1- What is the purpose of collecting your data and how will we process your data?
The terms and conditions below describe how Alraedah Finance collects, uses, and shares personal information:
- Information Registration: We collect your name and contact information when you register your information. Your information can be used for easy correspondence with Alraedah Finance and to save your preferences and transaction history.
- Email Interconnectivity: If you receive an email from us, we use certain tools to capture data related to when you open our message, click on any links or banners it contains and make purchases.
- Employment: If you apply for a job posting, or become an employee, we collect information necessary to process your application or to retain you as an employee. This may include, among other things, your National ID, Iqama, or passport number. Providing this information is required for employment.
- Feedback/Support/Complaints: If you provide us feedback or contact us for support we will collect your name and e-mail address, as well as any other content that you send to us, in order to reply. We are required by SAMA to maintain this information for a period of 10 years after your account is closed.
- Mailing List: When you sign up for one of our mailing lists we collect your email address or mobile number.
- Mobile Devices: We may collect information from your mobile device such as unique identifying information broadcast from your device when visiting our website or when visiting one of our branches.
- Facility Application Placement: We collect your personal, commercial, and credit information when you submit an application to Alraedah Finance as required by SAMA to process your finance facility. We must maintain this information for a minimum period of 10 years after your account is closed. Your data will be used:
- To provide products and services which you have requested, and to conduct business with you (for example, to process your application, to tell you about important changes to our services, to process and to respond to your enquiries, complaints and issues) and to keep updated and collect and improve records
- To provide an initial quotation where you have applied for credit
- For security, credit, identification and verification purposes
- To detect, investigate, and report to the authorized authority and to meet our regulatory, legal and compliance obligations (including performing regulatory and prudential compliance checks on an ongoing basis, transaction monitoring, checks for sanctions and politically exposed persons, and transaction and tax reporting. Also including making disclosures to, co-operating with, and complying with requests from: public authorities, regulators, courts of law, tax authorities, governmental bodies or law enforcement agencies, and investigating and preventing fraud, terrorism and other crime)
- To assess financing and takaful risks
- To collect money that you owe us, and to exercise our rights set out in agreements or contracts
- To improve customer service, and to decide if a product or service is suitable for your needs
- To provide you with the appropriate level of service, to accommodate your specific individual needs and treat you fairly based on any vulnerability you may have, whether you have told Us or we believe necessary to record, to improve customer service ensure equality of treatment, protect vulnerable customers or safeguard your economic wellbeing
- To share relevant information in respect of a prospective sale of the company, or any of its subsidiaries, or any part of its or their business
- To manage, support and provide training to our staff
- Business Partners: We collect information that you provide to our business partners (e.g. Credit Rating Agencies) to process your finance application. We also submit your information to 3rd party government entities for enrollment in Small Medium Enterprises (SME) funding programs (e.g. Kafalah or Monsha’at or SME Bank etc.).
- Third Party Tracking: We participate in behavior-based advertising. This means that a third party uses technology (e.g., a cookie) to collect information about your use of our website so that they can provide advertising about products and services tailored to your interests. That advertising may appear either on our websites, or on other websites. You can opt-out of receiving advertising based upon your browsing behavior from some network advertising companies by going to the Network Advertising Initiative and the Digital Advertising Alliance websites, although to completely prevent advertising based upon your browsing behavior you should also disable the cookies on your browser.
- Web logs: We collect information, including your browser type, operating system, Internet Protocol (IP) address (a number that is automatically assigned to a computer when the Internet is used), domain name, click-activity, referring website, and/or a date/time stamp for visitors.
In addition to the information that we collect from you directly, we may also receive information about you from other sources, including third parties, business partners, our affiliates, or publicly available sources.
2- How will we store your data?
We are required by SAMA to maintain your personal data for a minimum period of 10 years. However, no method of transmission over the Internet, or method of electronic storage, is fully secure. We use and comply with all security standards required by SAMA to protect your personal information from unauthorized access, use, or disclosure. In the event of any unauthorized access to your personal information we may notify you electronically, in writing, or by telephone
3- Is there a mechanism to destroy your data?
Deletion Of Your Personal Information. We retain your personal information for a minimum period of 10 years as required by SAMA, unless a longer retention period is required to comply with our legal obligations, resolve disputes, and/or enforce any of our agreements. Once the required retention period is completed, your personal data will be deleted through standard and secure procedures.
Revocation of Consent. If you revoke your consent for the processing of personal information, then we may no longer be able to provide you services. We collect the minimum amount of personal data as specified by SAMA to process your finance application.
4- Can you correct or update your data?
Changes To Your Personal Information. We rely on you to update and correct your personal information. You can make changes to your personal information by emailing “email@example.com” or contacting us through the methods listed in the “Contact Us” page on our website. Note that we keep historical information for a period of 10 years as required by SAMA.
You must update your data and provide us with your latest personal documents whenever Alraedah Finance Company requests that.
5- Your Personal Data Rights and how to Exercise Them
The right to be informed. We have informed you in point 1 above of the legal and practical justification for collecting your data and the purposes of processing your data.
Access To Your Personal Information. We will grant you with reasonable access to the personal information that we have about you. You may request access to your personal information by emailing “firstname.lastname@example.org” or contacting us through the methods listed in the “Contact Us” page on our Website.
6- How and why will my data be processed for advertising and promotions?
Marketing: To tell you about other Alraedah Finance products, services and facilities that may interest you (by email, phone or text). We may also use your data for the following after you provide us with your consent:
- We may share some personal data (for example, your email address), in a secure format, with our advertising partners and social media companies, so that they can display the most relevant messages to you and others about our products and services. This includes instructing these companies not to show adverts to our existing customers. If you do not want us to share your personal data with our advertising partners or social media companies for this purpose, you can tell us not to.
- To evaluate the effectiveness of marketing and for research, training and statistical analysis with the aim of improving services.
- To help us to improve our products, services and operations (including market research, analysis of customer preferences, transactions and market trends, evaluating proposed products, testing new systems and upgrading existing systems).
- To manage our business and to protect and enforce our rights (Including assessing, monitoring and managing financial, reputational and other risk, conducting audits, liaising with regulators and law enforcement, and to establish, enforce and defend against legal claims).
- To be able to work with other companies that provide services to us and our customers.
- You may op-out of the advertising and promotions by emailing “email@example.com” or contacting us through the methods listed in the “Contact Us” page on our Website.