Terms and Conditions of Million Saving Account (Mudaraba)

for Individuals Opening Service via Al Rajhi App

Apply for getting Million Saving Account (Mudaraba) for Individuals with ARB.

With simple steps, you can get Million Saving Account (Mudaraba) for Individuals without the need to visit the
branch, you just need to complete the following form and agree to service’s Terms and Conditions.

Terms and Conditions:

1. The national identity of the enterprise/company owner must be valid and the Individual enterprises /
Companies owner applying for account opening must be over than 18 years old.

2. The account opening process must be completed to the end (there is no possibility to save or follow up).

3. The account will become active with full authorities and services after completing account opening pro-
cess. The customer also agrees to add signature on his primary account with ARB, to be the approved
signature for new Million Saving Account (Mudaraba) for Individuals.

4. The customer acknowledges and confirms that he/she or his/her relatives of the first degree, does not oc-
cupy one and has not previously occupied any political positions (i.e.: the political position: grade 14 and
above for civilians, rank of Major General and above for military personnel) (the first degree relatives are
parents, husband & wife, sons and daughters).

5. Customer acknowledge that he/she has full capacity and mental abilities considered legally and that
he/she is eligible for the legal actions necessary to open and manage a personal account with ARB by
himself/herself and that he/she is not one of special cases that require existence of reference for banking
procedures (i.e.: blind or illiterate).

6. The customer acknowledges and agrees that ARB may verify customer’s identity by sending a tempo-
rary password through the automated system to customer’s mobile phone number registered with ARB
through a text message. The temporary password is to be entered in the system of ARB via electronic
channels to complete verification process of their identity and document their agreement to these Terms
and Conditions.

7. The customer acknowledges that having entered the temporary password referred to in the above para-
graph in the automated system of ARB is sufficient to verify the identity of customer and an acknowledg-
ment by the customer that they have read these Terms and Conditions and agree to be bound thereby.
Entering password - referred to in the above paragraph - is the signature of customer on this document
and any attachments thereto.

8. The customer acknowledges and agrees that ARB maintains a softcopy of these terms and conditions
that shall not contain a written signature by the customer as evidence to be submitted to any judicial
body and any other competent authority. The customer can review such softcopy via the Bank’s electronic
channels at any time or request a hardcopy from any ARB branch.

9. In the event that the customer does not see the paper copy of these Terms and Conditions, the customer
acknowledges that they have read these Terms and Conditions and understood their terms and condi-
tions in their electronic version through the electronic channels of ARB, and agreed to them and to abide
by their implementation in this form without an ink’s signature.

10. ARB reserves the right at all times to bind the applicant with any additional conditions or requirements
from time to time to implement the requested service.

[ ] I agree to the Terms and Conditions of the service of opening Million Saving Account (Mudaraba) for Individu-
als via Al-Mubasher for Individuals, Al-Rajhi App, and Terms and Conditions Agreement for Opening Million Saving
Account (Mudaraba) for Individuals.

01
 Million Saving Account (Mudaraba) for Individuals Opening Application

Customer’s name: ..................................................................... Customer File No: .....................................................................

Account No: ........................................................................................ Date: .... /..../.....

Branch’s name: ..................................... Branch’s no: ................... Account Currency: .....................................................................

Purpose of Account Opening: ............

We kindly ask you to open our Million Saving Account (Mudaraba) for Individuals with you according to followed
procedures and systems, and as per above-mentioned data.

