Where the customer wishes to establish a financial services relationship with Hakbah platform and application to benefit and make use of the products and the services listed in this Agreement and its Annexes or subsequently provided by Hakbah, these Terms and Conditions (“Terms“) have been prepared to provide clear guidelines and legally binding terms for the services provided to you by Noon Hakbah, a company incorporated in accordance with the laws of Saudi Arabia and licensed by the Saudi Central Bank to experiment its innovative products under the Regulatory Sandbox, which has the capabilities to open accounts and provide financial technology products and services in accordance with the regulations and instructions issued by the Saudi Central Bank. The company trades by the trademark “Hakbah” (hereinafter referred to as “Hakbah”, “We”, “Application” or “Company”). These terms and conditions shall govern your relationship with the Company, the provided services, and your use of the Hakbah Application, whether on a mobile phone, any electronic device, or the Hakabah website (“Hakbah website”).
These terms shall be submitted for your information and approval before we grant you our consent to complete the access and registration process (hereinafter referred to as ” Registration “) on the company’s platform. Registration is a prerequisite for the use of the “Hakbah” platform. Registration requires you to complete a KYC form (hereinafter referred to as the “Customer Data Form“)
Please read these Terms carefully before you complete registration as the Terms affect your rights and obligations under the Kingdom of Saudi Arabia laws. If you do not accept these Terms and Conditions, please do not use the Hakbah app and/or platform.
Hakbah products are authentically tailored for individual customers and may not be used on behalf of a third party (whether it is a natural person, institutions, profit or non-profit organization).
Registering for the Hakbah Platform Services, you acknowledge that you have read, understood, and agree to be bound by these Terms. Since it is agreed and understood by the customer that the terms and conditions herein shall immediately apply, after Hakbah agrees to open the account and accept you as a customer and start the business relationship with you, and they will be binding on both parties in addition to any other additional terms or conditions agreed by the parties in any reasonable form.
These terms and conditions will apply to the account to be opened for you and the products and services to be provided to you (the customer) by Hakbah. The user acknowledges that he has read the terms and conditions in addition to the terms of the use policy and has agreed to act accordingly and be subject to them and any updates that may occur once registered with Hakbah.
With their full legally considered capacities, the parties have agreed to abide by the provisions of the agreement in accordance with the following terms and conditions:
Unless the context otherwise requires herein – the following words and expressions shall have the meanings indicated below:
2.1 Hakbah: Hakbah Company and any of its innovative products, including both the Hakbah Cooperative Savings Platform and the Hakbah Financial Jameya App.
2.2 Customer: The natural person holding the account, who is 18 years of age and under the age of 60 years old, who has registered with Hakbah and used its products and services. It may be referred to as (User), (Beneficiary) or (Member). He is allowed to access the Hakbah system, and to log into his account with the Hakbah, using the customer’s username and password.
2.3 Personal Information: Information related to the identity of its provider, such as name, gender, age, nationality, identification number, e-mail, contact numbers and addresses, address, and other provided information.
2.4 The customer’s bank account: is a customer’s bank account with a local bank operating in the Kingdom of Saudi Arabia, which is requested from the customer in order to deposit all the amounts due to him according to his arrangement in Jameya and its regulating rules.
2.5 Jameya: means a savings group established within (Hakbah) that includes a specific number of customers, for a specific period, and a specific amount of money for each member, and in an arrangement agreed upon between all customers so that the amount is paid by all members on time, and the total shall be received by the beneficiary customer according to his arrangement in Jameya after the complete payment by all members within a maximum of 3 days.
2.6 Approved calendar: is the Gregorian calendar, in which all special dates of transactions are determined, including but not limited to, the date of the beginning of the Jameya, the monthly due dates, and Jameya expiry date.
2.7 Jameya arrangement: means arranging the orders of Jameya members to receive the total amount, and it is effective after approval by the member, provided that Jameya shall begin, which means that all members choose to arrange and approve their turns. It may be referred to as (order).
2.8 Jameya manager: means the Customer who established the Jameya, specified its duration and the amounts of money, and invited other people to join his Jameya. He is responsible for Jameya and the seriousness of the members whom he invited, the Hakbah and Jameya properly on time. On behalf of the rest of the members of the Jameya, he shall follow up with the competent authorities in the event of any financial claims or payable dues as a result of any insolvency or default by one of the members of Jameya that he established.
