First: Definitions
- The Company / Aseel: Aseel Capital Company, a fintech company licensed by the Capital Market Authority under decision number (6-9-10-2021) on 06/10/2021. It permits the establishment and operation of a platform for distributing investment funds and real estate investment funds. The company's commercial registration number is (1010728236), located in Riyadh on Anas Bin Malik Road.
- The Platform: The online Platform operated by Aseel Capital Company, which allows users to access investment products, conduct transactions, and manage their accounts.
- The Client: Any natural or legal person (including companies or institutions) who uses the platform’s services and agrees to the terms and conditions of this agreement upon completing the registration process.
- Investment Products: These include investment funds and real estate investment funds available on the platform. They provide clients with various investment opportunities. These include investment funds and real estate investment funds, enabling investors to participate either individually or collectively. They are managed by licensed entities and listed on the platform with complete disclosure of associated risks and fees.
- Investment Fund: A collective investment program that allows investors to share profits together. It is overseen by a licensed fund manager, who charges specific fees for management services.
- Fund Manager: A financial institution is licensed by the Capital Market Authority to manage investment funds or real estate investment funds and oversee their operations. Its responsibilities include offering fund units in accordance with the Investment Funds Regulations, Real Estate Investment Funds Regulations, and Special Purpose Entities Rules.
- Fund Operator: A licensed fund manager authorized to manage investments and fund operations. It can also refer to a financial institution designated under paragraph (b) of Article 8 of the Investment Funds Regulations to manage and operate investment funds.
- Developer: An individual appointed by the fund manager to oversee the technical aspects necessary to achieve the investment fund's objectives.
- Custodian: An entity with a license from the Capital Market Authority to provide securities custody services under the Financial Market Institutions Regulations.
- The Authority / Regulator / Licensor / Authoriser: These terms refer to the Capital Market Authority (CMA) in Saudi Arabia, which is the regulatory body that grants licenses and monitors institutions' compliance with financial regulations and laws.
- Fund Terms and Conditions: Contracts that include all necessary information and provisions according to the Investment Funds Regulations and Real Estate Investment Funds Regulations. These are signed between the fund manager and the holders of investment units.
- Wallet: An investment account created by Aseel platform in the client’s name. It includes all their investment transactions, such as purchasing and selling investment fund units.
- Virtual Account: A virtual bank account is created for the client by Aseel platform at Arab Bank after completing the registration process. This account efficiently and securely manages the client’s investments through the platform.
Second: Platform Overview
"Aseel" is a licensed online platform approved by the Capital Market Authority (CMA). Its purpose is to allow both individual and institutional investors to access investment opportunities in licensed investment funds and real estate investment funds. The platform gathers funds from a group of investors called "Platform Clients" to provide the necessary financing for available investment funds. This enables clients to participate in potential returns based on their investment objectives and risk tolerance levels.
The platform offers comprehensive services, including:- Access to Investment Products: Clients can browse and purchase units in various investment funds.
- Account and Wallet Management: Each client is given an investment wallet to monitor the performance of their investments.
- Disclosure and Transparency: The platform commits to providing periodic reports and updates on investment performance, along with any modifications to investment strategies or fund fees.
Third: Contractual Nature / Business Activity
- 1. The Role of Aseel Capital Platform as a Distributor of Investment Units:
Aseel Capital Platform serves as a distributor of investment units from licensed investment funds established in Saudi Arabia, whether these funds are offered publicly or privately. This distribution is conducted in accordance with the regulations set by the Capital Market Authority. The platform provides these fund units to its clients for investment purposes.
All investment units are registered in the client’s (subscriber’s) name with the fund manager. This ensures that the client can fully exercise his | her rights as a unit holder in line with the applicable executive regulations.
- 2. Contractual Relationship with the Fund Manager:
When the investment process is completed through the platform, a contractual relationship begins between the fund manager and the investor. This relationship outlines the fund manager's responsibilities to the investor, which include managing the investor's funds and providing updates on the fund's performance and management.