Million Saving Account (Mudaraba) for Individuals Opening Agreement

1. Definitions:
1.1 Million Saving Account (Mudaraba) for Individuals: An investment account aims to make a profit and incur
losses, if any through Shariah Mudaraba, in which the customer (owner of money) deposits the Mudaraba
capital, and ARB (Mudarib) mixes the Mudaraba capital with its money and invests it according to the
terms and conditions of this agreement. In addition, ARB grants the customer the right to withdraw and
deposit from this account, and perform other banking services according to the terms and conditions
contained in this agreement.
1.2 Expected profit rate: means the expected profit rate of ARB on its monthly investment, announced peri-
odically to customers.
1.3 Actual return: The return due to the investor after the deduction of: A- ARB share as a Mudarib from the
investment profit; B- The costs mentioned in (6/A) and (6/b).
1.4 Reserve Account: An internal account with ARB in which amounts in excess of the expected profits from
actual returns are deposited, for the purpose of covering any subsequent decrease in actual returns over
the expected profits.
1.5 Documented communication: instructions directed to beneficiary and received through recorded means
of communication, that can be proved and retrieved, whether in paper or electronic form, or recorded
conversation.
1.6 Investment Period: the investment period agreed upon for investing customer’s money, such that cus-
tomer’s profit is calculated based on the least available balance throughout this period.
1.7 Million Saving Account (Mudaraba) Opening Agreement, Mudaraba Contract, the Contract, the Agree-
ment: Means this Agreement.
2. The customer wants to open a Hassad retail account with ARB, to invest the amounts deposited in the
account through Mudaraba in Treasury business according to Sharia provisions (Hassad Retail Account);
where the customer declares that he/she is acquainted with the ensuing risks from the account opening
and dealing , including loss contingency; where it is agreed and understood to the customer that the
customer’s signature on this agreement is considered an offer, and ARB opening of the account is an ac-
ceptance. The terms and conditions contained in this agreement shall be applicable immediately, and
shall be binding on the parties, in addition to any additional terms or provisions approved by the parties
in writing, after ARB considers and approves the mentioned application.
3. Customer access to this account shall be deemed as purchase of share in an existing investment, and
exit therefrom shall be deemed as sale of customer’s share therein, coupled with all respective duties and
obligations pursuant to Sharia dependency rules.
Now, Therefore, it is agreed between the parties, in their full capacity pursuant to sharia and law, upon
the terms and conditions of this Agreement and providing banking services set out below.
4. Conditions of Opening Million Saving Account (Mudaraba) for Individuals:
(A) The customer shall have a current account with ARB, subject to all terms and conditions applicable to the
current account, without prejudice to the terms and conditions of this agreement.
(B) The minimum limit of opening Million Saving Account (Mudaraba) for Individuals is ...... SAR.

