Al Khair Capital Saudi Arabia

Privacy Policy and Confidentiality

1- Introduction

This Privacy Policy and Confidentiality Policy ("Policy") defines the policy of Al Khair Capital Saudi Arabia ("Al Khair Capital") regarding the privacy of personal information and transactions and the extent of Al Khair Capital's commitment to this Policy. The terms and conditions of this Policy apply to all users of Al Khair Capital Saudi Arabia's services, including current and former clients whose information has been obtained by Al Khair Capital through visiting the company's headquarters, branches, the platform ("website"), electronic applications, phone, or email. Al Khair Capital Saudi Arabia is committed to establishing this "Policy" towards its clients to enhance the respect for their privacy and the protection of their affairs and information, and the extent of Al Khair Capital Saudi Arabia's commitment to applying laws and regulations that ensure the confidentiality of information, particularly the regulations of the Capital Market Authority and the Personal Data Protection System.

2- Important Definitions

• Al Khair Capital Saudi Arabia: Refers to Al Khair Capital Saudi Arabia and its branches, affiliated companies or subsidiaries, its employees, representatives, consultants, or any responsible personnel.

• Clients: Refers to individual clients, retail clients, qualified clients, or institutional clients as classified by Al Khair Capital or as referred to in the Financial Market Institutions List.

•  Personal Data: (a) Any statement—regardless of its source or form—that can lead to identifying the user specifically or make them identifiable directly or indirectly, including but not limited to names, personal identification numbers, addresses, contact numbers, license and registration numbers, personal properties, bank account numbers, credit card numbers, and static and dynamic images of the user, and other personal data obtained before, during, or after contracting with the client.

• (b) Information related to the client's transactions with Al Khair Capital Saudi Arabia, account balances, payment history, and all financial or non-financial transactions related to Al Khair Capital Saudi Arabia’s activities.

• (c) The client's personal opinions about the employees or the products and services provided by Al Khair Capital Saudi Arabia.

• Personal Data Owner: The individual to whom the personal data pertains.

Protective Measures for Personal Data Leakage and Privacy Principles:

Al Khair Capital Saudi Arabia is committed to implementing protective measures against data leakage and applying client privacy principles, as explained in this Policy:

-  Statement on how information is obtained and collected

 Al Khair Capital may obtain client information directly from the client through a service application form or request. Information may also be obtained by responding to client inquiries or requests, providing a product or service, performing administrative tasks related to risk management, compliance, system development, conducting research related to activity or customer satisfaction, verifying client eligibility for a product, preventing fraud or violations, investigating such activities, or for compliance with anti-money laundering or anti-terrorism financing regulations, or meeting the requirements of laws and regulations in Saudi Arabia or abroad as applicable, or by any other means necessary for its operations.

We may review and analyze your applications, transactions, and other personal information to provide solutions that meet your needs, develop new products and services, and strategies to meet customer needs. We may also do this to identify various risks such as credit risk, fraud, and money laundering. This does not prevent the client’s right to be informed about the purpose of collecting their personal information at or before the time it was collected. 

However, Al Khair Capital may collect personal data directly from sources other than the data owner or process it for purposes other than those for which it was collected in the following cases:

1. If the data owner consents, in accordance with the provisions of the law.
2. If it becomes available to Al Khair Capital without an obligation to maintain its confidentiality from someone who does not owe a confidentiality obligation—according to their knowledge—or is legally not prohibited from disclosing the mentioned data and information.
3. If the data was legally in the possession of Al Khair Capital before the date of this commitment (unless disclosed by one party to the other directly).
4. If the personal data is publicly available or collected from a publicly available source.
5. If adhering to this prohibition may cause harm to the data owner or affect their vital interests.
6. If the collection or processing of personal data is necessary for public safety or to protect the life of an individual or individuals.
7. If the personal data will not be recorded or stored in a format that makes it possible to identify the owner directly or indirectly.
8. If the collection or processing of personal data is necessary to achieve legitimate interests of Al Khair Capital, unless it infringes on the rights of the data owner or conflicts with their interests and the data is not sensitive.

