In case of a transfer or a draft issuance transaction in a currency other than
Saudi Riyals, the foreign exchange shall be done first, and then shall be
followed by the transfer or draft issuance transaction
The bank shall follow normal procedures for funds transfers and shall not be
liable unless it is guilty of negligence or a failure to adhere to proper procedures.
If the funds are transferred in a currency different from that of the destination country, the payment to the beneficiary will be in the currency of the destination country using the exchange rate prevailing in the beneficiary’s
bank.
The bank shall not allow, under any circumstances, funds transfers for purposes that contradict or contravene Shariah rules; and the bank will have
the right to cancel any such funds transfers without bearing any liability resulting from such a cancellation.
After the transfer transaction or draft issuance, the customer, or his agent,
shall not be entitled to cancel or amend such transactions unless agreed upon
by the beneficiary.
The transfer value will not be returned for any reason unless the payment
does not reach the beneficiary and the correspondent bank returns the full
amount of the transfer to Alinma Bank, which must confirm receipt of the
returned funds. The customer will bear any fees or charges should he provide
erroneous or incomplete information that leads to the return of the transfer
funds by the correspondent bank.
Any disputes that may arise, if not amicably resolved, will fall under the
jurisdiction of the judicial authorities in the Kingdom of Saudi Arabia.
In case of any contradictions between the Arabic and English texts, the
Arabic text shall prevail.