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General Terms Of Use
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General Terms of Use Policy

 1  Introduction

This policy, Version 1.1 is effective from December 28, 2022.

All users of the Wadiaa portal, both Investors and Fundraisers shall read and acknowledge this document and shall serve as acknowledgement and agreement of the terms of service. The agreement may be recorded as an acknowledgement on the Wadiaa platform as part of the Sign Up/ Registration process or as a digitally signed document, if and when possible.

Wadiaa is a Fin-Tech services platform providing services in the financial services sector across select geographies. This General Terms of Use policy details Wadiaa’ s commitment to transparency, service delivery, and outlines the terms under which service is offered to all users of our platform, including wadiaa.com, our apps and our associated services (collectively, referred to as our “site” and “services”).
This General Terms of Use Policy is intended to describe to you the key terms and conditions under which the services are offered on the Wadiaa platform. It also details the eligibility criteria for services, implications of the use of site, potential risks, limits & thresholds, responsibilities of the platform and service provider as well as responsibilities of the users including fundraisers, investors, as well as third parties involved in service delivery.   

  • This General Terms of Use applies to all users of our site and services. A “user” refers to any of the following:
  1.  visitors of Wadiaa’ s websites, collectively, the “Wadiaa Platform,” including any person who browses, visits, access and/ or uses the site and services, whether active, semi-active or inactive user
  2. individuals who interact with Wadiaa or its services as defined below, and
  3. individuals who create an account on the Wadiaa Platform, including “Fundraisers” and “Investors” (collectively, the “Users”).
  • All Users of the Platform are bound by these Terms and Conditions. Please read these Terms and Conditions carefully before using the Wadiaa Platform or any service that is provided on the Wadiaa Platform. Please ensure that you understand these Terms and Conditions fully.
  • By using our site and services, you acknowledge you have read and understood this General Terms of Use and our practices described below. Your registration on Wadiaa signifies your irrevocable consent to Wadiaa providing services in accordance with the following terms and conditions.
  •  Your use of our site and services is also subject to our Privacy Policy. By accessing the Platform, you accept and agree to be bound by these Terms and Conditions. If you disagree with any part of these General Terms of Use laid down herein at any time then, please refrain from using the Platform immediately. You have the right to inform us of discontinuation of the use of the platform and deactivate your account. It shall be assumed that if you continue to use the Platform, you accept and agree to these Terms and Conditions of use.
  • Wadiaa is a Regulated Crowdfunding platform and as such shall operate strictly under the regulations as set forth under Decision No. E/153/2021 – Rules for Crowdfunding Platforms and amendments therefrom as issued by the Capital Markets Authority (CMA) of Oman, which is based on the Capital Market Law enacted by Royal Decree No. 80/98 and The Executive Regulation of the Capital Market Law issued by Decision No. 1/ 2009. The crowdfunding regulation is available for reference on the CMA website https://cma.gov.om/ under Legislation/ Regulations.
  • The regulation also provides for international as well as local investors in Oman to invest in the fundraising campaigns on the Wadia platform, subject to rules as detailed in the above regulation.
  • The regulations provide for international as well as local companies in Oman to fundraise on Wadiaa platform, subject to rules as detailed in the above regulation.

2. User Account

  • You have to be a registered user on the platform to use and avail the services of the site. By clicking sign up or join us, you will be directed to a registration page which requires you to fill in your details, accept the terms and conditions of use and submit your request to register.
  • It is your responsibility to regularly change the password and maintain the confidentiality of your password at all times.
  • You are responsible for all activities that occur under your account.
  • If there are any suspicious transaction or activity with your account, you are responsible to notify us immediately. We reserve the right to take any action that we deem appropriate upon receiving notification of any unauthorized use of your account or any intention or action that could disrupt the functioning or services of the Wadiaa platform.
  • As a regulated crowdfunding platform, we are required to establish your identity before you are able to use the Platform. We will use third-party service providers to support Wadiaa with this process.
  • By registering on the Wadiaa platform you consent to us and our partner organizations using your personal information for the purposes of carrying out due diligence activities, including credit checks, money laundering checks, sanctions, and other searches on you to establish your identity, your creditworthiness, and your suitability to avail the services of the Wadiaa platform.
  • We will keep records of any information obtained for as long as mandated by law and as instructed by the regulatory bodies that govern our services.
  • You authorize us to use any of your personal information which is relevant to our provision of services to you for all reasonable purposes in relation to your use of the Wadiaa platform.
  • We may retain and continue to process your personal information after the termination of these Terms and Conditions or any other agreement between you and the Wadiaa platform.
  • Your personal information may be transferred or disclosed to and/ or by third parties to enable us to provide services to you and to discharge our obligations to third parties, including relevant government agencies and regulators.
  • All visitors and potential users must familiarize and ensure compliance to national and resident jurisdictional laws and regulations regarding crowdfunding and confirm eligibility and limits prior to initiating registration as a user. Registered users must continue to be aware of legislative and regulatory changes  on an ongoing basis for  continued use of the Wadiaa platform.
  • All users that register an account shall do so under the assurance that they continue to meet their user responsibilities as listed below:
  1. Provide, continue to maintain, and promptly update true, accurate, current, and complete information about the user as prompted at any time in the form of  registration forms, document expiry and upload notifications, agreements or by other methods on the Wadiaa platform.
  2. Maintain and safeguard the security of the User login details to log in and access the Wadiaa platform.
  3. Ensure that only the User and the User authorized agents shall have access to the Platform using the User’s login details.
  4. Prevent as well as not to misuse the Wadiaa platform to the detriment of the Wadiaa platform and operator.

