Terms of Use

01 Acceptance of terms

By using the Madak platform, its application or any of its services, you acknowledge that you:

• Have read these Terms, fully understood them, and agreed to be bound by them.
• Have full legal capacity to enter into binding contracts under the laws of the Kingdom of Saudi Arabia.
• Agree to the processing of your data in accordance with the platform’s privacy policy.
• Understand that real estate investment services carry risk, and that you have read the material risk disclosure.

If you do not agree to any clause of these Terms, please do not use the platform and cancel your registration immediately.

02 Definitions

For the purposes of these Terms, the following words and phrases carry the meanings set out beside each of them:

• The platform / Madak: the electronic fractional ownership platform and its operator (Madak Company), including the madak.app website and the application on all stores.
• The user / investor: any natural or legal person who opens an account on the platform and uses its services.
• The investment opportunity: the property offered on the platform to raise capital for participation in it through fractional ownership deeds.
• The fractional ownership deed: an electronic document evidencing the user’s share in the opportunity, issued under the real estate title registration system.
• The Real Estate General Authority: the government body regulating the real estate sector in the Kingdom of Saudi Arabia (REGA).
• The regulatory sandbox: the supervisory environment issued by the Real Estate General Authority, under whose umbrella Madak operates.
• The Shariah Committee: the independent committee mandated to review and approve Madak’s products and operations from a Shariah perspective, chaired by Sheikh Dr. Saad Al-Khathlan.

03 Licensing and regulatory compliance

The Madak platform operates within the regulatory sandbox issued by the Real Estate General Authority in the Kingdom of Saudi Arabia, under permit no. 120034556. All platform operations are subject to direct supervision by the Authority, and the following controls apply:

• Compliance with the real estate title registration system and issuance of deeds through the approved registry.
• Following the Know Your Customer (KYC) and anti-money-laundering (AML) requirements issued by the Saudi Central Bank.
• Full and transparent disclosure of all details of investment opportunities and their associated risks.
• Compliance with the Personal Data Protection Law and its implementing regulations.

4.3 Account confidentiality

You are solely responsible for keeping your username, password, verification code and account PIN confidential. Any operation carried out using your account credentials is deemed to have been made by you and is binding on you.

05 Nature of the services

Madak provides users with an electronic platform that allows them to:

• Browse the real estate investment opportunities offered, including property details, valuation and expected return.
• Participate in opportunities by purchasing fractional ownership deeds starting from a minimum of SAR 500.
• Track the actual performance of the investment and receive periodic operating returns.
• Resell deeds through the electronic exit window to other users, subject to the applicable controls.

All opportunities offered on the platform are reviewed and approved by the Shariah Committee and by the real estate and financial due diligence team before being made available to investors.

06 Investing in deeds

07 Fees and commissions

Madak applies a clear schedule of fees and commissions that is fully disclosed at every transaction. Fees generally include:

• Deed issuance fee: a one-time fee on subscribing to an opportunity, deducted from the investment amount.
• Annual management fee: an annual percentage calculated on total assets under management and deducted automatically from returns.
• Performance fee: a percentage of returns above the target return, calculated when achieved.
• Exit window fee: a fee on sale and repurchase transactions, charged to the seller.

All fees are disclosed on each opportunity page, and no hidden fees are charged. Madak reserves the right to amend the fee schedule with at least 30 days’ prior notice.

08 Obligations and undertakings

8.1 User obligations

The user undertakes to:

• Use the platform for lawful purposes only, and not to breach any local or international regulations.
• Not attempt to breach the platform or misuse it in any way.
• Not manipulate prices or attempt to influence the exit window by any unlawful means.
• Update their personal and financial data periodically and report any material change.
• Immediately report any suspicion of unauthorised access to their account.

11 Account suspension and termination

Madak reserves the right to suspend or terminate any user’s account in the following cases:

• Breach of any clause of these Terms or of applicable regulations.
• Suspicion of fraud, money laundering or terrorist financing.
• Providing false information or forged documents at registration or thereafter.
• Receipt of an official request from a competent regulatory or judicial authority.

If the account is terminated, Madak reserves the right to liquidate the user’s deeds and financial rights and transfer the net balance to their registered bank account, after deducting any outstanding obligations.

The user may terminate their account at any time by submitting an official request, provided there are no active contributions or pending financial obligations. The account will be closed within 30 business days of the procedures being completed.

12 Amendments and notices

Madak reserves the right to amend these Terms from time to time in line with regulatory requirements or to improve the service. Users will be notified of material amendments through:

• The email address registered on the account.
• In-app notifications.
• A prominent notice displayed at sign-in.

Your continued use of the platform after amendments are published is deemed acceptance of them. If you do not agree to the amendments, you may terminate your account under the stated procedures.

13 Disputes and governing law

These Terms are governed by and construed in accordance with the laws of the Kingdom of Saudi Arabia. Any dispute arising out of or relating to the use of the platform or its services is resolved through the following steps:

• Amicable settlement: both parties undertake to use their best efforts to settle the dispute amicably through direct contact with the customer service team within 30 days.
• Mediation: if amicable settlement is not possible, either party may resort to mediation through the Saudi Center for Commercial Arbitration.
• Arbitration: if mediation is unsuccessful, the dispute is referred to arbitration under the Saudi Arbitration Law, with Riyadh as the seat of arbitration.
• Courts: in cases where arbitration is not legally permitted, the Saudi courts in the city of Riyadh have exclusive jurisdiction over the dispute.

For legal enquiries or to file an official complaint: legal@madak.app