Ajras Pay Terms and Conditions

Effective Date: [To be confirmed] | Last Updated: 30 August 2026

1. Introduction

These Terms and Conditions ("Terms") govern the use of Ajras Pay, provided by Ajras Information Technology ("Ajras", "Ajras Pay", "we", "us", or "our").

Ajras Pay provides a range of digital services designed for businesses to facilitate the management of liquidity requests, payments, and related financial transactions. Depending on the services available and enabled for each User, Ajras Pay may include submitting and tracking liquidity requests, eligibility and risk assessment, balance, payment, transfer and beneficiary management, bank-information verification, electronic payment and bill-payment services, and other services or features made available from time to time.

Creating an Account, using the platform, submitting a request, conducting a transaction, or electronically accepting these Terms constitutes acceptance. A User acting for a Business represents that they have authority to bind that Business.

2. Definitions

For these Terms, "User" means an individual using Ajras Pay personally or for a Business; "Business" means a commercial entity registered through Ajras Pay; "Account" means the electronic account associated with a User or Business; "Liquidity Request" means a request for a liquidity service available through the platform; "Beneficiary" means a person or entity added to receive a payment or transfer; and "Third-Party Service Provider" includes banks, payment, settlement, verification, infrastructure, technology, and other providers supporting the services.

3. Acceptance and Related Policies

Users agree to these Terms, the Ajras Pay Privacy Policy, and any additional terms or transaction-specific agreements presented for a particular service. Electronic acceptance has the legal effect afforded to it under applicable law.

4. Eligibility

Users must have legal capacity, be at least eighteen years old unless applicable law permits otherwise, have authority to represent a Business where relevant, provide accurate and complete information, and satisfy applicable verification, eligibility, and compliance requirements.

Ajras may request additional information or documents and may reject or restrict access where eligibility or information cannot be verified.

5. Account and Business Registration

Ajras may request a User's name, mobile number, email address, Business name, Commercial Registration or unified number, tax information where relevant, and information relating to owners or authorized representatives. Users must keep this information current.

Ajras may reject, restrict, or suspend an Account where information is incomplete, inaccurate, misleading, or cannot be verified.

6. Authorized Business Users

The Business is responsible for identifying authorized users, assigning appropriate permissions, and revoking access when no longer required. Ajras may rely on actions performed through authorized Accounts unless timely notified of unauthorized use.

7. Account Security

Users must protect passwords, verification codes, and credentials, must not share them with unauthorized persons, and must promptly notify Ajras of suspected unauthorized access or compromise.

8. Scope of Services

Services may include Liquidity Requests, eligibility and risk assessment, request tracking, balance management, bank transfers, beneficiary management, IBAN and bank-information verification, balance and payment-status enquiry where available, electronic payments, and SADAD services.

Reference to a service in these Terms does not mean that it is available to every User or at all times.

9. Liquidity Requests

Eligible Users may submit Liquidity Requests within the limits and options displayed on the platform. Ajras may request financial or operational information, supporting documents, or other information necessary for assessment. Submission does not constitute approval.

10. Eligibility and Risk Assessment

Ajras may assess a request using User-provided or lawfully obtained information, including Business and request data, financial and operational indicators, verification results, permitted credit information, alternative data, and analytical or credit-scoring models.

An assessment does not guarantee approval or any particular amount.

11. Automated Processing and Decision Support

Ajras may use analytical models or automated tools to support eligibility, risk, and fraud assessments. Where separate consent is legally required for particular automated processing, Ajras will obtain it. Ajras may also conduct manual review or request additional information.

12. Approval or Rejection

All Liquidity Requests are subject to eligibility, risk, verification, and applicable legal requirements. Ajras may approve or reject a request, request additional documents, adjust the amount or available options, or hold a decision pending verification.

Submission of a request or display of preliminary eligibility does not constitute final approval. Approval becomes final only after required procedures and contractual documentation are completed.

13. Transaction-Specific Agreements

Completion of a Liquidity Request may require acceptance or execution of separate documentation, including Murabaha, sale, or repayment documents depending on the product structure. Such documentation supplements these Terms and will govern the relevant transaction in case of conflict, to the extent permitted by law.

14. Fees and Charges

Ajras may charge fees for certain services. Applicable fees will be disclosed before confirmation where reasonably possible and may include service, transfer, transaction fees, and VAT where applicable. By confirming a transaction, the User accepts the disclosed charges.