  5. To be fully responsible for all use of the User account and for any actions that may arise from the use of the account.

  • Users shall also ensure that they are fully aware and capable of bearing the fees and resulting charges that accompany investments and fundraising as applicable from the platform as well as third parties such as the payment gateway charges, currency conversion charges, among others.
  • Users shall be solely responsible for any resulting tax implications and/ or fines based on their resident jurisdiction or national taxation policies. Users shall keep Wadiaa defended from such implications from the time of first use and for the future for all transactions conducted on Wadiaa platform.

3. Investing on the Wadiaa Platform

  • Any eligible person who wishes to become an Investor and use the services provided on the Wadiaa platform must first register on the website by clicking Sign Up or Register to Invest.
  • The registration process shall include creating an investor account as well as setting up an investor profile.
  • To create an investor account, you shall click Sign Up and you will be directed to a registration page which requires you to fill in your details such as a username and your password.
  • Please note that it is your responsibility to maintain confidentiality of your password. You will be responsible for all transactions under the account.
  • You will then be required to provide your email address and mobile telephone number. You will then receive an activation link in the email address provided. Click the link to activate your account and then enter the One Time Password (OTP) sent to your mobile, on the site to complete the account registration.
  • You must then fill up the investor profile with details such as passport number and ID number and their validity details and submit the same. This information will be reviewed by the Wadiaa support agents and then used to conduct KYC/ KYB and Anti-money laundering (AML) checks.
  • For the purposes of compliance with the Law on Combating Money Laundering and Terrorism Financing [Royal Decree No. 30/2016], we are required to collect information from Investors in relation to the identity of individuals, beneficial owners, and relevant persons, as well as information in relation to the source of funds of the Investors. You are required to fill in the requested details and upload relevant documents for us to verify your identity.
  • Once the AML and KYC checks are completed, the Wadiaa agent shall activate your account for investment activities and will be able to view all campaigns on the Wadiaa platform. We will notify you by email as to whether or not your registration request to become an Investor is
  • All successfully registered Investors will initially be limited to Retail Investor limits on the platform.
  • To enable higher investment limits, under Angel or Sophisticated Investor categories, you must complete the Accreditation process provide documentary evidence of income (sole or jointly with your spouse) and/or asset value according to the investor category you are applying for. The Accreditation process can be initiated from your User Account Dashboard.
  •  
  • A user registering as an Individual Investor on the WADIAA platform must:
  1. Be an individual of 18 years of age or older at the time of registering as an investor.
  2. Have a valid contact mobile number.
  3. Have an active bank account.
  4. Be an individual not registered in or residing in a sanctioned country.
  5. Complete the registration process by activating the email verification link, and correctly entering the One-time Password (OTP).
  6. Have a valid identification document (Passport and/ or National Identification Card).
  7. Declare the Investor Profile and complete accreditation (if required): Retail Investor, Angel Investor or Sophisticated Investor
  8. Provide any extra supporting documents, if requested.
  • A user registering as an Institutional Investor on the WADIAA platform must:
  1. Be incorporated under the relevant laws of their respective countries.
  2. Be incorporated under the relevant laws of their respective countries If investor is a closed joint stock company.
  3. Be registered or formed with the relevant authority in their respective countries if investor is a public body.
  4. The registration document must be valid at the time of registration.
  5. Declare the Investor Profile and complete accreditation (if required): Retail Investor or Sophisticated Investor.
  6. Provide valid authorization letter on company letterhead on authorized Wadiaa Investor account operator with identity documentation and contact information.
  7. Provide any supporting documents, if requested.
  • All registered users, both Individuals and Institutional Investors must:
  1. Familiarize themselves and adhere to applicable investment limits for the respective investor category as per the regulations applicable to WADIAA as regulated by the CMA of Oman.
  2. Familiarize themselves and adhere to crowdfunding regulations and limits as applicable in your jurisdiction of residence or nationality.
  3. Acknowledge that they have read and have accepted the Privacy Policy, Disclosure statements as well as General Terms and Conditions of Use.
  • Retail Investor (Non-Accredited): An investor who is neither an angel nor a sophisticated investor. Retail investors may invest subject to the investment limits imposed by the Capital Markets Authority (CMA) of Oman
  • Angel Investor (Accredited): An investor who qualifies for one or more of the following three requirements:
  1. Your total net personal assets exceed USD 780,000 (Seven Hundred and Eighty Thousand) / OMR 300,000 (Three Hundred Thousand) or its equivalent in foreign currencies; or
  2. Your gross total annual income is not less than USD 52,000 (Fifty-Two Thousand) / OMR 20,000 (Twenty Thousand) or its equivalent in foreign currencies in the last twelve (12) months; or
  3. You, jointly with your spouse, have a gross total annual income exceeding USD 78,000 (Seventy-Eight Thousand) / OMR 30,000 (Thirty Thousand) or its equivalent in foreign currencies in the last twelve (12) months.
    • Sophisticated Investor (Accredited): Can be of the following 2 sub-categories – Namely Institutional Investor OR High Net Worth Individuals (HNWI)
    • An Institutional Investor that qualifies as one of the below types of institution:
  4. Units of the administrative status of the Government.
  5. Entities licensed by the Capital Markets Authority (CMA) of Oman including capital market institutions, companies operating in the field of securities, insurance, and Takaful Companies.
  6. Financial institutions licensed by the Central Bank of Oman.
  7. Pension funds.
  8. A company or investment fund with total assets exceeding USD 2,600,000 (Two Million and Six Hundred Thousand) / OMR 1,000,000 (One Million) or its equivalent in foreign currencies.
    • High Net Worth Individuals (HNWI) who qualifies for one or more of the following three requirements:
  9. Your total net personal assets or total net joint assets with your spouse exceed USD 1,300,000 (One Million and Three Hundred Thousand) / OMR 500,000 (Five Hundred Thousand) or its equivalent in foreign currencies, excluding the value of your primary residence; or
  10. Your gross total annual income is not less than USD 78,000 (Seventy-Eight Thousand) / OMR 30,000 (Thirty Thousand) or its equivalent in foreign currencies in the last twelve (12) months; or
  11. You, jointly with your spouse, have a gross total annual income exceeding USD 130,000 (One Hundred and Thirty Thousand) / OMR 50,000 (Fifty Thousand) or its equivalent in foreign currencies in the last twelve (12) months.
    • Investors must provide the requisite supporting documentation to be categorized into the above Investor categories.
  • Retail Investors (Non-Accredited) have the following investment limits by type of campaign:
  1. Equity Crowdfunding: USD 7,800 / OMR 3,000 per Applicant for Funding and USD 52,000 / OMR 20,000 within a 12-month period.
  2. Peer-to-Peer Crowdfunding: USD 52,000 / OMR 20,000 at any time.
  3. Donation and Reward Crowdfunding: No limit
    • Angel Investors (Accredited) have the following investment limits by type of campaign:
  4. Equity Crowdfunding: USD 260,000 / OMR 100,000 within a 12-month period.
  5. Peer-to-Peer Crowdfunding: No limit
  6. Donation and Reward Crowdfunding: No limit
    • Sophisticated Investors (Accredited) have no limit for any method of crowdfunding.
  • Investors must complete the Investor account registration process below before they are able to start the investment process:
  1. Complete the Sign-up/ Registration.
  2. Complete the Investor profile
  3. Upload requested documents
  4. Read and accept the General Terms of Use, Privacy Policy, Risk Disclosures and other relevant Terms and conditions.
  5. Receive confirmation from Wadiaa for successfully completing the KYC/ KYB process confirming eligibility to invest on the Wadiaa platform.
    • Search available investment campaigns on the Wadiaa platform for fundraising campaigns that may suit the interests of the investor.
    • Review the campaign details, and all accompanying documents. All relevant information will be provided by the company on the campaign page on the platform. No additional information will be provided privately to any potential investor.
    • Questions, if required, may be posted on the associated campaign or via the campaign enquiries email stating company name and campaign name and number. Responses, if deemed appropriate by the fundraiser, shall be provided in the form of Updates on the campaign page. These updates will be visible to all registered investors.
    • Conduct your own due-diligence checks and ensure your own confidence on the suitability of the company, its potential, type of fundraising and associated risks.
    • Once, you have familiarized yourself with the associated risks and established sufficient confidence in the fundraising campaign then, you may complete the investment request form by filling in the amount you wish to invest and any associated document, if requested.
    • If the investor has not exceeded the investment limit as per their respective Investor category, the Investor will then be directed to a confirmation page which describes project details, terms and amount reserved. The Investor is required to accept the Terms and Conditions. They will be directed to a thank you page and will receive a facility letter for their reference.
    • Payment can be made via bank transfer or online payment gateway. Once sufficient funds have been raised or the campaign has successfully raised funds, we will close the campaign for investment on the Platform and execute necessary agreements.
    • If there are any material adverse changes, Wadiaa will notify the Investor and you will be given an option to opt-out or continue investing. If you decide to opt-out from the investment then, we will proceed with the refund or reversal process, if money has already been received by Wadiaa, in its bank accounts.   
  • Refunds of Processing Fees shall be allowed at the sole discretion of Wadiaa under circumstances that we may satisfactorily confirm as technical glitches such as data entry error or duplicate transactions. No other reimbursement of Platform Processing Fees shall be allowed.
  • Refunds of the Investment amount shall be provided in the event that the fundraising campaign was not successful as per agreed terms for reasons including targeted amount not achieved. We will execute the refund of the investment sum paid by crediting the refund into the bank account, reversing the card transaction, or updating the available balance, based on the Investor’s preference.
  • In the event of refunds, no interest and/ or payment gateway provider fee shall be payable and/ or refunded to Investors.
  • In the event where a valid right to refund is applicable, the Investor shall bear all transaction costs and/ or currency conversion charges.
  • After being notified by Wadiaa that there are any material adverse changes, Investor may elect to withdraw on any committed investment(s). Upon receiving the elected choice of the Investor, Wadiaa will initiate the refund process as per the established policy.
  • In the event of unsuccessful campaigns, Wadiaa will initiate the refund process automatically without Investor input, based on the selected payment process, within the regulator established deadline for failed fundraising campaigns.
  • Investors may also choose to withdraw their available uncommitted balance in their Investment accounts at any time. The funds will be refunded to the Investors as per Wadiaa’ s refund policy.