02
 5. Eligible capital and entitlement to profits:
(A) Million Saving Account (Mudaraba) profits are calculated based on the lowest credit balance in customer’s
account within the Georgian month, and (11.59 p.m.) o’clock of the end of last day of the Georgian month
shall be approved as the monthly closure time, so that the customer (owner of money) may withdraw
money whenever he/she wants, and this shall be considered a waiver by him/her of Mudaraba Contract
regarding the withdrawn money and Mudaraba Contract shall apply to the lowest available balance
within the Georgian month at the closure time. The legal reserves determined by SAMA for this type of
accounts shall be set aside from the original Mudaraba amount.
(B) b) If the actual return is more than the expected profit rate, then ARB shall set aside the excess amount
in a reserve account, so these amounts shall be used to cover any decrease of actual profits than the ex-
pected profits. In case of liquidating this account, the same shall be presented to ARB’s Sharia Board on
the due course.
(C) If the amount available in account balance drops below SAR 0.00 during any time of the investment
period, Mudaraba shall be terminated with respect to remaining amount and the customer may not
be entitled to receive any profit as from date when there is shortage of amount, however, the customer
remains entitled to receive investment profits for the last period.
(D) Profits shall be credited to the account following end of investment period (every Georgian month, every
three months, every six months or every year) as agreed between the customer and ARB and pursuant to
agreed upon ratios.
(E) The customer may not be entitled to receive any profits, if the amount available in the account bal-
ance drops below SAR (1,000) at any time during the month, until replenishing account balance up to the
minimum limit for subscription to Mudaraba contracts prior beginning of the month subsequent to the
month when the balance drops below the minimum limit.
(F) The customer may not be entitled to receive any profits for the Georgian month during which the ac-
count is opened, unless the account is opened two or more working days prior beginning of the Georgian
month.
(G) The customer shall deposit the amount in the account prior beginning of the month, in order to be en-
titled to receive profits.
(H) The Gregorian calendar months shall prevail in calculating profits and their maturity dates for the whole
month, on the understanding that no profits will be calculated for parts of the month.
6. Distributable profit:
Distributable profit Distributable profit is the total returns of financing and investments of treasury, com-
panies or any other business sectors in which “Hassad Account” funds are used, less expenses, expendi-
tures and costs, as the share of Hassad Account Holders is determined by the percentage of participation
of account’s funds out of total finance and investment portfolio, and varies by their nature, volume and
duration.
7. Contribution rate in distributable profit:
(A) The customer (owner of money), in case Treasury Group achieves profits from the money deposited in
customer’s Million Saving Account (Mudaraba), shall receive the ratio agreed upon between ARB and the
customer in this agreement, and the customer (owner of money) shall share with ARB (Mudarib) all risks
related to investing money deposited in the account. In case of loss in the capital, ARB, as a Mudarib, shall
not be responsible for such loss, unless in case of omission or negligence by ARB. In addition, ARB may
change this rate as per its absolute discretion, provided that it shall notify the customer of the same
during such month preceding the month when amendment will apply. If ARB did not receive request for
account cancellation from the customer within 30 days as of notification date, the said amendment shall
be binding on the customer.
(B) Profit-sharing Percentage between (ARB) and the Customer: the percentage agreed upon between (ARB)
and the Customer when opening the account based on what is announced or shall be announced by
(ARB) periodically to customers on (ARB) e-channels, provided that change to ARB’s percentage applies to
all existing contracts unless customer objects thereto with 30 days from the notification.
(C) Profit-sharing percentage:
● Profit-sharing percentage for the customer: 1%
● Profit-sharing percentage for ARB: 99%

03
 8. ARB shall be responsible for opening Million Saving Account (Mudaraba) for the customer, wherein it shall
record all its credit or debit amounts, either in cash or transfer of any kind.
9. Dealing in the mentioned account shall be made only by the customer or his/her representative, and ARB
shall be notified in writing under a Sharia POA, internal authorization or partners or managers declara-
tion authorizing dealing in the account.
10. The customer authorizes ARB without referring to the customer to credit in his/her account the cheques or
money deposited by him/her self or others in his/her account.
11. The customer agrees to provide ARB with specimens of his/her signature, a signature of his/her represen-
tative; such specimens shall be considered legal and approved for all operations on the account.
12. ARB may, without referring to the customer, merge or consolidate balances of customer’s opened ac-
counts with any currency in any branch or center of ARB to meet any obligations of the customer towards
ARB - provided to effectuate merger or consolidation of investment accounts after the nearest liquidity
period - and set-off or transfer any amounts the customer is entitled to from ARB to pay such obligations
arising from any account. In addition, ARB may debit from the customer’s account all dues from the cus-
tomer against guarantees, bills, checks, payment orders or any other negotiable instruments or those
sent by the customer for collection either in SAR, other currencies or in precious metals of the same due
kind or other kinds; in addition to making any necessary exchange at the prevailing price at the time of
exchange. ARB may stop withdrawals from any account opened in the customer’s name at any time and
demand the customer to repay any payable debit balance immediately irrespective of any security or
guarantees of the customer against its obligations towards ARB.
13. ARB records, documentation and accounts regarding the customer relationship with ARB are considered
valid and binding on the customer, and the customer may oppose them in writing within 30 days from the
date of being notified by ARB, and the customer may oppose for any restrictions or transactions proven
to be done in such account illegally and neither the customer nor his/her authorized representative was
involved therein directly or indirectly, and the customer hereby undertakes to inform (in writing) ARB im-
mediately after proving anything in this regard.
14. ARB may at any time change or modify the terms of the account - after approval of Sharia Board on the
required amendment - provided the customer is notified the amendment 30 days before effectiveness of
the amendment, and such change or amendment shall be effective, unless otherwise opposed by the cus-
tomer within (30) days from the date of being notified of the same by ARB. In case the customer opposes
to the amendment, this shall be deemed a request for termination of this agreement.
15. Notifications between the parties shall be exchanged by registered mail or secured means of communi-
cation, and their delivery to the customer and non-response thereto shall be considered an approval of
the same if it relates to:
● Amending contribution rate in distributable profit.
● Amending the minimum qualified capital – if any.
● Amending any of the account provisions.
16. Any claim or dispute arising out from the application or interpretation of these terms and conditions shall
be governed by the Sharia provisions and the competent judicial authority in Saudi Arabia shall deter-
mine it.
17. The customer acknowledges that if he/she desires to use any of the electronic services provided by ARB to
its customers, he/she shall request such service according to the applicable work procedures at ARB and
agree on its terms and commitment to its conditions. ARB reserves the right to reject or accept the request
at its absolute discretion.
18. ARB may also stop the debit movement if the account completed six months and there is no movement
during such period.
19. If the account completed five years and there is no any withdrawal, transfer or a deposit movement by
the customer or his/her authorized representative, then the account shall be dormant and unclaimed,
and shall be governed by unclaimed accounts procedures.
20. The customer can’t issue MADA ATM card for this account.
21. The customer may not issue checkbook for this account.
22. The customer shall update the account data every five years maximum or at ARB request, otherwise, ARB

