Terms of Use and Disclaimer

Madmaj ("Madmaj", "we", "us", "our") publishes stock research, market data and analytical tools at madmaj.com and in related applications (together, the "Service"). These Terms of Use, together with our Privacy Policy, form the agreement between you and Madmaj.

By opening the Service, creating an account or paying for a plan, you accept these terms. If you do not accept them, do not use the Service.

Madmaj is a research publisher and a software tool. We are not a licensed financial adviser, investment manager, broker, dealer, custodian or bank. We are not authorised by the Capital Market Authority of the Kingdom of Saudi Arabia, or by any other regulator, to carry on securities business of any kind, including dealing, arranging, managing, advising or custody.

The Service is a publication addressed to the public at large. Its purpose is to inform. It is not addressed to any particular person, and its purpose is not to lead you or anyone else to buy or sell a particular security. We receive no commission, fee or other benefit from any transaction you make, and we have no relationship with any broker.

Nothing in the Service creates an adviser, fiduciary, broker or client relationship between you and Madmaj. The Service does not accept, hold or move your money and does not execute trades.

People who work on Madmaj may own securities that are discussed on the Service. Our content is produced by automated systems from public data and is not changed to favour any holding.

Everything on the Service is general information and our own opinion. That includes verdicts, ratings such as "strong buy" or "sell", scores, rankings, price targets, scenarios, "why now" notes, daily briefs, Shariah screening labels, answers to the questions you ask, and every other piece of commentary. A rating is a label for how our automated analysis scores a stock against its own rules. It is not an instruction to you.

This content is produced for a general audience and is not tailored to you. It does not take account of your financial situation, goals, experience, tax position or tolerance for risk. It is not, and must not be read as, a recommendation, solicitation or offer to buy, sell or hold any security, or to follow any strategy.

When you ask a question in the Service, the answer is generated automatically from our data and from your words. It is still general information. We do not give personal recommendations, and an answer is not one, even if your question describes your own situation or asks what you personally should do.

If you need advice about your own situation, consult a financial adviser who is licensed in your country.

You alone decide whether, what, when and how much to invest. By using the Service you confirm that every decision you make, and every outcome of it, is your own responsibility.

You agree that you will not rely on the Service as the sole basis for any investment decision, that you will do your own research, and that you will seek independent professional advice where appropriate. Madmaj does not make decisions for you, does not know what you own, and takes no responsibility for the results of what you decide.

The value of securities can fall as well as rise. You can lose some or all of the money you invest, and with leverage or derivatives you can lose more than you invest. Securities priced in a foreign currency also carry currency risk.

Past performance, backtests, historical returns, estimates and model outputs are not a guide to future results. Markets move on events that no analysis can anticipate. You accept these risks in full when you act on anything you read on the Service.

The Service relies on data from third-party providers, public filings, exchanges and news sources, combined with our own automated analytical systems. Much of the content is generated and updated automatically, without a person reviewing each item before it is shown.

Data can be delayed, incomplete, out of date, mislabelled or simply wrong, and automated analysis can draw wrong conclusions from correct data. Prices are not real-time unless marked as such. Translations between English and Arabic are also produced automatically and may contain errors.

We make no promise, express or implied, that any part of the Service is accurate, complete, current, reliable or fit for any particular purpose. Always check the original source before you act on a figure.

Where the Service labels a stock as Shariah compliant, non-compliant or mixed, the label is the output of an automated screen that applies published screening ratios to the company's reported figures. It is not a fatwa, it is not a religious ruling by any scholar or board, and it may differ from the view of the scholar, bank or index provider you follow.

Screening standards differ, company figures change, and a label can be out of date. If Shariah compliance matters to your decision, confirm it with a qualified scholar or your own Shariah adviser before you act.

The Service is provided "as is" and "as available", without warranties of any kind. To the fullest extent permitted by law we exclude every warranty, express or implied, including any warranty of merchantability, fitness for a particular purpose, accuracy, non-infringement, and uninterrupted or error-free operation.

We may change, suspend or withdraw any part of the Service at any time, with or without notice.

To the fullest extent permitted by applicable law, Madmaj and its owners, directors, employees, contractors and data providers are not liable to you or to anyone else for any loss or damage of any kind arising out of or connected with the Service or any content on it. This includes trading losses, lost profits, lost opportunities, lost data, and any indirect, incidental, special, consequential or punitive loss, whether the claim is made in contract, in tort (including negligence), under statute or otherwise, and even if we were told that such a loss was possible.