15. Repayment Period and Obligations

The applicable repayment period, due date, or schedule will be displayed on the platform or specified in the transaction agreement. The User must pay all amounts due in accordance with those terms and maintain sufficient funds for repayment.

16. Late or Failed Repayment

If an amount is not paid when due, Ajras may, subject to the applicable agreement and law, send reminders, restrict new requests, suspend services, use agreed collection methods, or take lawful collection measures.

No late charge or additional amount will apply unless provided in the relevant agreement and permitted by law.

17. Balance or Wallet Where Available

Where balance or wallet functionality is enabled, Users may view and use available balances subject to applicable limits. Displayed balances may change due to pending, settlement, verification, refund, reversal, or reconciliation activity.

18. Beneficiary Management

Users may add Beneficiaries for transfers and are responsible for the accuracy of the Beneficiary name, IBAN, identity or Business information, bank details, and other required information. Ajras may require verification before enabling transfers.

19. IBAN Verification

Ajras may use technical services to validate an IBAN or match it against available account-holder, identity, Business, or bank information.

A verification may return a match, mismatch, or no result because of a technical issue. Technical completion of a verification request is not an absolute guarantee of the Beneficiary or account.

20. Reliance on Banking Data

Certain verification and enquiry results rely on information provided by banks or connected sources. Ajras does not guarantee that such information is always error-free, updated instantaneously, or available for every bank or account.

Even where verification is positive, the User remains responsible for reviewing Beneficiary details before confirming a transfer.

21. Electronic Payments

Ajras Pay may allow Users to pay fees, amounts due, or other service-related payments using electronic payment methods available through the platform, which may include mada, Visa, Mastercard, SADAD, or other payment methods made available from time to time.

Payments are subject to approval by the relevant bank or financial institution and to applicable transaction limits, verification requirements, and controls.

A payment shown as "Processing" is not final confirmation of success. It is completed only after Ajras receives successful processing confirmation from the relevant financial institution or payment system.

22. Transfers and Payment Instructions

By submitting a payment or transfer instruction, the User authorizes Ajras and participating technical and banking providers to perform the actions necessary to process it. Instructions may pass through banks, payment networks, infrastructure, and settlement providers.

Submission does not guarantee execution. Transactions may be delayed or rejected because of insufficient funds, incorrect information, bank restrictions, limits, compliance requirements, suspected fraud, technical failure, or network unavailability.

23. Transaction Status and Processing Time

Ajras may display statuses such as received, processing, in progress, successful, rejected, failed, pending, reversed, or refunded. Final status depends on confirmation from the relevant bank, payment, or settlement system.

Processing times vary according to banks, transaction type, banking hours, payment systems, compliance checks, and maintenance. Any expected time displayed to the User is an estimate unless expressly stated otherwise.

24. SADAD Services

Where enabled, Ajras may allow Users to enquire about and pay supported SADAD bills and governmental or commercial fees. Users must review the bill/reference number, biller, and amount before confirmation.

A SADAD payment may become irrevocable once transmitted and is not final until confirmed successful by the relevant system or entity.

25. Rejected, Failed, or Duplicate Transactions

If a transaction cannot be completed, Ajras may reject or reverse it, return funds where applicable, request resubmission, or require additional verification. Refund timing depends on the relevant bank or provider.

Users should avoid resubmitting transactions while status is unclear, as this may cause duplicate execution that cannot be immediately recovered.

26. Transaction Limits

Ajras may impose or change limits on single, daily, or monthly transaction values, transaction volumes, Beneficiaries, or Liquidity Requests. Limits may vary according to verification level, risk, operational, or regulatory requirements.

27. Third-Party Providers and Banks

Ajras relies on banks, payment networks, payment and settlement providers, IBAN verification, SADAD, technology, cloud, and risk-assessment providers for certain services. The minimum information necessary may be shared in accordance with the Privacy Policy and applicable law.

Neither Ajras nor a technical infrastructure provider becomes a party to the underlying banking relationship merely by facilitating a service. Ajras does not guarantee continuous third-party availability, information outside its control, or acceptance of every transaction.

