1. INTRODUCTION
Tayseer Finance LLC (“Tayseer”) is a financial institution permitted by the Central Bank of Oman (“CBO”) to test its innovative products/services under the Fintech Regulatory Sandbox (FRS). Tayseer offers Shariah-compliant microfinance products/services to individuals, micro, small & medium enterprises using digital solutions in Oman. Tayseer makes it easy for businesses and individuals to access convenient and transparent financial products/services.
Tayseer aims to maintain compliance, mitigate risks, and uphold its commitment to maintaining a secure and trustworthy environment for all stakeholders.
2. DEFINITIONS
The following terms and phrases, wherever used herein, shall have the corresponding meanings unless the context requires otherwise:
Account: means a unique account created for you to access our products/services or any part thereof.
Personal Data: means any data/information relating to any natural or legal person.
Security Details: means the identification, username, password, codes, one-time passwords (OTPs), tokens and all other similar details for the purposes of identifying the authorized person to undertake a certain transaction with Tayseer.
3. ABOUT THIS POLICY
This Privacy Policy (“Policy”) explains how Tayseer (“we,” “us,” or “our”) aims to establish a clear and comprehensive framework for our practices that affect the privacy of any individual or business who accesses or uses our website/app, whether as a customer, or visitor (hereafter will be referred to as “you”).
This Policy addresses individuals and businesses who browse our website or download our mobile app without registering or creating an account, as well as those who register for an account and use our products/services.
This Policy shall ensure that all our practices are aligned with the business’s core values and meet the highest ethical, regulatory and legal standards instructed by the CBO. By adhering to these guidelines, Tayseer strives to build trust with you and promote the quality and value of its products/services. This Policy sets the standards and procedures that Tayseer must follow when dealing with your Personal Data.
Tayseer developed this Policy to make sure that you understand which Personal Data and information we collect about you, how we use and share it and what steps we take to ensure it stays private and secured; as well as your data privacy rights and how you can exercise them.
Our website/app may include hyperlinks to, and details of, third-party websites/apps. We have no control over such websites/apps and we are not responsible for the privacy policies of such third parties.
Our products and services are directed at adults aged 18 years and above and are not intended for children. It is our policy to never knowingly collect or maintain information about anyone under the age of 18.
4. WHAT DATA DO WE COLLECT AND HOW WE COLLECT IT
4.1 Personal Data
When you use Tayseer website/app and/or any of its products/services, we may collect Personal Data, directly from you including but not limited to your name, email, phone number, financial account information, and other data or information required for the provision of our products/services.
Additionally, we may collect Personal Data about you indirectly and automatically from a variety of sources, including but not limited to data and information about how you interact with our products/services, such as your IP address, device information, operating system, browser type, usage patterns and other similar information.
We may also, after taking your consent, collect financial and credit information on you from third party like Mala’a (the credit bureau), your banks and other government agencies. Such information will be only used to allow us to serve you better.
4.2 Cookies and Similar Technologies
We use cookies, which are data generated and saved in your device, and similar technologies to collect Personal Data about your preferences and optimize your experience on our website/app. We may also use log files to capture your activity on our website/app. Data captured in such log files may include the types of content you view or engage with and the frequency or duration of your activities.
4.3 Data from Third-Party Social Media Services
Tayseer may allow you to create an Account and/ or log in to use our products/services through other third-party social media service providers like Google, Facebook and others.
If you do so or otherwise grant us access to additional information from your third-party social media account, we may collect Personal Data that is already associated with your third-party social media account, such as your name, email address, activities and/or the contact details associated with that account. In these cases, you are giving Tayseer permission to store, use, and share such information in a manner consistent with this Policy.
5. HOW DO WE USE YOUR DATA
5.1 Service Provision
Tayseer uses your Personal Data to give you access to our products/services, process and complete your finance applications and to allow you to interact with our partner financial institutions or retailers. We also use your Personal Data to provide, maintain, and improve our products/services, including customer support, Account management, and transaction processing.
5.2 Communication
We may use your Personal Data to communicate with you regarding your Account, service updates, promotional offers, or other relevant information related to our products/services.
5.3 Aggregated Data
We may use aggregated and anonymized data for analytical purposes, research, and reporting. This data does not identify you personally.
6. TO WHOM & WHY DO WE SHARE YOUR DATA
6.1 Third-Party Service Providers
We may share your Personal Data with trusted third-party service providers who assist us in operating our business and providing our products/services. These service providers are contractually obligated to protect your data/information and use it only for the purposes specified by us.
6.2 Legal & Compliance Requirements
We may process and disclose your Personal Data if we believe that such disclosure is necessary to protect our rights, enforce our terms and conditions, or comply with the applicable laws and any judicial proceeding, court order, or legal process served on us.
7. DATA SECURITY
7.1 Our Responsibilities
We take the safeguarding of your information and Personal Data very seriously by taking a number of steps to ensure it stays secure, including but not limited to:
· Communication over the internet between you and Tayseer servers is encrypted using strong asymmetric encryption. This makes it unreadable to anyone who might be listening in.
· We update and patch our servers in a timely manner.
· Our technical security team proactively monitors for abnormal and malicious activity in our servers and products/services.
· Most of the sensitive information you give us will be encrypted.
While we take these necessary measures to protect your Personal Data, we cannot guarantee full protection, there will always be a risk of cyber-attack.
7.2 Your Responsibilities
You are responsible for maintaining the confidentiality of your Account credentials and your Security Details including PINs, OTPs, and/ or passwords linked to your Account and any
activities under your Account. You must not share them with anyone. You must logout from your Account when leaving your device unattended.
8. DATA RETENTION
We will retain your Personal Data if needed for Ten (10) years and for as long as required by the laws and the regulations of the CBO. We will only retain it for the purposes outlined in this Policy, resolve disputes and enforce our legal agreements and policies; in accordance with legal, regulatory and statutory obligations.
9. YOUR RIGHTS
9.1 Access rights
You have the right to access, correct, update, or request to delete your Personal Data held by us as permitted by applicable laws.
9.2 Objection rights
You may also have the right to object to or restrict certain processing of your Personal Data, as permitted by applicable laws.
9.3 Use Your Rights
If you ever find that your Account information is incomplete, inaccurate or not current, kindly log into your Account to update your information. Please note that keeping your Account information accurate and up-to-date is very important. You may always exercise your rights by contacting us using the information provided in Section 11.
10. POLICY REVIEW
This Policy will be periodically reviewed to ensure its effectiveness, alignment with applicable laws and regulations, and relevance to our business values and operations. Tayseer reserves the right to amend this Policy at any time by posting the revised terms on our website/app. Your continued use of the website/app after such changes will constitute your acceptance of the revised terms.
11. CONTACT US
If you have any questions, concerns, or requests regarding this Privacy Policy or the handling of your Personal Data, please contact us at:
Email: info@ifin-services.com
12. ACCEPTANCE
You acknowledge that you have read and understood this Privacy Policy, and by using the website/app of Tayseer you agree to the terms of this Policy. You further authorize Tayseer to obtain, use, disclose, process, store and share your data and information as specified in this Policy and in accordance with applicable laws and regulations.