4  Fundraising on the Wadiaa Platform

  • Any entity that wishes to Fundraise on the Wadiaa Platform and use the services provided on the Wadiaa platform must first register on the website by clicking Sign Up or Register to Fundraise.
  • The registration process shall include creating a fundraising account as well as setting and providing preliminary information about the company and fundraising pitch or other relevant information.
  • To create a fundraising account, you shall click Sign Up and you will be directed to a registration page which requires you to fill in your details such as a username and your password.
  • Please note that it is your responsibility to maintain confidentiality of your password. You will be responsible for all transactions under the fundraising account.
  • You will then be required to provide your work email address and work mobile telephone number. You will then receive an activation link in the provided email address. Click the link to activate your account and then enter the One Time Password (OTP) sent to your mobile, on the site to complete the account registration.
  • You must then upload details such as Company Registration (CR) document, number and their validity details and submit the same. This information will be reviewed by the Wadiaa fundraising support agents and then used to conduct Know your business (KYB) and Anti-money laundering (AML) checks.
  • For the purposes of compliance with the Law on Combating Money Laundering and Terrorism Financing [Royal Decree No. 30/2016], we are required to collect information from fundraisers in relation to the identity of individuals, beneficial owners, and relevant persons to the fundraising entity, as well as information in relation to the source of income for the entity. You are required to fill in the requested details and upload relevant documents for us to verify the validity of your entity and eligibility to fundraise on the Wadiaa platform.
  • Once the AML and KYC checks are completed along with the pre-screening process to assess the fit, the Wadiaa agent shall activate your fundraising account for next steps. We will notify you by email as to whether or not your prescreening request to become a fundraiser is
  • All successfully screened fundraising applicants will need to provide further information which will be used for Business Verification, Campaign drafting and Campaign verification on the Wadiaa platform.
  • Once the verification is complete and fundraising agreement is signed, the fundraising campaign shall be initiated, and the fundraiser shall be able to track the progress on their account.
  • The Fundraising representative shall also provide responses to questions raised, where appropriate, in the form of updates to the campaign.
  • The campaign closure, reconciliation and the subsequent steps can be followed in the provided account and upon conclusion of the campaign, and amount is dispensed to the fundraiser, minus the Wadiaa charges.
  • The fundraiser shall assume responsibility for investor onboarding and continued communication and engagement with investors in the campaign.
  • Fundraising can be provided for only commercial companies and enterprises that have a valid legal registration in Oman or elsewhere internationally in a country that is not subject to international sanctions.
  • Fundraising shall not be provided for individuals on the Wadiaa platform.
  • Fundraising shall also not be provided for the following entities on the Wadiaa platform:
  1. Public joint stock companies
  2. Companies and enterprises with no specific business plans
  3. Not-for-profit societies and organizations.
  4. Any other type of entity that is specified by the CMA.
  • The responsibility for ensuring the legal validity and bearing any tax and other charges for the fundraising entity to raise funds using crowdfunding in Oman shall be with the fundraiser.
  • If the Fundraising Applicant entity was constituted less than twelve (12) months then, the entity shall be restricted to raising a maximum funding at USD 260,000 (Two Hundred and Sixty Thousand Dollars) / OMR 100,000 (One Hundred Thousand Omani Rial) or less. Such applicants may do so by submitting the latest audited financial statements from an audit firm accredited by the CMA. Where such statements are unavailable, any financial statements or information approved by the board of directors of the applicant may be accepted by Wadiaa.
  • A Fundraising Applicant entity constituted twelve (12) months or more may apply for funding at more than USD 260,000 (Two Hundred and Sixty Thousand Dollars)/ OMR 100,000 (One Hundred Thousand Omani Rial). Such entities shall provide the latest audited financial statements from an accredited audit firm by the CMA.

The list of Auditing companies is available at https://cma.gov.om/ under Auditors/Companies list.

