prior written consent from Kafaa Capital. Each request for consent shall be considered individually.
Article 22: Conflict of interest Policy:
1. Limitation of Liability:
Under no circumstances shall Kafaa Capital Company be liable for any direct, indirect, punitive, incidental, consequential, or any other damages (whether contractual, tortious, or otherwise) resulting from the content or services provided on the Kafaa Capital platform/application, including, but not limited to, damages resulting from loss of profits or revenues, damages from corrupted or lost data, damages from viruses or other harmful software and data, damages from internet networks and webpages, any damages resulting from economic or business losses, damages resulting from decisions made by any party based on the service or its content or outcomes, any damages resulting from delay, failure, interruption, or corruption of data or information related to the use of the service, and any damages resulting from inaccurate information, errors, or omissions related to the content and services provided on the Kafaa Capital platform. In all cases, the total liability of Kafaa Capital Company and its employees, agents, and representatives in relation to the content and services provided on the Kafaa Capital platform/application shall not exceed the total amount of registration fees or User fees paid for the use of the service, whether the liability is tortious or contractual.
2. Force Majeure:
Kafaa Capital Company shall not be liable for any obligation if an extraordinary event directly prevents it from performing its functions and responsibilities. Kafaa Capital Company shall not be liable towards the clients for any failure or delay in fulfilling its obligations under this Agreement caused by or resulting from events beyond its direct or indirect control, including, but not limited to, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural disasters, acts of Allah, or disruptions, loss, or failure in facilities or communications or technical services (software, applications, hardware), and human services. Noting that Kafaa Capital Company shall make reasonable efforts consistent with accepted practices in the financial technology sector to resume performance as soon as possible under the circumstances.
3. Compensation. )Refer to the provision at the beginning of these terms to reconcile the provisions)
The User undertakes to indemnify and hold harmless Kafaa Capital and all employees, directors, agents and representatives working for Kafaa Capital from all claims, costs, claims, lawsuits, cases and demands resulting from any claim, lawsuit, audit, investigation, inquiry or any legal proceeding by any person or entity for reasons related to:
a. Any actual or alleged breach of the User’s representations, warranties, or obligations under this Agreement.
b. Any modification, false representation, or actual or alleged infringement of third-party rights by the User or their trademarks in connection with the service while using the platform/application services.
c. The User’s use of the platform/application services.
d. Any transaction submitted by the User through the platform/application services.
Article 23: Understanding the terms:
The User acknowledges that they have read and understood this Agreement and that they have been given the opportunity to ask any questions related to it. The User further agrees that this Agreement shall govern the relationship between them and Kafaa Capital.
Article 24: Governing Law:
This Agreement shall be governed by and shall be interpreted according to the laws and regulations of the Kingdom of Saudi Arabia. All disputes resulting from this document shall be referred to the competent courts and committees in Riyadh.
Article 25: Customer Consent:
a. I confirm that the data stated in this application is entirely accurate and under my responsibility, and I agree that it shall be binding upon me. I authorize Kafaa Capital to contact me at any time. I consent to interactive analysis through the Kafaa Capital website and agree to provide Kafaa Capital with any information or data requested to establish, review, or manage my account. I also authorize Kafaa Capital to obtain any required or required information about me or any other account I hold with the Saudi Credit Bureau or any government authority. I further consent to the disclosure of my information and account details, or any other account I hold, to the Saudi Credit Bureau and/or any other entity approved by the Saudi Central Bank.
b. I confirm that I am the ultimate beneficial owner of the account being opened with Kafaa Capital.
Article 26: Contact with Kafaa Capital:
a. If the User has any questions or inquiries regarding these terms and conditions or how their personal data is processed, or any of our other services, they can contact us through the following methods:
Email: support@kafaacapital.com
Last updated: 13/01/2025