If, despite this clause, we are found liable, our total liability to you for all claims together is limited to the amount you paid Madmaj in the twelve months before the claim arose, or 100 Saudi riyals if you paid nothing.

Nothing in these terms excludes or limits our liability for our own fraud or gross negligence, for death or personal injury caused by our negligence, or for anything else that the law does not allow us to exclude or limit. Where the law does not allow an exclusion or limit in this section, our liability is limited to the smallest extent the law allows.

You agree to defend and compensate Madmaj, and the people and companies listed in the previous section, against any claim, loss, cost or expense, including reasonable legal fees, that arises from your use of the Service, your investment decisions, your breach of these terms, or your breach of any law or of anyone else's rights.

You must be at least 18 years old and legally able to enter into this agreement. One account is for one person; do not share it. Keep your login details private. You are responsible for everything done under your account, and you must tell us at once if you believe it has been misused.

You agree not to:

• copy, scrape, crawl or bulk-download the Service or its data;
• resell, redistribute, republish or sublicense any content from the Service;
• present our content to others as advice, or use it to advise others for a fee;
• use the Service or its content to build a competing product or to train a model;
• attempt to bypass access limits, plan restrictions or security measures;
• use the Service for any unlawful purpose or in a way that harms Madmaj or other users.

We may suspend or close any account that breaks these rules. In that case fees for the current period are not refunded, except where the law requires it.

Some features need a paid plan. Prices, billing periods and what each plan includes are shown on the pricing page at the time you subscribe. Prices are in Saudi riyals and include value added tax unless the pricing page states otherwise.

A free trial, where offered, gives full access for the stated period. We will tell you before the trial ends. Unless you cancel before that, the plan you chose starts and is charged at the end of the trial.

Paid plans renew automatically at the end of each billing period until you cancel in your account settings. We send a reminder before each renewal. Cancelling stops the next renewal and keeps your access until the current period ends.

The Service is digital content that is delivered to you immediately. By subscribing you ask us to start providing it at once and you agree that, once access begins, the statutory right to withdraw from a distance contract no longer applies, to the extent the law allows this. Fees already paid are therefore not refundable except where the law requires it, or where we fail to provide the Service for a material part of the period you paid for.

Payments are processed by a third-party payment provider. We do not see or store your full card number. We may change prices for future periods and will tell you at least 30 days before a change takes effect; if you do not accept the new price, cancel before it applies.

The Service, including its text, analysis, scores, design, code, logos and data compilations, belongs to Madmaj or its licensors and is protected by copyright and other laws. We grant you a personal, non-transferable, revocable licence to view the Service for your own non-commercial use. No other right is granted.

Company names, logos and tickers belong to their owners and are shown for identification only.

Anything you add to the Service, such as watchlists, portfolio entries or questions, remains yours. You give us a licence to store and process it so that we can run the Service for you.

The Service links to filings, news articles and other third-party sites, and shows data from third-party providers. We do not control them and are not responsible for their content, accuracy or availability. A link is not an endorsement.

You may stop using the Service at any time. We may suspend or end your access at any time if you break these terms, if the law requires it, or if we stop providing the Service. If we end the Service or your access for a reason other than your breach, we refund the unused part of any period you have paid for.

Clauses that by their nature should survive, including the disclaimers, the limitation of liability and your promise to us, continue to apply after the agreement ends.

We may update these terms from time to time. The date at the top of this page shows the current version. If a change is material we will tell you through the Service or by email at least 30 days before it takes effect, and we may ask you to accept it when you next sign in. Continuing to use the Service after a change takes effect means you accept the new terms. If you do not accept them, stop using the Service and cancel any plan before the change applies.

These terms are governed by the laws of the Kingdom of Saudi Arabia. If you have a complaint, write to us first and we will try to resolve it within 30 days. Any dispute that cannot be settled between us will be brought before the competent courts or committees of the Kingdom of Saudi Arabia, and you agree to that jurisdiction.

Nothing in these terms takes away rights that the consumer protection law of the country where you live gives you and that cannot be excluded by agreement.

If any part of these terms is found invalid, the rest continues to apply. This page is published in Arabic and English; if the two versions differ, the Arabic version prevails.

Questions about these terms can be sent to support@madmaj.com.