2.9 “SAMA”: The Saudi Central Bank
2.10 “SIMAH”: The Saudi Credit Bureau
2.11 Fees: means the fees charged by “Hakbah” for the provided services, including but not limited to: monthly fees, inclusive fees, promissory notes fees.3 Requirements and registration
3.1 Through its innovative products within the Regulatory Sandbox permitted by the Saudi Central Bank, Hakbah shall provide the service of saving Jameyas to customers wishing to establish and manage savings Jameyas, as well as to customers wishing to join them, within the (Hakbah) application available in the App Store, Google Play Store, and any application stores.
3.2 “Hakbah” services are available to Saudis and individuals residing in the Kingdom of Saudi Arabia who possess valid national identity or residency cards. Each identity will only be eligible for one account associated therewith. Hakbah reserves the right in its sole discretion and at any time to change the terms or requirements.
3.3 Registration in “Hakbah” services is subject to the collection of complete KYC information and customer identity verification in accordance with the regulations of the Saudi Central Bank, the AML Law, and its executive regulations.
3.4 “Hakbah” reserves the right, at any time, to take all relevant steps and actions necessary to ensure compliance with and adherence to all relevant and applicable requirements of Know Your Customer “Customer Data Form”.
3.5 The Customer certifies that all provided information is valid, complete and accurate.
3.6 When registering in “Hakbah”, the customer will receive a confirmation message on the successful creation of the account.
3.7 When registering in “Hakbah”, the customer will receive an activation code which must be inserted into the application to activate the account. The customer can change the activation code at any time and must do so immediately for security purposes.
3.8 “Hakbah” reserves the right at any time to reject the application and refuse the acceptance of the customer in the event of any discrepancies or inaccuracies in the information or documents provided by the customer.
3.9 The Customer is solely responsible for the accuracy of the information provided in the “Hakbah” application. If the information provided by the customer is determined to be untrue, false or misleading, the “Hakbah” platform shall have no responsibility and assume no liability for any consequences that may result from providing such incorrect, false or misleading information. If the customer has actual or concluding knowledge regarding the inaccuracy of the information provided about his account, the customer must notify “Hakbah” by contacting us via [email protected] as soon as possible. If “Hakbah” finds that the information provided by the customer is untrue, false or misleading, “Hakbah” reserves the right to terminate and close the customer’s account at any time, with or without notice. Termination by Hakbah will be effective immediately or as specified in the notice issued by Hakbah. Termination of Customer’s Account will include disabling Customer’s access to the Application for either a specified or indefinite period.
4.1 The Customer’s “Hakbah” account shall remain active for one full year from the last transaction, registration date or account activation date, and any remaining amounts in the Application will be declared dormant until activated again and recovered by the Customer.
4.2 By applying to “Hakbah”, customers give their full consent and authorization to “Hakbah” to request customer data from any financial agency, institution, or any consumer reporting agency to view financial records or other financial information, in order to conduct an investigation or to determine Customers’ eligibility.
4.3 Customers hereby grant their full consent and authorization to “Hakbah” to request personal information or data related to the “Know Your Customer” process, including but not limited to, disclosing account information for a specified period, an introduction from the employer (authenticated by the Chamber of Commerce), and others. If the customer failed to response and provide us with the required documents within 5 working days, “Hakbah” reserves the right to exclude the customer from the Jameya. The value of the paid fees shall be converted into Hakbah Credit (Fee Payment Credit) for the customer, which shall remain valid for a period of three months.
4.4 Hakbah is not entitled to disclose any personal information, documents, or details of any activities in the customer’s account unless so requested by the Saudi Central Bank, a government agency specialized in combating fraud, money laundering and terrorist financing, a judicial authority, or a court order.
4.5 The Customer shall comply with any relevant instructions issued by “Hakbah” from time to time.
4.6 If the User suspects that there may be an unauthorized use of the login data or any hack of information or data relating to your account, you must notify Hakbah immediately at [email protected]
4.7 All users can access the Application through the available methods and log into after agreeing to the Terms and Conditions, the Use Policy and all that they are required to agree to.
4.8 The user is obligated to use Hakbah’s product(s) through its approved website including smart phone applications, and Hakbah does not bear any responsibility for the user’s violation thereof, and the user must always update the application e- version and the operating system that he uses through the approved application stores.
