Terms and Conditions of Use
Al-An Al-Khaligia for Consumer Microfinance (FLOOSS)
Company Information
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- Company Name: Al-An Al-Khaligia for Consumer Microfinance (FLOOSS)
- Company Type: Joint-stock company
- Country: Kingdom of Saudi Arabia
- Commercial Registration Number: 1010865347
- Unified National Number: 7032513272
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1. Introduction
These Terms and Conditions (“Terms”) define the rules and framework governing the use of services provided by Al-An Al-Khaligia for Consumer Microfinance (FLOOSS) through its official platform, FLOOSS by Al-An Al-Khaligia for Consumer Microfinance. By registering and using the Services, you confirm your acceptance of these Terms. If you do not agree, you should not proceed with using the Services.
These Terms and Conditions (“Terms”) define the rules and framework governing the use of services provided by Al-An Al-Khaligia for Consumer Microfinance (FLOOSS) through its official platform, FLOOSS by Al-An Al-Khaligia for Consumer Microfinance. By registering and using the Services, you confirm your acceptance of these Terms. If you do not agree, you should not proceed with using the Services.
2. Definitions
Key terms used throughout this document:
Key terms used throughout this document:
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- Customer: A registered user who meets the product’s eligibility requirements
- FLOOSS: is the main platfrom owned by Al-An Al-Khaligia for Consumer Microfinance
- Account: The Customer’s profile within the FLOOSS platform
- KYC: Know Your Customer – verification in line with SAMA regulations
- SAMA: Saudi Central Bank
- SIMAH: Saudi Credit Bureau
- OTP: One-Time Password via Absher for identity verification
- Tawarruq: Islamic finance structure used for financing
- PIN Code: 6-digit code for secure app access
- EMI: Equated Monthly Installments for repayment
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3. Product Overview
Consumer Microfinance is a Shariah-compliant, unsecured financing product designed by Al-An Al-Khaligia for Consumer Microfinance (FLOOSS). The product targets both Saudi nationals and expatriates employed in the public, semi-government, and private sectors. Key Product Features:
Consumer Microfinance is a Shariah-compliant, unsecured financing product designed by Al-An Al-Khaligia for Consumer Microfinance (FLOOSS). The product targets both Saudi nationals and expatriates employed in the public, semi-government, and private sectors. Key Product Features:
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- Finance Amount: SAR 3,000 to SAR 25,000
- Tenure: 1 to 24 months (equal monthly installments)
- Structure: Shariah-compliant (Tawarruq)
- Profit Rate (APR): Ranges between 35% and 50%, based on customer profile
- Processing Fee: Up to 1% of finance amount, capped at SAR 5,000
- Late Fees: Not charged, in line with Shariah guidelines
- Refinancing: Allowed only after 20% of the original finance is repaid
- Deferment: Maximum two deferments during loan term upon approval
- Cancellation: Allowed within 10 business days if no disbursement occurred
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4. Eligibility Criteria
To qualify for the Consumer Microfinance product, a Customer must meet the following:
To qualify for the Consumer Microfinance product, a Customer must meet the following:
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- Nationality: Saudi nationals or legal expatriates with valid Iqama
- Age: Minimum 21 years; maximum age at maturity: 60 years
- Income: Minimum gross monthly income: SAR 4,000
- Employment: Public, semi-government, or private sector only
- Tenure for Expats: Minimum 3 months employment duration
- Credit History: Must not be delinquent in recent credit history (specific DPB rules apply)
- Disposable Income: Must be positive after expenses and existing liabilities
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5. Registration and Verification Process
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- Registration requires completion of KYC procedures via official platforms such as Absher, GOSI, SIMAH, Yakeen, and the National Address
- All data is verified through government-integrated APIs
- Customers must set a secure PIN code and validate OTP for login
- Documentation is digital; physical submission is not required
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6. Use of Services
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- Services are limited to residents of Saudi Arabia
- Applications are processed digitally with no manual exceptions
- Customers must ensure accurate entry of data during onboarding
- Disbursements occur only after promissory note confirmation and identity verification
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7. Customer Responsibilities
- Maintain security of the account and PIN
- Immediately report lost access or suspicious activity
- Use the app legally and ethically in line with SAMA regulations
- Provide correct and updated employment, contact, and banking details
8. Fees and Charges
- All applicable fees are shown before confirmation in the app
- Processing fee: up to 1% of the finance amount or SAR 5,000, whichever is lower
- No late fees apply under any condition
- Early settlement incurs a profit margin of up to 3 months
- Any fee waiver must be approved by the CEO or CRO
9. Credit Evaluation
- Creditworthiness is assessed via SIMAH, salary certificates, and disposable income modeling
- Debt Burden Ratio (DBR) is calculated as per SAMA’s responsible financing guidelines
- If DBR exceeds limits, the application is auto-declined
- Existing obligations and credit behavior are used in real-time to determine eligibility
10. Documentation and Storage
- All transaction logs, API records, contracts, and promissory notes are digitally stored for a period of 10 years
- Promissory notes are signed electronically through Nafith and Emdah platforms
11. Account Termination and Death
- Customers can request account closure after full settlement
- In the event of death, remaining obligations are waived unless excluded under SAMA rules
- Documentation must be submitted for heir claims
12. Amendments
- Al-An Al-Khaligia for Consumer Microfinance (FLOOSS) may amend these Terms at any time
- Customers will receive at least 30 business days’ notice
- Continued use indicates acceptance. Objections must be submitted in writing within 10 days
13. Governing Law
These Terms are governed by the laws of the Kingdom of Saudi Arabia. Disputes are subject to resolution in the competent courts of Kingdom of Saudi Arabia
These Terms are governed by the laws of the Kingdom of Saudi Arabia. Disputes are subject to resolution in the competent courts of Kingdom of Saudi Arabia