- 3. Investor Rights to Access Fund Terms and Conditions:
As the owner of investment units, the client is entitled to receive an updated copy of the fund's terms and conditions in Arabic from the fund manager. This document will include detailed information regarding investment policies, fees, risks, and any other binding terms or requirements.
- 4. Disclaimer of Liability for Aseel Capital Platform:
The client acknowledges that Aseel Capital Platform serves only as a distribution intermediary and is not responsible for managing the fund or its investments. The platform’s role is limited to facilitating the investment process and providing the client with relevant information.
Aseel Capital Platform serves as a distributor of investment units from licensed investment funds established in Saudi Arabia, whether these funds are offered publicly or privately. This distribution is conducted in accordance with the regulations set by the Capital Market Authority. The platform provides these fund units to its clients for investment purposes.
All investment units are registered in the client’s (subscriber’s) name with the fund manager. This ensures that the client can fully exercise his | her rights as a unit holder in line with the applicable executive regulations.
When the investment process is completed through the platform, a contractual relationship begins between the fund manager and the investor. This relationship outlines the fund manager's responsibilities to the investor, which include managing the investor's funds and providing updates on the fund's performance and management.
As the owner of investment units, the client is entitled to receive an updated copy of the fund's terms and conditions in Arabic from the fund manager. This document will include detailed information regarding investment policies, fees, risks, and any other binding terms or requirements.
The client acknowledges that Aseel Capital Platform serves only as a distribution intermediary and is not responsible for managing the fund or its investments. The platform’s role is limited to facilitating the investment process and providing the client with relevant information.
Fourth: General Risks
The client acknowledges and understands that investing in opportunities offered through Aseel Capital Platform involves various risks that may affect the value of the invested capital.
General risks include, but are not limited to, the following:- 1. Risk of Capital Loss:Some investment opportunities on the platform may involve high risks, which could lead to a partial or total loss of the invested capital. The Client should be aware of these risks and carefully consider them before making any investment decisions.
- 2. Different Investment Durations:Investment opportunities vary in duration, spanning both short-term and long-term. The client, thus, needs to fully understand the anticipated investment period and its influence on his | her investment strategy.
- 3. No Guarantees Provided:Aseel Capital Platform does not provide guarantees for investment returns or capital protection. All potential returns depend on the fund's performance and market conditions.
- 4. Disclaimer of Liability for Fund Managers' Actions:Aseel Capital Platform is not responsible for any misconduct, negligence, or violation of regulatory requirements or laws issued by the Capital Market Authority that may be committed by fund managers, fund boards, or any related parties involved with the funds offered on the platform. It is the sole responsibility of the fund managers and their supervisors to ensure compliance with these regulations.
- 5. Regulatory Risks:Investment funds are governed by regulations that may change over time. Such changes can directly affect fund investments, and clients should be aware of these risks and consider them carefully.
Fifth: Eligibility
The user confirms that he | she has the legal capacity to use the services provided by Aseel Capital Platform and agrees to the terms and conditions outlined here. However, the platform cannot be used, nor can these terms and conditions be accepted, in the following situations:
- 1. Lack of Legal Eligibility:If the user lacks the legal capacity and authority required to invest according to the laws of the Kingdom of Saudi Arabia, whether due to age, legal guardianship, or other restrictions that prevent him | her from making independent investment decisions.
- 2. Legal or Regulatory Prohibition:If the user is prohibited from investing due to applicable laws or regulations in the Kingdom of Saudi Arabia, such as restrictions on those listed on certain watchlists from investing or participating in investment activities.
- 3. Citizenship or Residency:The user must be either a Saudi national or a legal resident of the Kingdom of Saudi Arabia. Individuals who are not Saudi citizens or do not reside in the Kingdom are not permitted to use the services of Aseel platform, as mandated by the regulations of the Capital Market Authority and other relevant regulatory bodies.