  • Fundraising Applicant shall submit the relevant information to Wadiaa such as:
  1. Information that explains key characteristics of the business and company
  2. Information that explains the purpose of the fundraising and the targeted offering amount, offering period and minimum acceptance percentage of the funds raised to the targeted amount (if any)
  3. Information relating to the business plan of the company (where relevant)
  4. Financial statements as required by regulation.
  • Fundraising Applicants shall Conclude an agreement with Wadiaa and pay the agreed fees prior to campaign launch.
  • Fundraising Applicants shall disclose via the platform during the offer period, in accordance and in addition to Wadiaa’ s processes and rules the following statements:
  1. All information related to it, its management, financial statements, business plan and purpose of participation, targeted amount, proposed offering period and the required percentage of acceptance (if any)
  2. Any statements or information requested by the investors (where applicable) or errors or adverse material changes to the Applicant for Funding or its projects.
  3. The rewards (if any).
  4. Any potential investment risks.
  5. Exit procedures from any investments (if any).
  • Fundraising Applicants shall ensure that all information submitted or disclosed to the operator is true and accurate and shall be liable if the contrary is established.
  • Fundraising Applicants that have successfully completed their fundraising exercise on the Wadiaa platform must ensure that there is effective, transparent, and regular communication with its investors including regular updates on the progress of its business and financial position including the utilization of proceeds from its fundraising exercise.

