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The user acknowledges that they grant Jandalah Company full authorization to execute buy and sell orders for the virtual gold units (Jandalah Units) that the user personally initiates through the platform. This authorization includes Jandalah Company's right to custody and store the gold in any location it deems appropriate, ensuring its safety and security. Two separate wallets are created for each user on the platform: a Money Wallet: where the user's funds are deposited, and a Gold Wallet: where the user's owned virtual gold units are held. Jandalah Company is committed to depositing user funds with accredited banks, in accordance with applicable regulations and instructions. The exchange of virtual units and funds is carried out instantly upon the execution of any purchase or sale operation, such that gold units are immediately added to the buyer's Gold Wallet, and the corresponding cash amount is added to the seller's Money Wallet without any delay.
The user acknowledges and agrees, by virtue of these terms, that they irrevocably delegate (grant an absolute, non-amendable, or non-cancellable Power of Agency/Attorney) to Jandalah Company to execute buy and sell orders for the virtual units of (Gold) initiated by the user through the Jandalah electronic platform. Jandalah Company is authorized to execute these orders on behalf of the user in accordance with the platform's approved policies.
Jandalah Company is responsible for the custody and storage of the gold owned by the user, using any party it deems appropriate and secure according to its discretion. Two independent wallets are created for each user:
• A Cash Wallet: for depositing the user's cash balance,
• A Gold Wallet: for registering and holding the virtual units representing the gold owned by the user.
Jandalah Company is committed to depositing user funds with legally licensed and accredited banks. The exchange of virtual units and their cash value is conducted instantly, whereby the gold is credited directly to the buyer's Gold Wallet, and the cash equivalent is credited directly to the seller's Money Wallet immediately upon completion of the transaction via the platform.
Should any dispute or conflict arise between the user and Jandalah Company related to or resulting from these Terms and Conditions, and the parties are unable to settle it amicably within a reasonable period, such dispute shall be referred to the competent judicial authority in the Kingdom of Saudi Arabia for resolution. This judicial jurisdiction shall be exclusive.
Jandalah Company has the right, at its sole discretion, to determine the fees on buy and sell transactions executed through the platform, provided that the Company notifies the user of these fees in advance before imposing or modifying them. The Company currently sets a fee of 1% of the total transaction value, borne equally by both parties, so that both the seller and the buyer bear 0.5% of the fee value. If the user transfers virtual units from one wallet to another within the platform, a transfer fee of 1% of the total transfer value is charged, borne equally by the sender and the receiver, at 0.5% for each. This percentage is calculated based on the last buy and sell price of the unit on the platform at the time the transfer is executed.
Deposits into the user's virtual wallet are limited to units that have been issued and sold only by the principal owner of the virtual units (Jandalah Company). No deposits of units or physical gold not purchased through the Company via the platform are accepted. A user who has purchased virtual units from Jandalah Company is granted the right to resell or transfer them to any other account within the platform, in accordance with the approved mechanisms and policies. No deposit of physical gold into the user's wallet account is accepted unless the source of this gold was a purchase made exclusively through Jandalah Company.
The user acknowledges and agrees herein that the services provided by Jandalah Company do not constitute investment advice or personal recommendations regarding the purchase, sale, holding, or any transaction related to the virtual units. All information and data displayed on the platform are provided for general and informational purposes only, and shall not be interpreted or considered as investment advice or guidance for making any investment decision. The user bears full responsibility for their trading or investment decisions and actions, as well as their outcomes. Jandalah Company completely disclaims any responsibility for any direct or indirect financial losses or damages that may arise from the user's reliance on any information, data, or content available through the platform. The Company bears no obligation or compensation for any investment decisions made by the user based on this information or their transactions on the platform.
Users wishing to open an electronic wallet for the purpose of buying or selling Jandalah virtual units must have an active current account with any accredited bank, whether within or outside the Kingdom of Saudi Arabia. The user acknowledges, by virtue of these terms, that owning a bank account is a prerequisite for conducting purchase, sale, and financial transfer operations, and that any breach of this condition may prevent the Company from enabling them to use the platform's services related to virtual units.
The user may transfer one or more units to another account within the platform without the need for a prior sale listing. The transfer will be executed using the user's private account information only, and the transferring user shall be solely responsible for paying the value of the units transferred to the other account within the platform, and shall bear all resulting financial obligations of this transfer.
