The Finance SLA is essential for establishing and maintaining formal service arrangements between financial institutions and their service providers or clients in Saudi Arabia. This document is typically used when implementing new financial services, outsourcing arrangements, or establishing inter-bank service relationships. It details specific performance metrics, service standards, and compliance requirements while ensuring adherence to Saudi Arabian banking regulations and Sharia principles. The agreement is particularly important given the increasing complexity of financial services and the strict regulatory environment in Saudi Arabia, including SAMA oversight and Islamic banking requirements. The document addresses critical aspects such as service availability, response times, security measures, and reporting requirements, while incorporating necessary provisions for business continuity and risk management.
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1. Parties: Identification of the financial service provider and the client, including their legal status and registration details
2. Background: Context of the agreement and the relationship between parties
3. Definitions: Detailed definitions of technical and legal terms used throughout the agreement
4. Scope of Services: Comprehensive description of financial services to be provided and their boundaries
5. Service Level Specifications: Detailed performance metrics, response times, and service quality standards
6. Sharia Compliance: Declarations and commitments regarding compliance with Islamic financial principles
7. Regulatory Compliance: Compliance requirements with SAMA regulations and other applicable laws
8. Performance Monitoring: Methods and procedures for monitoring and reporting service performance
9. Fee Structure: Detailed breakdown of fees, payment terms, and calculation methods (ensuring Sharia compliance)
10. Data Protection and Security: Requirements for handling confidential information and ensuring data security
11. Business Continuity: Disaster recovery and business continuity requirements
12. Dispute Resolution: Procedures for handling disputes in accordance with Saudi law
13. Term and Termination: Duration of agreement and conditions for termination
14. General Provisions: Standard legal clauses including notices, amendments, and governing law
1. Third-Party Integration: Include when services require integration with third-party providers
2. International Operations: Add when services extend beyond Saudi Arabia
3. Special Customer Categories: Include when dealing with specific customer segments (e.g., high-net-worth individuals)
4. Enhanced Security Measures: Add for high-security services like digital banking platforms
5. Training and Support: Include when service includes training or support services
6. Intellectual Property Rights: Add when proprietary technology or software is involved
7. Change Management: Include for complex services requiring formal change procedures
1. Schedule 1 - Service Level Metrics: Detailed breakdown of all service level targets and measurements
2. Schedule 2 - Fee Schedule: Detailed pricing structure and calculation methods
3. Schedule 3 - Technical Requirements: Technical specifications and system requirements
4. Schedule 4 - Security Standards: Detailed security protocols and requirements
5. Schedule 5 - Reporting Ƶ: Standard formats for performance and compliance reporting
6. Schedule 6 - Escalation Matrix: Contact details and procedures for issue escalation
7. Appendix A - Compliance Checklist: Checklist of regulatory and Sharia compliance requirements
8. Appendix B - Business Continuity Plan: Detailed procedures for business continuity and disaster recovery
9. Appendix C - Data Processing Agreement: Specific terms for handling and processing data
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Islamic Banking
FinTech
Investment Services
Insurance
Corporate Banking
Retail Banking
Payment Services
Wealth Management
Relevant Teams
Legal
Compliance
Finance
Operations
Risk Management
Service Delivery
Information Technology
Procurement
Treasury
Customer Relations
Islamic Banking
Contract Management
Relevant Roles
Chief Financial Officer
Head of Compliance
Legal Counsel
Risk Manager
Operations Director
Service Delivery Manager
Financial Controller
Sharia Compliance Officer
Banking Operations Manager
Contract Manager
Treasury Manager
Technology Director
Relationship Manager
Chief Operating Officer
Procurement Manager
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