Terms and Conditions

Payment Terms:

• The customer commits under the financing agreement to pay the monthly installment due directly to the Shari Finance Loan's account.
• The customer is obligated to settle all installments and any additional amounts due under the financing agreement directly to the company, as outlined in the repayment schedule. Payments must be free of any taxes or fees of any kind or origin, whether existing at the time of signing or imposed subsequently.

Delays/Defaults in Payment:

The customer is considered in default if they fail to pay three (3) consecutive installments or five (5) separate installments, with a delay of seven (7) working days or more from the due date of each payment.

Debt Acknowledgment and Account Accuracy:

• The customer's debt to the company is established by their signature on financing documents for each transaction. The customer acknowledges their liability for the total debt amount specified in the financing agreement and its annexes.
• The company maintains the contract account, documenting the customer's debt and paid installments. The customer agrees that this account will serve as conclusive evidence of their debt and outstanding amounts in the event of legal proceedings.

Early Settlement:

• The customer may request early repayment of the full debt or part thereof before the due date.
• In cases of partial early repayment, the repaid amounts will be deducted from the outstanding debt. The company may grant a reduction on the remaining debt, though this is not obligatory.
• For full early repayment, the company is entitled to the remaining principal amount, plus a profit equivalent to the following three (3) months, calculated based on the declining balance method.

Breach of Financing Agreement:

The customer will be considered in breach of the financing agreement, rendering all installments immediately due, after a ten (10)-day notice, in any of the following cases, provided the breach impacts the commitment:

• Failure to fulfill any obligation or commitment under the financing agreement.
• Submission of inaccurate or falsified data or documents.
• Conviction for a criminal offense or involvement in a civil dispute.
• Termination of employment by the customer or their employer for any reason.
• In the event of a breach, the financing amount, accrued profits, and all additional charges, including recovery expenses (e.g., legal fees or collection costs), will become immediately payable without further notice or legal proceedings.

Guarantees:

The customer commits to ensuring payment of installments and fulfilling all obligations to the company under the agreement as follows:

• Payment or transfer of monthly installments directly to the company's account, or authorizing the company to deduct them.
• Issuance of a promissory note covering the total debt amount, payable upon demand.
• The company may request additional guarantees, such as collateral or a guarantor.
• The company reserves the right to offset amounts due under this agreement from any funds or guarantees held by the customer without prior notice. Objections to such offsets will not be accepted.

Calendar Reference:

All dates and periods mentioned in this agreement are based on the calendar unless the customer's salary is calculated on the Gregorian calendar, in which case payments will follow the Gregorian calendar.

Error Resolution Rules:

• Customers can submit complaints or objections to the Shari Finance Loans via branch customer service or the toll-free number. Complaints will be addressed in line with the company's procedures and responded to appropriately based on their nature.
• Notification of errors in statements must be submitted within 30 days of statement issuance using the company's contact details. Notifications must include a copy of the disputed statement.
• The company will respond within 30 days of receiving the error notice, providing a resolution timeline and requesting additional information if necessary. Errors will be investigated and resolved within 60 days, with a maximum timeframe of 90 days.
• Verified errors will be corrected, and any disputed amounts and related fees refunded. Customers will receive confirmation via secure communication.
• If an error is determined to be different from the customer's claim, the company will notify the customer, stating the reasons for the finding and correcting the account as per procedures.
• If no error is found, the company will provide an explanation with supporting evidence through secure communication.

Miscellaneous Terms and Conditions:

• A "working day" excludes weekends and official holidays.
• "Secure communication" includes phone, email, hand delivery, or any retrievable electronic means.
• Customers are entitled to preliminary approval before completing the financing request.
• The management fees for retail customers will not exceed more than 0.50% of the financing amount or $ 2,500 (maximum), whichever is less, and the value added tax (VAT) will be applied as per policy.
• Customers can request a balance or liability statement within seven (7) working days.
• Upon full repayment of the financing, the customer will receive a clearance letter within seven (7) working days, and their credit record will be updated per relevant regulations.
• Financing account statements will be provided upon request through secure communication methods.
• Changes to repayment methods will be communicated at least 30 days in advance using approved methods.
• The company retains the right to claim outstanding amounts at any time, with no forfeiture of rights due to non-enforcement.
• The company may take legal action, including freezing entitlements with private institutions or government departments, to secure repayment.
• The company may transfer its rights under the financing agreement without customer consent.
• The customer cannot transfer obligations under the financing agreement without prior written consent from the company.
• Copies of key documents, such as financing applications and updated terms, will be provided within five (5) working days upon request.
• Administrative fees will be refunded if the customer cancels the financing within ten (10) working days without utilizing the funds.
• The customer authorizes the company to coordinate with pension departments or insurers in case of retirement, including redirecting pension payments as needed.
• The customer agrees to provide any information requested by the company and authorizes the company to obtain relevant details from credit bureaus or other authorized entities.
• The customer commits to notifying the company immediately of any changes to their address, residence, or employment.
• Invalidity of any clause in the financing agreement does not affect the validity of the remaining clauses.
• The company reserves the right to withhold financing until verifying the customer's income accuracy. In cases of discrepancies, the customer must repay the debt immediately.
• In case of discrepancies between the Arabic and English versions of this document, the Arabic version shall prevail.