5 Crowdfunding Conditions for Service

  • The decision to host a Fundraising Applicant on the Wadiaa platform shall be at arm’s length agreement and should not be construed as investment recommendation from Wadiaa or the regulator. Wadiaa serves as an online Marketplace for Investment in startups and SMEs.
  • Though Wadiaa undertakes considerable checks to offer good fundraising options to investors, neither Wadiaa for the regulator provides any warranties on the accuracy and/or completeness of the information provided on the Fundraising Campaign.
  • The Fundraising entity shall solely remain responsible for the accuracy and completeness of the information provided in the Fundraising Campaign as well as in all associated documents that are made available to the Investor.
  • For the Campaign Duration, the Fundraising Applicant is restricted from approaching, interacting, or communicating with any other crowdfunding operators for the prospect of being hosted on their platforms and this is notwithstanding that such other operator makes the first attempt to communicate or interact with the Fundraising Applicant.
  • If the Fundraising Applicant intends to carry out another campaign on a regulated crowdfunding platform in Oman, the Fundraising Applicant shall first discuss with Wadiaa and obtain our approval prior to further discussions with other operators.
  • Any decision to invest in a Fundraising Campaign shall be on the basis of the Investor’s own due-diligence, risk analysis and judgement of future potential alone.
  • The Investor acknowledges that he or she has read and understands the risk warnings in relation to the investment which are set out on the Wadiaa platform.
  • Fundraising Campaigns will remain open for investment for an agreed initial period as agreed with the Fundraising Applicant (the “Campaign Duration”).
  • If the Fundraising Applicant has not received its Minimum Target Amount (the minimum amount that the Fundraising Applicant wishes to raise), or 80% of the Minimum Target Amount, by the end of the Campaign Duration then, the Offering will be withdrawn, unless the Operator and the Fundraising Applicant mutually agree to extend the time period for the Offering.
  • If the Fundraising Applicant has received its Minimum Target Amount by the end of the Campaign Duration, then the Offering will proceed to successful completion.
  • An Investor may invest in a Fundraising Applicant at any time during the Campaign Duration. The Investor shall confirm the amount it wishes to invest (or it wishes the Nominee to invest on its behalf) and shall enter into the provided Investment Agreement (or shall authorize the Nominee to enter into such agreement) with the Fundraising Applicant.
  • The Investment Agreement shall be an agreement between an Investor and a Fundraising Applicant (or between the Nominee and Fundraising Applicant), as relevant under which such Investor agrees to subscribe for shares or investment note in the Fundraising entity through the Platform and which sets out the full terms on which the Investor agrees to subscribe for such shares or investment notes.
  • The investment shall be made, subject to the Minimum Target Amount being reached. The Investor shall transfer funds to the relevant account.
  • The Investment Agreement shall set out the full terms on which the Investor agrees to subscribe for such shares or investment notes.
  • In the event of cancellation of an investment by an Investor, in order to ensure compliance with anti-money laundering obligations, there may be a delay in returning funds to an Investor who cancels their Investment until these checks have been completed satisfactorily and they have fully complied with their obligations under the anti-money-laundering regulations.
  • The Investor shall be liable for any transactional costs including but not limited to bank fees or payment gateway charges, and any fluctuations in currencies since the original investment transaction.
  • Wadiaa reserves the right at its discretion to reject any Investment Agreement or part thereof which it believes on reasonable grounds to be incomplete or to have been provided in error, or which Wadiaa reasonably believes that it cannot for some reason accept without being in breach of relevant laws and regulations. In the event that an Investment Agreement is not accepted, then any monies paid in respect of that investment shall be returned, after deducting transaction costs, to the Investor as soon as practicable.
  • Except in the event of fraud, no Relevant Person (Wadiaa’ s Directors, employees, consultants, agents, or advisors) shall be liable or responsible for any Investor or any Fundraising Applicant for any of the following matters, and each Relevant Person hereby excludes, to the fullest extent permitted under law (including contract, tort, or breach of statutory duty), any and all liability for, or in respect of:
  1. The performance of any Fundraising Applicant, the market opportunity, or its ability to meet its business plan or projections or any other information set out in the Offering.
  2. The suitability of any Fundraising Applicant for investment or financing.
  3. The terms of any investment in a Fundraising Applicant (including without limitation the Investment Agreement).
  4. The undertaking or outcome of any due diligence exercise in respect of a Fundraising Applicant or any due diligence report in respect of a Fundraising Applicant (whether legal, financial, technical, or otherwise). and
  5. Obtaining any tax relief in relation to an investment in a Fundraising Applicant or that that entity remain eligible for a tax relief after the investment has been made.
  • Except for in respect of death, personal injury or any other matter for which it would be illegal for a Relevant Person to limit its liability, the total aggregate liability of any Relevant Person under or in connection with these terms or any Investment made through the Wadiaa platform howsoever arising and whether in contract, tort or otherwise (including for negligence) shall be USD 2,000 (Two Thousand) or OMR 770 or equivalent to the amount invested by the Investor whichever is lower.
  • Fundraising Applicants uploading logos, trademarks, and images on the Wadiaa platform may do so under the condition that Wadiaa may display such material on the Wadiaa platform to provide an improved user experience when displaying the Fundraiser’s campaign. By uploading these logos, trademarks, and images on Wadiaa is a limited and indefinite release and use permission of the same by Wadiaa for campaigns, marketing materials, success stories, social media platforms and such related purposes on Wadiaa’ s platform. These trademarks, logos and images remain and shall continue to remain the intellectual property of the respective Fundraising entity.
