Post Payment Option Terms and Conditions

Welcome to Tabby's Deferred Payment Option! We're Tabby Saudi for Communication and IT LLC, registered in Riyadh, KSA ("Tabby"), and we're excited to offer you this option to structure  the term of your Buy Now Pay Later ("BNPL") debts in a Shariah-compliant manner through a Murabaha. By using this option, you agree that you are currently not in default under your existing BNPL and you agree to the terms and conditions outlined below:

1. Introduction

1.1These Terms and Conditions ("Terms") govern the Deferred Payment Option offered by Tabby (also referred to throughout Terms as "we", "us" or "our"), and enable your purchase of commodities through a Shariah compliant Murabaha structure ("Murabaha Agreement") to allow you to structure the term agreed for the  grant of your BNPL debt under your agreement with us.  (“BNPL Agreement”).

1.2 Please read these Terms carefully before using this option. If you do not agree to these Terms, you should refrain from using the Deferred Payment Option.

2. Deferred Payment Option

2.1You may request to structure the term of your BNPL debts under the terms of the BNPL Agreement through our Deferred Payment Option, subject to Tabby's approval.

2.2 Upon approval, Tabby will notify you and provide details of the Murabaha Agreement and the transaction details.

2.3 By agreeing to the Deferred Payment Option, you acknowledge and agree to adhere to the terms and conditions outlined in the Murabaha Agreement.

3. Murabaha Transaction

3.1 Principal Purchase

3.1.1 Tabby acts as the principal in the Murhaba transaction.

3.1.2 Tabby will purchase specific commodities from a selling broker at the prevailing market price.

3.1.3 The purchase of commodities will be executed in accordance with the terms agreed upon between Tabby and the selling broker.

3.2 Murabaha Agreement

3.2.1 Tabby will sell the purchased commodities to you under our agreed Murabaha Agreement.

3.2.2 The sale to you will be at an agreed-upon price, which includes the cost of the commodities and a profit margin for Tabby.

3.2.3 The terms of the Murabaha Agreement, including the payment schedule and any other relevant conditions, will be clearly outlined and agreed upon by both Tabby and you.

3.2.4 A template of the Murabaha Agreement is attached at Appendix A to these Terms.

3.3 Agency Appointment.

3.3.1 You hereby appoint Tabby as your agent (the "Agent") to sell, manage and allocate the proceeds from the sale of the commodities purchased under the Murabaha Agreement.

3.3.2 The Agent is hereby authorized to use its discretion in managing, selling and allocating the proceeds from the sale of the commodities. This includes, but is not limited to, determining the timing, manner, and terms of such sale, management and allocation.

3.3.3 The Agent shall have full authority to perform all acts necessary or incidental to the sale, management and allocation of the proceeds, including entering into contracts, executing agreements, and taking any other actions deemed necessary by the Agent.

3.3.4 The Agent shall provide you with a report detailing the sale and the management and allocation of the proceeds as agreed upon by both parties.

4. General Provisions:

4.1 You acknowledge and agree that after the sale of the commodities to you under the Murabaha Agreement, Tabby acts solely as the Agent in facilitating the subsequent sale of these commodities to a buying broker and does not assume any ownership interest in the commodities at this stage.

4.2 Before the sale of the commodities to you, Tabby bears the risks and ownership of the goods from the time it purchases them from a selling broker until they are sold to you.

4.3 You agree to comply with all applicable laws and regulations governing Murabaha transactions and BNPL debts as well as the terms of the BNPL Agreement.

4.4 Tabby reserves the right to amend or modify these terms and conditions at any time, with prior notice to the Customer.

5. Communication:

5.1 By using the Deferred Payment Option, you agree to receive communications from Tabby regarding the status of your request and any associated fees.

6. Impact on Repayment Schedule:

6.1 Deferring your payment may impact the repayment schedule of the BNPL Agreement.

6.2 You acknowledge it is your responsibility to review and understand the implications on your repayment plan as presented to you by Tabby.

7. Right to Cancel:

7.1 Tabby reserves the right to cancel or modify the Deferred Payment Option at any time without prior notice.

8. Applicable Law:

8.1 These Terms and the Deferred Payment Option are governed by the laws of the Kingdom of Saudi Arabia.

8.2 You irrevocably agree that the competent courts of Riyadh, Kingdom of Saudi Arabia shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these Terms.

9. Contact Information:

9.1 For any inquiries or assistance related to the Deferred Payment Option, please contact Tabby's customer support team

By using the Deferred Payment Option, you acknowledge that you have read, understood, and agreed to these Terms and Conditions.

Tabby reserves the right to update these Terms at its discretion, When we are due to update the App and/or our Website to incorporate any changes to the Terms, you will be notified via your registered email account with us, informing you of the updates / changes at least 30 business days in advance of such change being enforced (provided such change is not otherwise required by applicable law). You will have the opportunity to object to any change to the Terms within 10 days from the date of receiving such notification.

Shari’a Certificate Ref#: TBY-3893-02-01-06-24