- 4. Compliance with Capital Market Authority Regulations:The user must ensure he | she meets all eligibility requirements according to the regulations of the Capital Market Authority. This includes submitting any required documents and proof of eligibility when requested by the platform.
Sixth: Registration
- 1. Acceptance of Terms and Conditions:By registering on Aseel platform, the user accepts all their terms and conditions, privacy policies, and other specific policies of the platform.
- 2. Eligibility for Registration:The user must have the legal capacity to register on the platform per the laws and regulations of the Kingdom of Saudi Arabia.
- 3. Opening an Account Personally:The client is exclusively permitted to open an account on the platform in his | her own name. Accounts cannot be registered on behalf of other parties, including agents or guardians.
- 4. Prohibition of Minor Registration:Minors or individuals under the legal age are not allowed to invest in the platform. The user must be of the legal age to participate in investment activities.
- 5. Responsibility for Providing Accurate Information:The user is fully responsible for providing accurate and valid information during registration and throughout the platform's use.
- 6. Providing Additional Information for Verification:The user is obligated to provide any additional information requested by Aseel platform to verify his | her identity or validate the registered data.
- 7. Updating Personal Information:The user must promptly update their information if changes occur and is responsible for ensuring the accuracy and reliability of his | her data.
- 8. Information Verification by Third Parties:Aseel Platform, along with any contracted third party, reserves the right to take necessary measures to verify the accuracy and validity of the information provided by users.
- 9. Maintaining the Confidentiality of Login Credentials: The user is responsible for keeping his | her username and password confidential. Aseel Cpaotal Platform is not liable for any unauthorized access that results from the user's failure to maintain the confidentiality of their login credentials. If a user suspects any disclosure, loss, theft, or unauthorized use of his | her credentials, he | she must notify the platform immediately.
- 10. Responsibility for Electronically Submitted Documents:The user takes full responsibility for all documents submitted electronically on his | her behalf and verifies accuracy.
- 11. Communication for Service Purposes:Aseel platform may need to contact the user to complete certain services or perform necessary procedures. The contact information provided by the user (phone number, email) will be used for this purpose.
Seventh: Limitation of Liability
- 1. Liability for Fund Managers' Actions:Aseel Capital Platform does not accept any responsibility for misconduct or violations of laws and regulations issued by the Capital Market Authority that are committed by fund managers, fund boards, or any related parties associated with the funds offered on the platform. Legal and regulatory responsibilities rest solely with the fund managers and the institutions that manage them.
- 2. Disclaimer of Liability for Financial Losses:Aseel Platform is not liable for any financial losses incurred by the user from using the platform, including but not limited to:
Loss of Profits: A decrease in investment value or failure to meet expected returns may arise due to market fluctuations or other factors beyond the platform's control.
Loss of Entire Investment Amount: Investments in funds available on the platform involve the risk of total capital loss. Aseel Platform does not provide any guarantees or compensation for such losses.
- 3. No Guarantees Regarding Services:Aseel Platform offers no explicit or implied guarantees about the quality or effectiveness of its services, including but not limited to:
Suitability of Services to Meet User Requirements: The platform does not guarantee that the wallet or payment services offered will fulfill all user needs or expectations.
Service Continuity and Integrity: The platform does not ensure uninterrupted or error-free wallet and payment services. Technical or operational problems may cause temporary interruptions or slowdowns.
Loss of Profits: A decrease in investment value or failure to meet expected returns may arise due to market fluctuations or other factors beyond the platform's control.
Loss of Entire Investment Amount: Investments in funds available on the platform involve the risk of total capital loss. Aseel Platform does not provide any guarantees or compensation for such losses.
Suitability of Services to Meet User Requirements: The platform does not guarantee that the wallet or payment services offered will fulfill all user needs or expectations.
Service Continuity and Integrity: The platform does not ensure uninterrupted or error-free wallet and payment services. Technical or operational problems may cause temporary interruptions or slowdowns.