04
 will freeze the account. In addition, the customer shall inform ARB in writing of any change to the address,
otherwise the last address shall be certified for correspondence. Moreover, the customer shall also renew
the representatives or authorized persons’ identities and the commercial register and submit them to
ARB before the expiry of any of them; the customer knew that ARB will freeze his/her accounts in case of
failure to meet this condition.
23. The customer undertakes and represents that he/she is not legally banned from dealing in Million Saving
Account (Mudaraba) and that all of his/her statements are correct and documented and he/she under-
stood the provisions of opening Million Saving Account (Mudaraba) currently applicable and its Terms and
Conditions.
24. Above-mentioned customer is the only real beneficiary from the account and is responsible for all trans-
actions associated with the account.
25. ARB may terminate the Mudaraba contract and convert Million Saving Account (Mudaraba) for Individuals
into a current account after informing customer 30 days in advance by any documented means of com-
munication; then the terms and conditions of current account shall apply to customer’s account subject
to paragraph (26) hereof.
26. Upon expiry of the agreement term or termination thereof for any reason related to ARB or third party,
the customer shall discharge ARB and the remaining investors (owners of saving accounts) from any un-
distributed or unrealized profit and the remaining profit rate reserve, and the investors (owners of saving
accounts) shall exonerate the customer from any loss that is not incurred. Accordingly, the customer shall
only be entitled to a profit or bear loss to the extent of the period in which the amount remains in the
saving pool before being refunded, and the customer shall not be entitled to profit nor bear loss for the
remaining period after refund. In case of expiry or closing the account upon the customer’s request prior
to the plan completion for any reason whatsoever and after ARB’s consent, this shall be according to the
following procedures:
First: If the agreement expires or is terminated after liquidity (investment value estimation) for any month
in which the customers engage, the customer shall be entitled to profit/loss calculated based on such
liquidity.
Second: If the agreement expires or is terminated prior to liquidity and ARB consents to withdrawal, this
shall be according to agreement of ARB with customer, provided it does not exceed entitlements of the
customer based on liquidity subsequent to expiry or termination of the agreement.
Third: ARB may delay (distribution of profit/ deduction of loss) until expiry of agreed upon investment peri-
od or elapse of the first quarter subsequent to the investment period. Moreover, ARB may delay approval
of liquidity of rights and obligation arising from the account after expiry or termination until elapse of the
next quarter.
27. Immediately after signing this agreement by the customer, a contractual relationship shall be estab-
lished, thereby resulting in opening a Million Saving Account (Mudaraba) with ARB for investment of the
amounts deposited in the account by way of Mudaraba according to Sharia provisions, and all customer’s
debit or credit amounts shall be recorded in such account. Banking regulations and procedures appli-
cable in Kingdom of Saudi Arabia shall apply to this agreement in accordance with Sharia provisions. In
addition, the customer acknowledges that all data he/she provided to ARB are authentic and this agree-
ment has been made and concluded thereupon.