Purpose of Collecting Data

• Al Khair Capital may use the data in all client transactions with it, including but not limited to:
• Account Management: We may process personal data to manage accounts, including opening new accounts with Al Khair Capital, closing accounts, or requesting updates.
• Transaction Processing: We may use personal data to process financial transactions such as withdrawals, deposits, collections, transfers, and payments.
• Risk Assessment and Fraud Prevention: We may analyze personal data to assess risks associated with providing services to you and to prevent fraudulent activities.
• Credit Assessment: We may use personal data to assess clients' creditworthiness when applying for loans, mortgages, or credit cards.
• Customer Service: We may use client personal data to provide support, process inquiries, and resolve issues related to accounts and transactions.
• Marketing and Promotion: With client consent, we may use personal data for marketing purposes, such as offering new products or promotional offers that suit the client’s financial needs and preferences or sending awareness messages governed by the client’s consent to receive messages or their right to request cessation of receiving awareness messages.
• Compliance with Legal and Regulatory Requirements: We may retain your personal data to comply with various legal and regulatory requirements, including anti-money laundering (AML) regulations and Know Your Customer (KYC) requirements.
• Account Statements and Reports: We may use your personal data to issue account statements, reports, and other financial documents.
• Security and Authentication: We may use your personal data for security purposes, including identity verification and protection against unauthorized access to accounts.
• Complaint Processing and Dispute Resolution: We may use personal data to process complaints and disputes and handle inquiries effectively and efficiently.

Client Rights Regarding Personal Data

- The client’s right to be informed, whereby the client is made aware of the legal basis for collecting their personal data and the purpose of its collection.
- The client’s right to access their personal data available with Al Khair Capital, in accordance with the controls and procedures specified by this Policy.
- The client’s right to request their personal data held by Al Khair Capital in a readable and clear format, in accordance with the controls and procedures specified by the regulations.
- The client’s right to request correction, completion, or updating of their personal data available with Al Khair Capital.
- The client’s right to request the destruction of their personal data available with Al Khair Capital once it is no longer needed, however, Al Khair Capital may retain such data after the purpose for its collection has ended if all identifying details are removed in accordance with the controls specified by the regulations, or if necessary to protect the data owner or others from harm; as determined by the regulations.

• Restrictions on Access to, Use of, and Disclosure of Client Information

Al Khair Capital Saudi Arabia is obligated to maintain the confidentiality of the information obtained from clients and may only disclose it in the following cases:

1- If disclosure is required by the authority or committees adjudicating securities disputes under the system or its executive regulations, or other relevant regulations, or by request of the General Department of Financial Investigations according to the provisions of the Anti-Money Laundering System and the Anti-Terrorism Financing System and their executive regulations, or as required by applicable laws, or requested by a regulatory or governmental entity or determined by a court decision or any competent authority.

2- If the client has explicitly consented to the disclosure.

3- If disclosure is reasonably necessary to perform a specific service for the client.

4- If the information is no longer confidential.

5- If we engage an external vendor to perform work on our behalf, in which case we are required to comply with the regulations of the Capital Market Authority by outsourcing these activities.

6- If required to protect the interests of Al Khair Capital.

7- Al Khair Capital Saudi Arabia may provide or disclose client data to another party within and/or outside the Kingdom for the purpose of executing a transaction or operation subject to the terms of this agreement.

8- Al Khair Capital may disclose details of the client’s relationship with it to other parties it deals with if it is in the context of providing agreed-upon investment services on behalf of the client.

• Maintaining the Accuracy and Precision of Client Information
  Al Khair Capital is committed to maintaining the accuracy, precision, and currency of client information as necessary for its intended purposes. We request that clients notify us of any changes to their personal information, allowing Al Khair Capital Saudi Arabia to continue providing the highest level of service quality. Accordingly, clients are requested to update their data in line with the applicable regulations in Saudi Arabia, including verifying the validity of national identity.

• The client acknowledges Al Khair Capital Saudi Arabia’s right to inquire about them with local banks, financial companies they deal with, or relevant regulatory bodies for the purpose of verifying the accuracy of the data and information declared through this agreement, or under any previous agreement or contract that has not yet expired.

