Withdrawal and Refund Policy for Hakbah

Withdrawal and Refund Policy for Hakbah

1. Introduction:

This Policy (hereinafter referred to as the “Withdrawal and Refund Policy”) elucidates the conditions, procedures, and financial consequences attendant upon a Member’s (hereinafter referred to as “You” or “the Customer”) withdrawal from a financial association (hereinafter referred to as “the Jameya”) organized via the Hakbah platform (hereinafter referred to as “Hakbah” or “We” or “the Company”), as well as delineating circumstances under which certain remitted amounts may be subject to refund. The objective of this Policy is to furnish Customers with unequivocal clarity and transparency concerning withdrawal and refund processes.

This Policy shall be considered an integral and inseparable component of the General Terms and Conditions of Hakbah. Your review of and agreement to the General Terms and Conditions shall constitute your explicit consent to this Policy.

2. Definitions:

All definitions contained within the General Terms and Conditions of Hakbah shall apply mutatis mutandis to this Policy.

3. Early Withdrawal (Within Two Hours of Joining):

3.1 Sole Opportunity for Partial Fee Refund: A Member shall be permitted to submit a request for withdrawal from the Jameya, accompanied by a partial refund of the “Service Fees” only, provided that such withdrawal request is submitted via the Application within a maximum period of two (2) hours from the confirmed time of their joining and successful remittance of the initial “Service Fees.”

3.2 Procedures and Refund:

• The request must be submitted via the Application within the aforementioned two-hour period.
• The Customer’s account may be temporarily restricted for administrative purposes.
• The “Service Fees” amount shall be refunded, subject to the deduction of a sum not exceeding SAR 199 (One Hundred Ninety-Nine Saudi Riyals) to cover administrative expenses and payment processing fees.
• The refund shall be processed and transferred exclusively to the Customer’s registered bank account within fourteen (14) business days from the date of final approval of the settlement.

4. Withdrawal After Two Hours and Prior to the Official Commencement Date of the Jameya:

4.1 Permissibility of Withdrawal: A Member may request withdrawal from the Jameya at any time subsequent to the initial two-hour period and prior to the official commencement date of the Jameya, by submitting a formal request through the Application.

4.2 Non-Refundable Fees: In such instances, the “Service Fees” remitted shall be definitively non-refundable.

4.3 Other Procedures: The Customer’s account may be temporarily restricted for administrative purposes.

5. Withdrawal After the Official Commencement Date of the Jameya:

5.1 Withdrawal After Commencement and Prior to Receiving the Jameya Amount:

• a. Possibility of Withdrawal: In this scenario, a Member may submit a withdrawal request via the Application.
• b. “Service Fees”: These shall be definitively non-refundable.
• Monthly Amounts Remitted: The total “Monthly Amounts” actually remitted by the Member in this Jameya shall be calculated. A sum equivalent to one monthly payment for this Jameya or SAR 500 (Five Hundred Saudi Riyals), whichever is higher, shall be deducted to cover actual administrative costs incurred due to the early withdrawal (“Administrative Withdrawal Fees”).
• Refunded Amount: The remaining balance of the remitted monthly payments (if any, after the deduction of Administrative Withdrawal Fees) shall be refunded to the Customer’s registered bank account within fourteen (14) business days from the date of final settlement.
• c. Consequences of Withdrawal: The Member’s account may be permanently restricted or blocked in the event of grave violations necessitating such action, at Hakbah’s sole discretion.
• d. In Case of Non-Approval of Withdrawal Request: The Member shall remain obligated to remit the monthly payments according to the stipulated dates. Failure to do so shall constitute a breach subjecting them to statutory and legal procedures for the collection of outstanding amounts.

5.2 Withdrawal After Jameya Commencement and After Receiving the Jameya Amount:

• a. Sole Condition for Withdrawal: In this circumstance, the Member cannot withdraw and remains fully bound by their monthly obligations. The sole condition enabling withdrawal is the Member’s remittance of the entire outstanding balance owed to the Jameya (i.e., all remaining future “Monthly Payments” until the Jameya’s conclusion) in a single, upfront payment.
• b. Early Settlement Mechanism: This can be effected through the “Early Settlement” or “Financial Clearance” service, if available within the Application or through communication with the customer care center, subject to its specific terms and conditions.
• c. In Case of Non-Early Settlement: The Member shall remain obligated to remit monthly payments on their stipulated dates. Any default in payment shall result in the initiation of necessary statutory and legal procedures for the collection of outstanding amounts, including the enforcement of the “Promissory Note.”

6. Exclusion from Jameya by Hakbah:

Should Hakbah exclude a Member from a Jameya for any justified reason stipulated in the General Terms and Conditions:

• The “Service Fees” remitted shall be non-refundable.
• If the exclusion occurs before the Member receives the Jameya amount, the same financial rule stipulated in Clause (5.1.b) shall apply: a sum equivalent to one monthly payment from the total monthly amounts remitted by the Member or SAR 500 (Five Hundred Saudi Riyals), whichever is higher, shall be deducted to cover actual administrative costs for processing the early exclusion, and any remaining balance shall be refunded.
• If the exclusion occurs after the Member receives the Jameya amount, the Member shall remain liable for the full outstanding monthly amounts, and legal procedures shall be initiated for their collection.
• The Member’s account may be permanently blocked in the event of grave violations necessitating such action, at Hakbah’s sole discretion.

7. Non-Refundable Amounts (Summary):

The following amounts are generally considered non-refundable:

• The basic “Service Fees” (except in cases of withdrawal within the first two hours only, in accordance with Clause 3.2 of this Policy).
• “Administrative Withdrawal Fees” (a sum equivalent to one monthly payment or SAR 199 (One Hundred Ninety-Nine Saudi Riyals), whichever is higher) deducted in cases of withdrawal or exclusion prior to receiving the amount (in accordance with Clauses 5.1.b and 6 of this Policy).
• All other fees for additional services (Emhal, urgent transfer, late payment, etc.).
• Value Added Tax (VAT) collected on any non-refundable fees or amounts.

8. Refund Mechanism:

Any amounts due for refund to the Customer (whether partial refund of fees under Clause 3.2 or partial refund of monthly payments under Clause 5.1.b) shall be processed within a maximum period of fourteen (14) business days from the date of final approval and settlement, and shall be transferred exclusively to the Customer’s registered bank account.

9. Jameya Continuity:

Hakbah is committed to ensuring the continuity of the Jameya subsequent to its official commencement date and confirmed formation, and shall not unilaterally cancel it due to reasons related to incomplete membership after its initiation.

10. Policy Amendment:

Hakbah reserves the right to amend this Policy from time to time. Customers shall be notified of any material changes in accordance with the procedures outlined in the General Terms and Conditions (Clause Thirteen).

11. Contact:

For inquiries pertaining to this Policy, please contact Hakbah’s customer care center via the channels specified in the General Terms and Conditions (Clause 16).