4.9 Hakbah has the right to charge the customer a specified fee as it declares in its electronic channels or in its branches or both, in return for the services that it provides through the Hakbah application and the Hakbah platform.
4.10 Hakbah shall make reasonable efforts to carry out the Customer’s instructions, and neither Hakbah nor any of its officials shall bear any consequences, claims, compensation, loss, or damage arising from the implementation of these instructions, except in the event of infringement or negligence.
4.11 The Customer is always responsible for notifying Hakbah of his email address or any change in the address or information and data provided by the Customer or of late receipt of the amounts owed to him, and the Customer expressly waives any claim against Hakbah that may arise from Hakbah’s inability to contact the Customer due to the customer’s default to provide Hakbah with the valid e-mail address or any modification thereof. The sending of the Jameya’s statement to the Customer will be stopped accordingly and he shall be notified thereof by any of the means available to Hakbah. In the event that the Customer does not wish to receive any electronic communications, including data and notices in relation to his account with Hakbah, then the Customer agrees to discharge Hakbah from liability and hold it harmless from damage, loss and all claims with respect to all rights or claims of the Customer against Hakbah arising directly or indirectly from the failure to provide the Customer with statements, notices or other information relating to the account, including but not limited, any claims arising from the Customer’s failure to respond to any errors, request their correction or correct alleged errors in any such disclosures, notices or other information.
4.12 The Customer is obligated to inform Hakbah immediately in the event of any objection or suspicion regarding the operations on his account.
4.13 Hakbah has the right at any time to change or modify the terms and conditions of the account, including the fees specified for the services, and such change or modification shall be effective from the date of announcing it through the Hakbah channels available to Jameyas after this date only, and the customer, in the event of his disagreement with the amendment, may request the closure of his account according to the followed procedures, and to pay his current debt in favor of Hakbah or the members of the Jameyas in which he participates – if any -.
4.14 Hakbah has the right to place the customer’s account under legal observation, suspension, freezing or suspension when a request is received from the competent regulatory authorities.
4.15 The customer undertakes to maintain the confidentiality of all his data in Hakbah, including login data, password numbers, user ID for electronic services and others, and the customer bears any responsibilities, consequences or losses that arise as a result of his disclosure or failure to maintain such data and information.
4.16 The Customer acknowledges that he is responsible for the funds paid into or transferred to his account with Hakbah, and that he must inform the official authorities of any deposit or transfer that is suspicious or that he is not entitled to as soon as he becomes aware thereof; Whether the deposited funds were made with or without his knowledge, and whether he personally disposed of them later or not, and he also acknowledged that these funds resulted from legitimate activities.
4.17 The customer represents and warrants that he is not legally prohibited from dealing and opening an account with Hakbah, and that all his data and documents with Hakbah are true and documented, and that he has understood the terms, conditions, and provisions of this Agreement.
4.18 The customer acknowledges that he is the real beneficiary of this account and all its associated services and products and not for any other party.
4.19 The Customer undertakes that he will abide by the purpose specified in this Agreement, and that he will not use the Account and related products and services provided to him by Hakbah for illegal purposes or operations.
4.20 The Customer shall indemnify Hakbah from any losses, claims, damages, liabilities or legal or judicial expenses arising or incurred by Hakbah as a result of the Customer’s breach of any of the terms and conditions of the Agreement.
5.1 The customer is obligated to join a Jameya that commensurate with his monthly income, with a monthly savings amount not exceeding 5,000 Saudi Riyals across all platforms. The commitment shall not exceed 40% of the income after deducting obligations. If the requirements are not met, “Hakbah” reserves the right to exclude the customer from the Jameya, and the value of the paid fees shall be converted into Hakbah Credit (Fee Payment Credit) for the customer, which shall remain valid for a period of three months or deduct an amount of 500 riyals from the fees paid and refund the remaining sum to the customer.
5.2 The customer is obligated to pay the amount of the Jameya on the due date specified on the app and “Hakbah” has the right to grant the customer a payment deadline for a period that does not exceed (two) consecutive days or (6 separate days in one Jameya) according to its sole discretion and the customer’s record with it when the customer’s request before the due date.
5.3 In the event of an emergency, the customer can request “Emhal” service with a fee starting from 99 riyals that extend the payment due date by a period of two weeks (14 days), and the Sanad must be approved within 48 hours of its creation. In the event that the Sanad is not approved within the specified time, the Sanad must be re-created with new fees to complete the service.