  • Registered Users, both Investors and Fundraisers of the Wadiaa platform that upload profile pictures on their respective accounts do so by issuing Wadiaa an indefinite limited release of these media assets for delivering an improved user experience on the Wadiaa platform. Wadiaa may use these media assets in a limited capacity on its platform and social media channels to deliver a better visual user experience. These assets are and shall continue to be the intellectual property of the respective users.
  • Wadiaa shall act in good faith and perform the services with reasonable care and skill in accordance with generally recognized commercial practices and standards in the industry for similar services
  • Wadiaa shall comply with all applicable laws and regulations.
  • The Investor consents to the Investments being registered in the name of the Nominee.
  • Wadiaa undertakes that it shall or shall procure that the Nominee shall:
  1. Hold such Investment as nominee and on trust for the Investor
  2. Have no beneficial interest in the Investment
  3. Promptly account to the Investor (or as the Investor may direct) for all dividends or other payments paid to the Nominee in respect of the Investment
  4. Exercise all voting and other rights, powers and privileges attaching to the Investment only in such manner as the investor shall direct or approve
  5. Exercise all rights powers and privileges to which it is entitled under the articles of association and any investment or shareholders agreement, or other documentation signed by the Nominee on behalf of the Investor in relation to the Investor’s investment with the Fundraising Applicant only in such manner as the Investor shall expressly direct or approve.
  6. Transfer, deal with or otherwise dispose of the Investment in such manner as the Investor shall direct and not sell, transfer, charge, encumber or otherwise deal with or dispose-off the Investment except as expressly so directed. and
  7. Notify the Investor in writing as soon as practicable upon receipt by the Nominee of all notices and documents whatsoever affecting or relating in any way to the investment.
  • Wadiaa and Nominee may not lend any investments or title documentation to a third party or borrow against the security of such investments or documents.
  • Wadiaa reserves the right at its sole discretion, at any time and from time to time, to prevent, stop and/or disallow by any means, any User to continue using the Wadiaa platform without assigning any reason whatsoever, and/or to revoke the registration status and deactivate the account of the User from the Wadiaa platform.
  • The revocation of the status of the User under these Terms and Conditions shall not result in a termination of any contract or other agreement to which the User is a party at that time.
  • Wadiaa, by allowing a Fundraising Applicant to list on the Platform and to carry out the Offering, makes no representation and warranty on the credit worthiness of the Applicant for Fundings and viability of any Offering.
  • Wadiaa also makes no representation and warranty as to the truthfulness, accuracy and completeness of all information and documents about the Fundraising Applicant, the offerings, and their information on the Wadiaa platform.
  • Potential Investors shall consult with their own professional tax, legal and financial advisors before making any investment on the Wadiaa platform.
  • A registered user may terminate their membership by sending a written notice of termination to us. Wadiaa may terminate the membership of any user at any time for any reason with immediate effect.
  • The User accepts and acknowledges that Wadiaa will be entitled to retain such information about the User and any investments, as necessary, in order to comply with the requirements to the relevant regulatory bodies.
  • Agreement and signing of these Terms and Conditions shall not be construed as to creation of a partnership or joint venture between you and Wadiaa.
  • Nothing in these Terms and Conditions shall be construed as to constitute you and Wadiaa to represent as agents of one another.
  • Your access to and use of Wadiaa’ s services is at your sole risk. Wadiaa makes no representation or warranty of any kind, express or implied.
  • Wadiaa does not hold any liability in relation to your use or inability to use or delay in use of the Wadiaa platform or any information or material in it or accessible from it or from any action or decision taken as a result of using Wadiaa’ s platform.
  • By accepting the Terms and Conditions, You shall not in any way use the Wadiaa platform in a manner that:
  1. is in breach of the Term and Conditions, policies or any other agreement entered with the Wadiaa platform
  2. represents fraudulent conduct, criminal or unlawful acts on the Wadiaa platform
  3. represents misuse the Wadiaa platform in an obscene, indecent, vulgar, profane, racial, sexist, offensive, discriminatory, derogatory, harmful, unlawful, threatening, harassing, embarrassing, malicious, abusive, hateful, political, or defamatory manner.
  4. violates any laws and regulations in applicable jurisdiction not limited to the rules of Capital Market Authority of Oman.
  5. impersonates or misrepresents any person or entity
  6. attempts to gain unauthorized access to the Wadiaa platform, or the computer systems or networks connected to the Wadiaa platform through hacking, denial of service, password mining or any other means.
  7. Involves uploading, posting, emailing, transmitting, or otherwise making available through the Wadiaa platform any materials that promote pyramid schemes, chain letters or disruptive commercial messages or advertisements, or anything else prohibited by law or these Terms and Conditions
  8. that could damage, disable, overburden, or impair the Wadiaa platform, or interfere with any other party’s use of the Wadiaa platform
  9. that infringes or breaches the copyright or property rights, or
  10. involving in Distribution, or disclosure of any private information of any third party
  • Wadiaa reserves the right to suspend and/or terminate your account if we have reasonable belief that you have committed any breach or suspected of the above-mentioned acts.