28. Acceptable Use and Compliance

Users must use Ajras Pay in accordance with the laws and regulations of the Kingdom of Saudi Arabia. The service must not be used for fraud, deception, money laundering, terrorist financing, concealment of beneficial ownership, unauthorized use of accounts or funds, impersonation, deliberate falsification, system compromise, or circumvention of controls.

29. Fraud, AML, and CTF

Ajras may use monitoring and analytics to identify unusual or potentially fraudulent activity. This may result in delay, additional verification, rejection, suspension, or reporting to competent authorities where required or permitted.

Users must provide information and documents lawfully requested for compliance, Know Your Customer, or Know Your Business purposes.

30. Suspension and Termination

Ajras may suspend an Account or restrict services for suspected unauthorized access or fraud, inaccurate information, incomplete verification, outstanding obligations, breach of these Terms, competent-authority requirements, or security or operational risk.

Users may request Account closure after open requests, transactions, and obligations are resolved. Closure does not extinguish obligations arising beforehand.

31. Privacy and Data

Personal data processing is governed by the Ajras Pay Privacy Policy, which supplements these Terms. Certain services may require separate consent for particular data processing, external data sources, or automated processing, where required by law.

32. Communications

Users agree to receive service communications by email, SMS, application or platform notifications, or other approved channels, including request, transfer, payment, repayment, and security notices. Users are responsible for keeping contact information current.

33. Service Availability and Maintenance

Ajras may conduct maintenance or updates that temporarily affect availability. Services may also be affected by outages involving banks, payment networks, SADAD, verification, telecommunications, cloud, or other infrastructure outside Ajras's direct control.

34. Intellectual Property

All intellectual property relating to Ajras Pay, including software, designs, trademarks, interfaces, and content, belongs to Ajras or its licensors. Users receive a limited, non-exclusive, non-transferable right to use the service lawfully and must not copy, resell, reverse engineer, or circumvent security measures.

35. Responsibility and Limitation of Liability

Users are responsible for submitted information, financial instructions, Beneficiary selection, Account security, and actions of authorized users.

To the extent permitted by law, Ajras is not responsible for losses directly caused by incorrect User information, incorrect Beneficiary selection, failure to protect credentials, third-party bank or network failures outside Ajras's reasonable control, or force majeure. Nothing excludes liability that cannot lawfully be excluded.

36. No Guarantee of Approval or Execution

Ajras does not guarantee approval of a Liquidity Request, any particular limit, continued availability of a particular product or service, or execution of a transaction that does not satisfy legal, operational, or risk requirements.

37. Changes to Services and Terms

Ajras may add, modify, or discontinue features or services and may update these Terms. Updated Terms will be published, and where a material change requires notice or renewed consent, Ajras will take the required steps before it becomes effective.

38. Complaints and Transaction Disputes

Users may contact Ajras regarding a service or transaction issue and should provide the relevant request or transaction reference. Investigation may require coordination with a bank, payment provider, or biller. Filing a dispute does not guarantee a refund where a transaction was correctly executed according to valid User instructions.

39. Force Majeure

Neither party is responsible for delay or failure caused by circumstances outside reasonable control, including natural disasters, war, government action, widespread telecommunications or electricity failures, banking or payment-system outages, or large-scale cyber incidents that could not reasonably have been prevented.

40. General Provisions

Failure by Ajras to enforce a right is not a waiver. If any provision is invalid or unenforceable, the remaining provisions continue in effect. Users may not assign their rights or obligations without Ajras's consent unless applicable law provides otherwise.

These Terms, the Privacy Policy, and any service- or transaction-specific agreement form the contractual framework governing use of Ajras Pay.

41. Language, Governing Law, and Jurisdiction

These Terms are provided in Arabic and English. In case of inconsistency, the Arabic version prevails unless applicable law or a specific agreement requires otherwise.

These Terms are governed by the laws and regulations of the Kingdom of Saudi Arabia. Disputes are subject to the competent courts or authorities in the Kingdom unless a mandatory alternative mechanism applies.

42. Contact Us

Ajras Information Technology Email: [email protected] Address: Prince Saud Ibn Abdullah Ibn Jalawi Street, Al Qirawan, Riyadh 13535, Kingdom of Saudi Arabia.

43. Electronic Acknowledgment

By selecting "I Agree", "Continue", "Confirm", or a similar electronic action, or by using the service after these Terms are presented, the User confirms that they have read, understood, and accepted these Terms and have authority to accept them when acting for a Business.