Customer’s signature on Terms and Conditions of Million Saving Account (Mudaraba) for Individuals Opening
Application and authenticity of all data provided herein

Customer’s Name: ............ Signature: ..............

05
 Million Saving Account (Mudaraba) Draw Terms and Conditions

1. Definitions:
The following terms and expressions shall have the following meanings:
1.1 “Account Holder”: The customer opening Million Saving Account (Mudaraba) as per the context of the text.
1.2 “Terms and Conditions”: The terms and conditions for Million Saving Account (Mudaraba) as set forth below.
1.3 “Campaign”: The promotional period during which draws on Million Savings Account (Mudaraba) are held.
1.4 “Campaign Period”: The duration of the Campaign as set forth in 2.1.
1.5 “Weekly Draw”: The prize draw performed weekly during the Campaign Period unless otherwise stated.
1.6 “Grand Draw”: The prize draw performed at the end of the Campaign Period unless otherwise stated.
1.7 “Prize”: The prize that is distributed to the winners from the Weekly Draw and Grand Draw.
1.8 “Chances”: The number of chances a customer gathers by meeting certain eligibility criteria defines the
representation of the customer in the draw. The more chances a customer gathers, the more likely he is
to win the draw.
1.9 “New Customer”: An individual who is not yet a customer of ARB
2. Introduction
2.1 Each Campaign will run for a period of eight weeks.
2.2 Each Campaign will have a total of nine draws, eight Weekly Draws and one Grand Draw.
3. Opening of Million Saving Account (Mudaraba)
3.1 Customers in the Individual Banking segment will be eligible to participate in the Campaign based on
eligibility criteria.
3.2 Million Saving Account (Mudaraba) can be opened only by individuals, and in SAR.
4. Eligibility Criteria
4.1 Only one Million Saving Account (Mudaraba) per customer will be allowed to enter the draw.
4.2 After opening Million Saving Account (Mudaraba), the customer needs to deposit and maintain at least
SAR 1,000 into the account to activate it.
5. Logistics
5.1 Each winner in a Weekly Draw and each winner in the Grand Draw will be so informed on a date as deter-
mined by ARB in its sole discretion.
5.2 Cash prizes will be transferred directly to the winner’s Million Saving Account (Mudaraba).
5.3 Cash prizes can only be transferred to an active Million Saving Account (Mudaraba).
5.4 Without violating any of the terms and conditions related to Million Saving Account, Account Holder ac-
knowledges that in the event of winning Weekly Draw and/or Grand Draw, their entitlement to the Prize
and its deposit in their account is conditional on their consent to the following:
a. Account Holder agrees to grant ARB, its authorized employees, affiliated companies, consultants, contrac-
tors, public and private successors the unrestricted, non-revocable right to capture Account Holder through
photography and video recording with audio and visual representation. They further consent to the pro-
duction, modification and reproduction of static and graphic images of themselves, as deemed suitable
by ARB. Account Holder undertakes to cooperate with ARB’s photography team to enable them to capture
Account Holder at the time and place determined by ARB’s team. Account Holder agrees to execute the
foregoing in a manner satisfactory to ARB.
b. Account Holder agrees to grant ARB, its authorized employees, affiliated companies, consultants, contrac-
tors, public and private successors the unrestricted, non-revocable right for an indefinite period to use,
capture, print, publish, republish and copy their name, voice, and both static and graphic images in their
original or modified form (referred to hereafter as “Media Material”). This usage includes all media chan-
nels, auditory, readable, and visual, as deemed suitable by ARB. These channels include, but are not limited