6 Crowdfunding Compliance and Violations

Wadiaa shall strictly offer all fundraising campaigns and investment opportunities on the platform under the guidelines and rules as stated in the above regulation.

  • Investors must familiarize themselves with the above crowdfunding regulations and ensure that you follow the regulations that govern the crowdfunding on the Wadiaa platform.
  • International Investors, foreign nationals, and residents in countries other than your country of citizenship must also familiarize themselves with the respective laws on crowdfunding and applicable investment limits in your respective countries and residential jurisdictions. You as individuals or institutions shall be responsible for compliance as per your applicable rules and regulations.
  • The responsibility for compliance resides with the respective Investor (Individual or Institutional). Hence, all applicable taxes, penalties and other implications arising out of violations in your respective jurisdictions as well as that arising in Oman shall be borne solely by the Investors.
  • Investors shall be solely responsible for validity of information and documents  provided on the Wadiaa platform that establish your identity towards checking eligibility, AML, and other checks.
  • Investors shall also be responsible for transactions and suspicious appearing transactions on the Wadiaa platform performed under their respective investor account.
  • Investors shall also be responsible for all forms of communication using their respective accounts on the Wadiaa platform or email communications to contact email ids provided in relation to the Wadiaa platform. Inappropriate behavior, language use in all forms of communications on the platform, such as in the form of questions, comments and/ or responses shall be subject to remedial action such as suspension of accounts as per Wadiaa’ s policies as well as actions as required by the applicable rules and regulations. If required by law or regulation, the same shall be reported to the respective regulatory bodies for further consideration and action.
  •  Payment Violation: Investors who fail to transfer the investment amount within the stated timeframe in the email notification after campaigns going live shall be moved to the bottom of the waitlist. Investors must respond with transaction reference numbers to confirm transfer of the investment amount for wire transfers or card-based transactions on the payment gateway, which are automatically recognized by the Wadiaa platform. In such cases, the waitlisted investors shall be processed in the sequence in which the requests were received.
  • Violations related to AML and KYC shall be reported to the regulator and necessary subsequent actions as required shall be undertaken, including suspension of accounts.
  • Fundraisers must familiarize themselves with the above crowdfunding regulations and ensure that you follow the regulations that govern the crowdfunding on the Wadiaa platform.
  • International fundraising entities must also familiarize themselves with the respective laws on crowdfunding and applicable fundraising limits and restrictions in your respective countries and residential jurisdictions. You as fundraising institutions shall be responsible for compliance as per your applicable rules and regulations.
  • The responsibility for compliance resides with the respective Fundraising entity. Hence, all applicable taxes, penalties and other implications arising out of violations in your respective jurisdictions as well as that arising in Oman shall be borne solely by the Fundraiser.
  • Fundraisers shall be solely responsible for validity of information and documents  provided on the Wadiaa platform that establish your identity towards checking eligibility, AML, and other checks.
  • Fundraisers shall also be responsible for transactions and suspicious appearing transactions on the Wadiaa platform performed under their respective fundraising account.
  • Fundraisers shall also be responsible for all forms of communication using their respective accounts on the Wadiaa platform or email communications to contact email ids provided in relation to the Wadiaa platform. Inappropriate behavior, language use in all forms of communications on the platform, such as in the form of questions, comments and/ or responses shall be subject to remedial action such as suspension of accounts as per Wadiaa’ s policies as well as actions as required by the applicable rules and regulations. If required by law or regulation, the same shall be reported to the respective regulatory bodies for further consideration and action.
  • Fundraisers shall also ensure that updates provided in response to investor queries are courteous and respectful, and the information provided in the documents are accurate and true. Violation of these requirements may result in cancellation of campaign and penalties levied for resulting losses.
  • If Fundraisers are found to be misrepresenting the information provided on their fundraising campaign, then, Wadiaa reserves the right to suspend the campaign until such information is clarified. If any untoward information comes to light that disqualifies the fundraiser from raising funds, then Wadiaa shall cancel the campaign and return the collected amounts back to investors. The expenses incurred along with any applicable management fee shall be levied on the fundraiser. The fundraiser may be barred from future fundraising on Wadiaa.