• Protecting Your Information
  Al Khair Capital works to protect the confidentiality of your personal information by employing adequate security measures appropriate to the sensitivity of this information. Al Khair Capital regularly monitors and applies its security measures and standards to ensure their continued effectiveness, including, for example:

• Physical and electronic measures we use to protect your information include security standards for protecting computer systems and safeguarding your information from tampering or unauthorized access.

• Our systems also protect your information when transmitted electronically, for example, between our database, branches, and electronic trading systems. We review information security procedures to ensure they function effectively and appropriately.

• We inform authorized employees about how to maintain the confidentiality of your information, noting that the Code of Professional Conduct signed by all employees requires them to handle all information with complete confidentiality.

• Al Khair Capital enters into contracts and other agreements with suppliers, contractors, and other service providers to maintain the confidentiality and security of your personal information and prevent its use for unauthorized purposes. We do not provide access to your personal information except to those who need it to deliver our products or services or as permitted or required by law.

• We will monitor and record telephone calls between you and Al Khair Capital representatives to ensure accuracy, security, and quality of service and for training purposes.

• Al Khair Capital uses surveillance cameras inside and around branches to ensure the safety of clients and employees, protect against theft, vandalism, and damage to property, and prevent fraud. We retain video and recorded images for no less than the period required by law or for business or legal purposes.

Al Khair Capital Saudi Arabia’s Responsibility for Client Confidentiality and Privacy

• Al Khair Capital is responsible for personal information pertaining to you and held by us, which is disclosed due to deliberate negligence or failure to take adequate legal measures to protect client information confidentiality by Al Khair Capital Saudi Arabia.

The Importance of Obtaining Client Consent When Requesting Information

• Al Khair Capital Saudi Arabia may not process personal data or change the purpose of its processing except with client consent or under the conditions and terms related to obtaining the consent of a legal guardian if the data subject is a minor or legally incompetent.
• In all cases, the data subject may withdraw the consent mentioned in the paragraph above at any time.
• However, personal data processing does not require the aforementioned consent in the following cases: 
• When the processing fulfills a legitimate interest of the data subject and contacting them is impractical or difficult.
• When the processing is required by another regulation or for the execution of a previous agreement in which the client (data subject) is a party.
• If processing is required for security purposes or to meet judicial requirements.
• When processing is necessary to achieve legitimate interests of Al Khair Capital Saudi Arabia, unless it infringes on the rights of the data subject or conflicts with their interests and the data is not sensitive.
• In the case where your information is needed for any other purpose, we will specify this purpose. We will obtain most of your personal information directly from you through the products and services you use, and some information may be obtained from other sources. For example, we may verify some of the information you provide with your employer or references. We generally record the source of this information when obtained from another source, and Al Khair Capital will notify the client when sharing their information with SIMAH or as required by the situation and within the limits allowed by regulations and policies.
• We may obtain your explicit consent in writing or electronically. Alternatively, your consent may be implied through actions you have taken or by continuing to use a product or service after being informed of changes. Sometimes we may require explicit consent according to the regulations, and in such cases, we will certainly obtain it. Refusal or withdrawal of consent generally will not affect your eligibility for Al Khair Capital’s offers, but refusal or withdrawal may mean we cannot provide some products or services to you.
   

Providing Your Information to Al Khair Capital

For inquiry, verification, and confirmation purposes, we exchange information related to our partners with reputable reference sources. We may provide your information to service providers and sister companies of Al Khair Capital. Al Khair Capital Saudi Arabia may transfer personal data outside the Kingdom or disclose it to entities outside the Kingdom for any of the following purposes:

1. If required to fulfill an obligation under an agreement in which the Kingdom is a party.
2. If it serves the interests of the Kingdom.
3. If required to fulfill an obligation in which the data subject is a party.
4. If required for other purposes as determined by the regulations.
5. The client acknowledges that Al Khair Capital may disclose their personal information and financial balances for the purpose of complying with FATCA requirements if their investments with the company are subject to foreign tax. Al Khair Capital Saudi Arabia disclaims any legal consequences and the client assumes full responsibility and indemnification for any concealment or incorrect presentation of information or documents, leading to failure to determine the extent of their assets’ tax liabilities.