6.1 Hakbah reserves the right to suspend or discontinue the Hakbah services either in whole or in part, or to block, limit or terminate the account or to suspend the use of any activation code at its discretion, at any time and without any liability to the Customer in the following cases:
6.2 Also, “Hakbah” shall not be liable to the Customer against any direct or indirect loss, defect or damage resulting from any conduct or omission of the Customer in relation to the status of his account in the event of closing, suspension, or block.
6.3 The Customer’s account is his privilege during his lifetime. In the event of the Customer’s death, the remaining balance will be the privilege of his legal heirs. This will become legally effective after his legal heirs submit a valid death certificate to the Customer Service Centre.
6.4 In the event of any defect in the operation of the Service that falls under the responsibility of “Hakbah” for any reason, “Hakbah” will be obligated to mitigate the effect of the damage to the Application, if any.
Hakbah has the right to block, freeze a customer’s account or restrict his access or create new Jameyas in cases including:
１. Withdrawing from the Jameya
２. Deleting Jameya after the creation
３. Default in payment on the due date
４. Refrain from providing proof of the correctness of the information entered by the customer, or that Hakbah team may request for verification and review.
５. Refrain from providing proof of the correctness of the information entered by the customer, or that Hakbah team may request for verification and review. 6. Infringement of the word on the company or its employees
8.1 The Customer shall pay the Service Fee set forth in the “Hakbah” platform in the form and manner indicated for such payment. Hakbah shall have the right, at its discretion, to change, modify, increase, change or reduce the Service Fee from time to time with due notice to the Customer. Hakbah is committed to announcing changes to the available services in many ways such as, but not limited to, through applications, websites, newspapers, text messages, marketing flyers and social media.
8.2 The “Hakbah” account will enable the Customer to participate in the following activities:
8.3 After completing each major activity of the “Hakbah”, the Customer will receive an SMS or in-app notification with a description of the financial transaction. All registered “Hakbah” are subject to a rebuttable presumption of accuracy.
8.4 All fees for services provided at Hakbah are non-refundable, except in the event that the General Jameya is not completed and requires a fee refund request.
8.5 To review fee details periodically, please see the Fees section of the FAQ.
8.6 The savings rewards (cashback) in the Jameya to which the offer applies are transferred with the amount of the Jameya, provided that the customer is committed to paying on the due date specified in the Jameya within the app and did not use Emhal service during the specified Jameya.
9.1 According to the directives of the Saudi Central Bank, the number of societies currently permitted for each member is one, where a member cannot enter more than one Jameya, or reserve more than one turn in a single Jameya.
9.2 The minimum monthly amount of Jameya is 300 SAR, and the maximum is 5,000 SAR.
9.3 The issuance of Sanad (executed Promissory Note) must be approved when joining Jameya, provided that it is issued and approved upon the date of your payout. If the member refused to accept Sanad, he will be directly excluded and banned from Hakbah, and he will bear the fees and any operational losses or damage caused as a result.
9.4 The Client issues an electronic Promissory Note (Sanad) for Hakbah. The Sanad includes the receipt amount and an additional amount as administrative fees equivalent to (1,000 Riyals) or the amount of two monthly payments together, whichever is greater. If the Client delays the payment due of Jameya on the due date, Hakbah has the right to enforce Sanad, deducting amounts already paid within the application. By virtue of this Sanad, the Client waives any complaints, reservations, objections, or notices of payment refusal. The Sanad becomes due upon viewing or Jameya start date.
9.5 Hakbah claims Sanad amount after the customer is late in payment for more than (three consecutive days) or (11 separate days in one Jameya).
9.6 Sanad is automatically canceled when the Jameya is completed and the member paid all monthly payments within five working days.
9.7 Sanad is automatically canceled after the Jameya is canceled for lack of members, or by Hakbah management within five working days.
10.1 As a Nasmiles member, you are eligible for a Special discount of 10% on all Jameya fees and an exclusive offer Cashback %5 on second Jameya fees (valid until 31 October 2023).
