Document background
The Time Deposit Agreement serves as a legally binding contract between a Saudi Arabian bank and its customers who wish to place funds in a fixed-term deposit account. This document is essential for establishing the framework for time deposits in compliance with both SAMA regulations and Islamic banking principles. It is typically used when customers seek to invest substantial funds for a fixed period in exchange for Shariah-compliant profits. The agreement covers crucial aspects such as deposit terms, profit calculation methodologies, early withdrawal conditions, and maturity arrangements. It's designed to protect both the bank's and depositor's interests while ensuring transparency and compliance with Saudi Arabian banking regulations and Shariah requirements.