The buying and selling hours for virtual units will be available throughout the week, except during scheduled or emergency maintenance periods determined by Jandalah Company. Jandalah Company reserves the absolute right to determine or modify the buying and selling hours as it deems appropriate and in accordance with the platform's policies and operational provisions, without the need for prior notice to users, while exerting reasonable efforts to ensure service continuity.
Jandalah Company has the right to collect gold storage fees on behalf of the client, provided that these fees are collected directly from the client's account monthly. Jandalah Company is committed to notifying the client in advance of the fee percentage and collection date before imposing them, while reserving the right to amend these fees as it deems appropriate, provided the client is notified of any changes before implementation. Jandalah Company reserves the full right to transfer the gold owned by the client to a new custodian or to any other location it deems appropriate for safekeeping, at its sole discretion and in a manner that guarantees the gold's safety and protection, without the need for prior client approval.
A user who owns 10 million virtual units or multiples thereof is entitled to submit a request via the platform for unit delivery (redemption). Upon submitting this request, the units will be separated from the platform and deleted from the user's wallet, in accordance with the approved procedures and policies for unit delivery.
Clients who wish to receive physical gold shall bear all additional fees and costs resulting from the delivery process, including administrative fees and a shipping fee of 600 Saudi Riyals (SAR) for every one million units. The Company reserves the right to reschedule delivery appointments based on availability. Gold may only be received by the account holder or their authorized agent after verifying their legal identity, and the Company shall not be responsible for any subsequent purchase or exchange of the gold after its delivery to the client.
The user understands and acknowledges herein that the services provided by Jandalah Company involve dealing with virtual units that carry high risks and may not be suitable for all individuals. The user also acknowledges being fully aware of the nature of the risks associated with these services, that they use the platform at their own personal risk, and that Jandalah Company is not obligated to compensate the user for any financial losses or damages that may arise from their use of the platform or trading through it. The actual physical delivery (redemption) of the units (gold) may face difficulties or become impossible for any reason beyond the control of Jandalah Company, including operational, logistical, or regulatory circumstances, or any disasters or natural phenomena affecting the ability to deliver. The user shall be responsible for any delay, failure, or inability in delivery, and the Company shall not be liable for any compensation or replacement due to its inability to execute the physical delivery of the units.
The client understands that the virtual units are subject to a Value Added Tax (VAT) of 15%, and is committed to complying with the applicable systems and regulations regarding this tax.
The client is obligated to pay the Sharia Zakat on the units they own once they meet the minimum threshold (Nisab) and a lunar year (Hawl) has passed. The client may submit a request through the platform to appoint Jandalah Company to pay the Zakat on their behalf, provided that its value is deducted from their wallet, unless competent authorities mandate otherwise.
The client acknowledges their full responsibility for their use of electronic services, including all transactions conducted through the platform, and their responsibility for the actions of their employees and agents when they use the electronic services, as if performed by the client themselves. The client acknowledges that Jandalah and its employees are not responsible for any losses, damages, or financial claims resulting from the use of the username, password, or security code. The client undertakes to immediately inform the Company of any security breach or suspicion of unauthorized use, so that necessary precautionary measures can be taken.
Jandalah Company reserves the right to amend or update this document at any time. Amendments become effective immediately upon their publication on the platform, and the user is presumed to be aware of and agreed to them merely by their publication. The user bears the responsibility for monitoring any changes while using the platform.
The user is entitled to fund or refill their wallet via a direct bank transfer from their bank account, provided that this process is subject to the conditions and procedures approved by Jandalah Company for verifying the validity of the transfer and registering the balance in the wallet. The user acknowledges that if they are a natural person, they are 18 years of age or older and possess the legal capacity to make decisions. They agree to provide correct, complete, and up-to-date information upon registration or when submitting any required identifying data, including but not limited to, full name, date of birth, country of residence, and contact information, and are committed to maintaining and updating this information immediately upon any change.
Jandalah Company affirms its complete commitment to the principles of transparency in all transactions conducted through the platform, and acknowledges that the user has the full right to view the data of buy and sell operations and balance movements at any time, through accurate records that are continuously updated. The Company is committed to safeguarding the user's rights regarding their ownership of the units or associated assets. These rights are preserved in the user's name and remain independent of the Company's obligations or properties. In the event of any technical error or operational glitch affecting the user's account or transactions, the Company undertakes to address the defect immediately upon its appearance, and take the necessary actions to restore matters to their proper state, ensuring the user's interests are fully protected, without prejudice to their rights or reduction of their statutory guarantees.