10.2 The discount applies to Jameyas that were subscribed after the date of the agreement on 31 October 2022.
How to get the discount:
11.1 The privacy of communications is subject to the conditions issued by the Saudi Central Bank, its decisions and circulars. The Customer agrees that in order to facilitate the provision of the Services of the “Hakbah” platform, “Hakbah” may be required by law or otherwise to disclose any information or details about the Customer to any government entity.
11.2 User graphics, logos, design, compilation, information, computer code (including source code and object code), products, software, services, and all other elements of the “Hakbah” platform services provided by “Hakbah” (the “Materials”) are protected by copyright, design, patent and trademark laws Trade, international agreements and other applicable intellectual property rights.
12.1 The Application, the materials on the Application, or any product or service obtained through the Application are provided “as is” and without warranties of any kind, either express or implied to the fullest extent permitted by applicable law.
12.2 “Hakbah” does not warrant that your use of the Application will be uninterrupted, error-free, or secure, that defects will be corrected, or that the Application is free of viruses or other harmful components.
12.3 The Customer acknowledges that it is responsible for obtaining and maintaining all mobile devices and other devices necessary to access and use the Application and all fees associated with it.
12.4 The Customer assumes all responsibility and risk for its use of and reliance on the Application. No opinion, advice or statement has been provided by “Hakbah” whether or not it is provided via the Application and no warranty will be created. The Customer’s use of the Application, the Services and all materials provided through the Application will be entirely at his or her own risk.
12.5 “Hakbah” makes no express or implied warranty, guarantee or undertaking of any kind with respect to the “Hakbah” platform services, which are not expressly stated herein.
12.6 Hakbah shall not be liable for any acts or omissions of any third-party including services not expressly authorized by the Hakbah platform.
12.7 “Hakbah” shall have no liability to any person for any delay, loss of business, revenue, anticipated savings, damages, fees, costs, or expenses of any kind arising on the “Hakbah” platform services due to unavailability/use of the “Hakbah” platform services or otherwise.
12.8 The Customer agrees to indemnify “Hakbah” including but not limited to legal fees and expenses arising out of or related to the use or misuse of the “Hakbah” platform services, and for any violation of these terms and conditions, or any breach of the warranties and covenants.
13.1 Hakbah has the right to make any changes to these Terms at any time. Hakbah shall provide customers with an updated copy of the Terms, and such changes will be published and announced via SMS, Hakbah website, Hakbah platform application or any other appropriate media outlet that will be sufficient for the customer to be officially notified.
13.2 The Customer’s continued use of the services of the “Hakbah” platform after the announcement of changes to the Terms shall be deemed acceptance of such changes.
14.1 The provision of other Hakbah Services and any subsequent agreements between Hakbah and the Customer regarding services and products associated with the Account are subject to the terms and conditions of this Agreement and are an integral part of and supplement to this Agreement, unless otherwise specified in the agreements specific to each product or service.
14.2 This Agreement is not limited and shall be valid and effective until either party (Hakbah or the Customer) terminates it, or Hakbah closes the account in the cases described in Clause (05) of this Agreement.
14.3 The Customer shall immediately notify Hakbah of any complaints or objections relating to the Account or any other services provided by Hakbah, and such complaints and objections shall be made through the channels specified by Hakbah.
14.4 If any of the provisions of this Agreement are found to be in violation of the applicable law or become so under the law or a court ruling, such invalidity shall be imposed on that provision or condition and this shall not affect the validity of the remaining terms and conditions.
14.5 Every dispute arising between the two parties that cannot be resolved amicably will be decided by the competent judicial authority in the Kingdom of Saudi Arabia.
14.6 The Agreement has been concluded in both Arabic and English languages, and the Arabic text shall be the text approved for the implementation and interpretation of the Agreement.
14.7 The Customer acknowledges that he has read and agrees to the terms and conditions of this Agreement and is bound to act on what is stated therein, and that those terms and conditions will apply to all his dealings with Hakbah including the account, savings societies and all other Hakbah services, documents, forms, supplements and requests agreed by the Customer in connection with the account or Thrift Jameya. I also acknowledge the correctness of all the data that was mentioned in this agreement and the validity and integrity of the data approved in Hakbah
This agreement shall be governed, interpreted and executed in accordance with the rules, regulations and instructions issued by the competent authorities in the Kingdom of Saudi Arabia
I hereby declare that I have read the foregoing and clearly understand the content and by agreeing to the foregoing, I acknowledge and agree that:
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Last updated 31 Aug 2023
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