Terms of Service

1. Introduction

Welcome to Silsilat. These Terms of Service ("Terms") govern your access to and use of the Silsilat platform, website, and services (collectively, the "Services"). By accessing or using our Services, you agree to be bound by these Terms and our Privacy Policy. If you do not agree to these Terms, you should not access or use our Services.

2. Definitions

"Platform" refers to the Silsilat platform, which connects Ar-Rahnu operators with financing partners.

"User" refers to any individual or entity who accesses or uses our Services, including Ar-Rahnu Operators (AROs), financing partners and, during the public pilot, holders of funding units.

"Ar-Rahnu Operator" or "ARO" refers to entities that provide Ar-Rahnu services and use our platform to connect with financing partners.

"Financing partner" refers to an institution, such as an Islamic bank, development financial institution, takaful operator or fund, that provides funding to AROs through our platform under an agreed programme. Individuals cannot become financing partners.

"Customer" refers to a person who pledges gold with an ARO. A customer's financing is a contract with the ARO, on the terms and the product disclosure sheet the ARO gives them, not with Silsilat.

"Funding unit" refers to a unit of RM100 that a verified member of the public may buy, only while Silsilat runs its limited public pilot (see section 5A).

3. Account Registration and Eligibility

To access certain features of our Services, you must register for an account. You agree to provide accurate, current, and complete information during the registration process and to update such information to keep it accurate, current, and complete.

You must be at least 18 years old to use our Services. By using our Services, you represent and warrant that you are at least 18 years old and have the legal capacity to enter into these Terms.

For AROs, you represent and warrant that you have all necessary licenses, permits, and authorizations required by applicable laws and regulations to operate as an Ar-Rahnu provider.

4. Shariah Compliance

All transactions and activities conducted through our platform must adhere to Islamic financial principles, as set out in the Shariah approval of each financing product and the Shariah review of the platform. This includes, but is not limited to:

• Prohibition of interest (riba)
• Prohibition of excessive uncertainty (gharar)
• Prohibition of gambling (maysir)
• Prohibition of trading in haram goods and services

We reserve the right to refuse or terminate any transaction or activity that does not comply with these principles.

5. Platform Fees and Payments

We charge fees for the use of our Services, as described on our website or as communicated to you. We reserve the right to change our fee structure at any time, with notice to users.

All payments made through our platform are processed by third-party payment processors. By using our Services, you agree to comply with the terms and conditions of these payment processors.

5A. Funding units (limited public pilot)

Funding units are offered only while Silsilat runs a limited public pilot, and only to people whose identity has been verified and who stay within the holding limit Silsilat sets for them. While the pilot is closed, these terms do not offer funding units to anyone.

• Each unit is RM100 towards one Ar-Rahnu financing, bought with Silsilat stablecoin (LQT) from the Silsilat liquidity pool.
• A unit is a claim on the ARO to buy it back, once the financing it funds is redeemed and settled, at up to the price shown when you bought it: less if the customer paid less in charges, for example by redeeming early. When it is bought back, the payment goes to your wallet and the unit is cancelled.
• A unit gives you no ownership of, or security over, any pledged gold or pawn receipt, and no rights against the customer.
• You cannot sell or transfer a unit before it is bought back. Silsilat may freeze units when the law or a regulator requires it.
• Returns are not guaranteed. A funding unit is a claim on the operator to buy it back; it gives you no ownership of, or security over, any pledged gold or pawn receipt. Units are bought back only when the financing they fund is redeemed and the operator settles, and you cannot sell them before then. A unit is not a deposit and is not protected by deposit insurance.

5B. Financing partners

Returns are not guaranteed. Partners are repaid when financings are redeemed and settled, and repayment depends on customers and operators. Each programme and each funding request sets out its own terms, which prevail over these terms for that funding.

6. User Responsibilities and Conduct

You agree to use our Services only for lawful purposes and in accordance with these Terms. You agree not to:

• Use our Services in any way that violates any applicable law or regulation
• Impersonate any person or entity, or falsely state or misrepresent your affiliation with a person or entity
• Engage in any conduct that restricts or inhibits anyone's use or enjoyment of our Services
• Attempt to gain unauthorized access to our Services, other accounts, or computer systems
• Use our Services for any fraudulent or illegal purpose

7. Intellectual Property Rights

Our Services and all content, features, and functionality thereof, including but not limited to text, graphics, logos, icons, images, audio clips, and software, are the exclusive property of Silsilat and are protected by copyright, trademark, and other intellectual property laws.

You are granted a limited, non-exclusive, non-transferable license to access and use our Services for your personal or business purposes, subject to these Terms.

8. Privacy and Data Protection

We collect, use, and disclose your personal information in accordance with our Privacy Policy, which is incorporated by reference into these Terms.

9. Limitation of Liability

To the maximum extent permitted by law, Silsilat shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, use, goodwill, or other intangible losses, resulting from:

• Your access to or use of or inability to access or use our Services
• Any conduct or content of any third party on our Services
• Any content obtained from our Services
• Unauthorized access, use, or alteration of your transmissions or content

10. Indemnification

You agree to indemnify, defend, and hold harmless Silsilat and its officers, directors, employees, agents, and affiliates from and against any and all claims, liabilities, damages, losses, costs, expenses, or fees (including reasonable attorneys' fees) arising from:

• Your use of our Services
• Your violation of these Terms
• Your violation of any rights of a third party
• Your conduct in connection with our Services

11. Termination

We may terminate or suspend your access to all or part of our Services, with or without notice and with or without cause, at our sole discretion.

You may terminate your account at any time by contacting us. Upon termination, your right to use our Services will immediately cease.

12. Changes to These Terms

We reserve the right to modify these Terms at any time. If we make material changes to these Terms, we will notify you by email or by posting a notice on our website. Your continued use of our Services after such modifications will constitute your acknowledgment and agreement to the modified Terms.

13. Governing Law and Dispute Resolution

These Terms shall be governed by and construed in accordance with the laws of Malaysia, without regard to its conflict of law provisions.

Any dispute arising out of or in connection with these Terms shall be resolved through amicable negotiations. If the dispute cannot be resolved through negotiations, it shall be submitted to arbitration in accordance with the rules of the Asian International Arbitration Centre (AIAC).

14. Contact Information

If you have any questions about these Terms, please contact us through our contact form or by phone on +60 3-2201 1834. We reply within 2 business days.