Eighth: Virtual Account Services
Upon completing the registration process on Aseel platform, a virtual bank account is created for the client at Arab Bank. This account is designated explicitly for depositing funds the client intends to invest in his | her wallet on the platform.
The client can effortlessly transfer funds between his | her personal bank account linked to the platform and his | her virtual account to manage the funds needed for investments. The client acknowledges that the virtual account is not a traditional bank account and does not provide banking services, such as cash withdrawals or cheque issuance.
With a virtual account, the user can:- - Wallet Top-Up:The user can deposit funds into his | her virtual account to activate the wallet and enable investments in opportunities available on the platform.
- - Fund Subscription:The client can subscribe to investment funds available on the platform using the balance in his | her virtual account.
- - Balance Withdrawal:The virtual account enables the user to withdraw funds to his | her personal bank account linked to the platform at any time via the client dashboard.
Ninth: Fees and Commissions
- 1. Account Opening:Aseel Platform does not charge any fees for creating an account. Fees apply only when actual investments in available opportunities begin.
- 2. Subscription Fees:Aseel Platform charges a subscription fee of up to 2% of the individual's investment value. This percentage does not include VAT, which is calculated and added separately in accordance with regulations.
- 3. Additional Commissions:Aseel Platform may receive additional commissions from fund managers for distribution or marketing services. These commissions are paid from the fund manager's own resources, ensuring no extra costs are imposed on the client.
- 4. Cost Disclosure:Aseel Platform is dedicated to transparently disclosing all relevant fees and commissions before carrying out any investment transaction while ensuring that the client is fully informed of all costs related to the platform's services.
Tenth: Shari'a Compliance
Aseel Capital Platform is fully committed to following Islamic Shari'a principles in all investment and financial activities. An independent and accredited Shari'a Committee oversees the compliance of all investment funds offered on the platform with Islamic rulings. This committee consists of considerable scholars specializing in Islamic finance and is tasked with reviewing and approving all investment products to ensure they conform to Shari'a principles.
- Members of the Shari'a Committee:
Dr. Sheikh Yusef Bin Abdullah Al-Shubaili – Chairman of Shari’a Committee.
Dr. Sheikh Khalid Bin Mohammed Al-Sayyari – Committee Member.
Dr. Sheikh Faisal Bin Saleh Al-Shamri – Committee Member.
Dr. Sheikh Rashid Bin Saleh Bin Khaneen – Committee Member.
- Responsibilities of the Shari'a Committee:
Evaluating the investment products available on the platform for compliance with Islamic Shari'a principles and regulations.
Offering Shari'a-compliant guidance on all investment activities and services provided by the platform.
Issuing Shari'a rulings (Fatwas) on inquiries or exceptions regarding Shari'a compliance in investment operations.
Eleventh: Aseel Platform has the following rights:
- 1. Imposing Restrictions on Accounts and Portfolios:Aseel Platform reserves the right to impose restrictions on using accounts, wallets, or associated transactions without prior notice, as deemed necessary to ensure compliance with laws and regulations.
- These restrictions may include, but are not limited to:
Restricting the number of financial transactions permitted within a defined period.
Setting caps on the amounts that can be deposited into the account during a specific timeframe.
- 2. Freeze Investment Accounts:Aseel Platform may freeze investment accounts upon requests from the Capital Market Authority or a judicial authority acting through the CMA. The freeze will be implemented by directives issued by the relevant authorities and applicable laws.
- 3. Implement Preventive Measures:The platform may take any additional precautionary measures it deems necessary to safeguard the investment system from unlawful activities or actions that do not adhere to the platform's instructions or regulatory requirements.
Restricting the number of financial transactions permitted within a defined period.
Setting caps on the amounts that can be deposited into the account during a specific timeframe.
Twelfth: Your Rights
- 1. Access to Complete and Comprehensive Information on Investment Opportunities:You have the right to access all information about investment opportunities published on the platform through the terms and conditions prospectus for each opportunity. This includes all details to help you make informed investment decisions.