06
 to, television, newspapers, magazines, websites and social media platforms (e.g., Twitter, X, Instagram,
Snapchat, Facebook, etc.). These rights are applicable for all purposes deemed appropriate by ARB, includ-
ing advertising, marketing and commercial purposes, both in Saudi Arabia and worldwide, without the
need for any additional approval from Account Holder regarding Media Material before its publication.
c. Account Holder agrees to waive unconditionally, unrestrictedly and indefinitely, in an irrevocable manner, any
claims against ARB, its specialized employees, affiliated companies, advisors, contractors and both its public and
private successors, granting right of prior access and prior approval of Media Material before its publication.
d. Account Holder agrees to waive unconditionally, unrestrictedly and indefinitely, in an irrevocable manner,
any right related to claims against ARB, its specialized employees, affiliated companies, advisors, contrac-
tors, and both its public and private successors. This waiver is without any financial compensation, wage,
fees or charges in exchange for ARB’s use of the rights concerning Media Material.
e. Account Holder agrees to waive unconditionally, unrestrictedly and indefinitely, in an irrevocable manner,
any right related to claims against ARB, its specialized employees, affiliated companies, advisors, contrac-
tors and both its public and private successors, for any compensation for any material or moral damage
that has occurred or may occur due to the publication of Media Material, or any lawsuit related to privacy
breaches or the use, republishing of Media Material by unauthorized individuals.
6. Miscellaneous
6.1 These Terms and Conditions are subject to change, addition or amendment at the sole discretion of ARB
on 30 days’ notice to customers.
6.2 The winner is solely responsible for any applicable taxes or costs on Prizes, if any.
6.3 Once the cash amount has been credited to the account of the qualified customer in accordance with the
above clause, the customer will have no claim for any additional amounts or any Prize under this Campaign.
6.4 After winning Weekly Draw, there will be a cool-off period of 12 months until Account Holder can take part
in a Weekly Draw again.
6.5 After winning Grand Draw, there will be a cool-off period of 12 months until Account Holder can take part
in a Grand Draw and a Weekly Draw again.
6.6 In case of any financial obligations on the winner customer, ARB has the right to deduct from customer’s
account after depositing prize amount.
6.7 Prizes may be forfeited, or customers holding eligible accounts may be disqualified from participation in
the promotion, if ARB has sufficient grounds to believe that any such winner customer has violated any
laws or regulations applicable in KSA.
6.8 ARB and subsidiaries employees are non-eligible participants for the draw.
6.9 All ARB decisions relating to the promotion are at its sole and absolute discretion. All ARB decisions shall
be final and conclusive.
6.10 ARB shall not be liable for any personal injury; any loss or damage (including loss of opportunity); whether
direct, indirect, special or consequential, arising in any way out of:
a) Any technical difficulties or equipment malfunction (whether or not under ARB’s control);
b) Any theft, unauthorized access or third-party interference;
c) Any entry or prize claim that is late, lost, altered, damaged or misdirected (whether or not after their re-
ceipt by ARB) due to any reason beyond ARB’s control;
d) Any tax liability incurred by a winner under this Campaign; or
e) Use of a prize.
6.11 Beware of scammers as ARB will
(1) Never call, email or text you asking for your personal or account information; and
(2) Never ask you to transfer money to anyone or pay in an unusual way.
6.12 These Campaign Terms and Conditions and any dispute arising from them, including in relation to inter-
pretation or execution, shall be governed by the laws of the Kingdom of Saudi Arabia and subject to the
exclusive jurisdiction of Riyadh Courts.
6.13 This Addendum shall be subject to the Terms and Conditions of Hassad Account Agreement.

Please review frequent asked questions for more information on the draw mechanism and chances calculations
07