The conditions for transferring or disclosing personal data - as mentioned in paragraph (1) of this article - are as follows:

1. The transfer or disclosure should not compromise national security or the Kingdom's vital interests.
2. There should be an adequate level of protection for personal data outside the Kingdom; at least equivalent to the level of protection provided by the system and regulations, according to an assessment conducted by the competent authority in coordination with relevant entities.
3. The transfer or disclosure should be limited to the minimum necessary personal data.

Information Exchange with SAMA

We will notify you of the exchange of your information with SAMA when requesting certain services or products. To maintain the integrity of the credit reporting system, we will periodically update your information with SAMA as long as you have a product or service with us, and for a future period.

Limiting the Collection, Use, and Disclosure of Your Information (Part 2)

When obtaining various types of personal information from you and other sources, we must limit the information collected to what is necessary for the purposes we have specified. The information we request depends on the product or service required.

We do not use or disclose personal information for purposes other than those for which it was requested, except with your consent.

We Retain Your Information

We adhere to specific requirements for retention to meet customer service needs, legal, and regulatory requirements. For these reasons, we retain your information even after your relationship with us ends, according to the periods specified in financial market regulations and other related regulations.

There are some simple but very important steps you can take to protect your privacy:

1- We invite you to contact Al Khair Capital Saudi Arabia through official channels in the following cases:

When you believe you are a victim of fraud or identity theft, please notify us immediately if you think your personal or financial information or investment account login details have been disclosed by contacting customer service or the complaints department at Al Khair Capital at (8001241020).

When you need to access your personal information with Al Khair Capital Saudi Arabia, we will ask you to submit your request in writing and provide us with details to help us understand your request and conduct a search for your information. We will ask you to confirm your identity before searching for or providing access to your information. We will also inform you of any fees we charge in advance. Please note that to maintain confidentiality, it may not be appropriate for us to provide certain types of information, as our records may contain information about other clients, information considered confidential or proprietary to Al Khair Capital, or information subject to legal restrictions. We are obligated to protect the confidentiality and legal rights of all parties, and we cannot provide you with such information.

When you wish to submit any inquiries or complaints to Al Khair Capital Saudi Arabia.

2- Protecting Your Passwords and Personal Identification Number

Passwords and personal identification numbers are keys to your investment accounts and should not be known by anyone other than yourself. Do not disclose your current personal identification number or passwords to anyone, or be liable for any losses you may incur. Please be aware that no employee of Al Khair Capital will ask you for this information verbally or via email. However, we may ask you for certain information to verify your identity when contacting customer service or brokers at Al Khair Capital. When performing your investment transactions, you must maintain the confidentiality of all account data, information, and transactions, as well as any data that can be accessed, downloaded, or stored from any computer or the internet. You are responsible for any unauthorized use and all resulting direct or indirect consequences, losses, and damages, whether they are against you or Al Khair Capital Saudi Arabia. Al Khair Capital will not be liable for any damages, results, losses, or compensation arising from non-compliance with any of the above.

3- Regularly Monitor Your Account Activities

Immediately review your data and ensure that all transactions are recorded accurately. If you notice that the restrictions do not accurately reflect your transaction activities (e.g., if there are unrecorded or excessive transactions), contact Al Khair Capital immediately.

4- Ensure Your Contact Information is Accurate

Ensure that Al Khair Capital has your current contact information, which will help prevent your personal information from being sent to the wrong destination. The client acknowledges being aware of the instructions for updating their personal information and understands that they are obligated to update it according to regulatory requirements or the directives of the Capital Market Authority from time to time or as requested by the company according to the Capital Market Authority's guidelines. They must renew their identification card or commercial registration before it expires. Failure to comply with regulatory requirements, including renewing their identification, will lead the company to take legal action against them.

5- Protect Your Privacy Online

To protect your privacy online, you should clear your browser's cache after each session and use a firewall and up-to-date antivirus and anti-spyware software. Al Khair Capital works to protect you by monitoring and tracking your IP address and other information when you use electronic trading channels.

Contact Us

Maintaining the accuracy and updating of your personal data is very important to us. For inquiries about our privacy notice or for more details, please contact us at (8001241020) or via email at [email protected]

In Conclusion

Rest assured that we will maintain the confidentiality of your data. We will protect your data privacy automatically and daily without the need for notification. We want you to know that you can trust us not only because we will keep your data confidential but also because we will provide you with all available or future investment services.