- 2. Access to Reports from Fund Managers:Aseel Platform grants you access to reports related to the funds, which are prepared by the fund managers in compliance with regulatory requirements. These reports are made available on the platform as soon as they are received from the fund managers.
- 3. Deposit of Due Amounts:If you have any amounts due from your investments, Aseel Platform will deposit them into your virtual IBAN account as soon as they are received from the fund manager. You also have the option to transfer these amounts to your personal bank account linked to the platform or to reinvest them in any available investment opportunity.
- 4. Submit Complaints and Grievances:You have the right to submit any complaints or grievances using the communication channels provided on the platform's official website. We take complaints and grievances seriously and strive to resolve them quickly to effectively address your inquiries and needs.
- 5. Access and Track Your Investment Details:You can find all the details about your investments on your dashboard, including investment status, progress percentage, periodic evaluations, and announcements regarding liquidation and exit opportunities when they are available.
- 6. Voting and Notification of Significant Changes:If there is a significant change in the fund's board of directors or its terms and conditions, you have the right to vote on the change. A summary of the change will be provided to your account via your dashboard within the timeframe specified by the Investment Funds Regulations, the Real Estate Investment Funds Regulations, or as detailed in the fund's terms and conditions.
Thirteenth: Your Obligations & Responsibilities
- 1. Review Terms and Conditions:You have to carefully read and understand the terms and conditions of the investment opportunity before deciding to purchase any units in any opportunity offered on the platform.
- 2. Intellectual Property Rights:All logos and trademarks on the platform are legally registered and protected. Any infringement or misuse of these trademarks may result in legal liability.
- 3. Non-Refundability of Investment Amount:Once you have paid the investment amount through the platform to purchase units in the offered fund, this amount is non-refundable, except upon the fund’s liquidation as per its terms and conditions.
- 4. Protecting Login Credentials:You are responsible for all activities conducted through your account on the platform. It is essential that you take appropriate measures to protect the confidentiality of your username and password. If you become aware of any unauthorized use or your username or password is disclosed, lost, or stolen, you must notify the platform immediately.
- 5. Opening a Virtual Account:By registering on the platform, you authorize Aseel to create a virtual account in your name with Arab Bank, which allows you to securely manage your investments through the platform.
- 6. Review Privacy and Disclosure Policies:You must read and accept the Privacy Policy and Disclosure Policy before registering on the platform and using its services.
Fourteenth: Client Declaration
The client acknowledges that:- 1. Eligibility for Registration and Use:The user has the legal capacity to register and use the wallet services in accordance with applicable laws and regulations.
- 2. Accuracy of Personal Information:The name provided during registration is the user's true name or a trade name recognized by the Ministry of Commerce.
- 3. Personal Use of the Account:The user confirms that the wallet will be used only for personal purposes and not on behalf of any other individual or legal entity.
- 4. Compliance with Laws and Regulations:The user agrees to adhere to all relevant laws and regulations in the Kingdom of Saudi Arabia and acknowledges responsibility for remaining informed about such laws and regulations.
- 5. Refrain from Unlawful Use of Services:The user will refrain from using the wallet services for any fraudulent activities or in a way that could disrupt or negatively affect the platform's services.
- 6. Not Subject to Any Sanctions List:The user confirms not being listed on any prohibited or restricted parties lists and not being under the control of any sanctioned party. This includes lists issued by the United Nations Security Council, the U.S. government (such as the Specially Designated Nationals List, Foreign Sanctions Evaders List, and Entity List), the European Union, or other relevant governmental authorities.
Fifteenth: Complaints
Aseel Capital Platform is committed to providing essential client support by promptly and efficiently receiving and addressing complaints.
You can submit complaints through any of the following official channels:- 1. X Platform (formerly Twitter): You can reach out to customer service through the official account @Aseelcares2. Email: info@investaseel.sa3. The Platform's Complaints Icon: The platform has a complaints icon that allows users to submit complaints easily.4. Website and App Messaging: Complaints can be submitted through the messaging feature on both the app and website.