7  General Terms

  • Trademarks and Logos used on the Wadiaa platform for the Fundraising Campaigns are the property of the respective Fundraising Applicant and displayed with permission and/or on behest of the respective entities.
  • Wadiaa respects the rights of every individual in relation to intellectual property rights. Wadiaa shall respond to notices of alleged copyright infringement that comply with applicable law.
  • Wadiaa discourages any taking advantage of a person’s intellectual property rights. In any case, you must not reproduce, modify, copy, distribute, and upload the information provided on the Wadiaa platform.
  • The Wadiaa platform may provide links to third party websites. This is intended in good faith for the convenience of users in accessing any other relevant information.
  • Wadiaa does not attest to the accuracy or completeness of the information contained in such Third-Party website links.
  • Wadiaa undertakes no responsibility for any damage or losses that may occur by accessing or relying on such third-party websites.
  • Wadiaa does not charge fees for Investors. However, Investors may incur transaction fees and/or currency conversion charges by the banks or payment gateway service providers at the time of investment and/ or refund.
  • Fundraising Applicants are charged a Platform Fee to be hosted on the Wadiaa platform. The fee is dependent of the size and nature of the Fundraising Applicant’s business. The fee is used towards conducting the KYB of the business and support services for hosting the Fundraising Campaign on Wadiaa’ s platform.
  • Wadiaa also charges a Success Fee as agreed with each Fundraising Applicant in the Fundraising Agreement. This fee is payable upon success of a fundraising campaign upon reaching the minimum target amount and shall be deducted as the corresponding success fee at disbursement of the raised funds to the Fundraising Applicant. In the event of rolling closes, the fee shall be charged in proportion to the disbursement amount for each agreed closing milestone.
  • Users should bear your own costs and expenses including but not limited to legal, transactional, professional and consultancy costs.
  • You agree to defend, indemnify, and hold Wadiaa harmless from and against all liabilities, damages, claims, actions, costs, and expenses in connection with any claim by a third party arising out of or your use of the Wadiaa platform or other materials through the Wadiaa platform by you or users of your Account in violation of this Terms and Conditions or in violation of any applicable law.
  • Any notice given by any party under or in connection with these terms shall be in writing and in English language.
  • Any notice may be delivered by email, and shall be deemed received, upon sending, at 9:00am on the following business day.
  • To prove service, it is sufficient to prove that the email was sent to the correct address (being legal@wadiaa.com) from the email address associated with your account.
  • Users are allowed to access the information on the Wadiaa platform for their personal use or in the course of their business for the purpose of assessing whether or not to participate in funding a campaign or while seeking for funds.
  • Each user accepts that it owes a duty of confidentiality to Wadiaa with regard to:
  1. The Internal operating systems, policies and procedures used by Wadiaa
  2. The agreements, forms, checklists, and documents provided. and
  3. Any information provided in relation to potential or actual Investors.
  • Users are prohibited from sharing the contents of Wadiaa issued documents with competitors or unrelated third parties.
  • You acknowledge that you have not relied upon any representations, statements or pre contractual statements that are not expressly set out in these Terms and Conditions.
  • No failure or delay by you or Wadiaa in exercising any of our rights under these terms shall be deemed to be a waiver of that right, and no waiver by you or Wadiaa of a breach of any provision of these terms shall be deemed to be a waiver of any subsequent breach of the same or any other provision.
  • If any provision of these Terms and Conditions is held by any court or other competent authority to be invalid or unenforceable, in whole or in part, these Terms and Conditions shall continue to be valid as to its other provisions for the remainder of the affected provision.
  • All disclaimers, indemnities and exclusions in these terms shall survive termination of these terms for any reason, as shall any other provisions of these terms that by their nature are intended to survive such termination.
  • These Terms and Conditions shall be binding on and inure to the benefit of each party and their respective successors and assignees.
  • Wadiaa shall not be in breach of these Terms and Conditions if there is, and shall not be liable or have responsibility of any kind for any loss or damage incurred by you as a result of, any total or partial failure, interruption or delay in performance of our duties and obligations occasioned by any uncontrollable natural disaster, fire, act of government, state, governmental or supranational body or regulatory authority or war, civil commotion, terrorism, failure of any internet or computer system, interruptions of power supplies, labor disputes of whatever nature or any other reason (whether or not similar in kind to any of the above) beyond our reasonable control.
  • Complaints about Wadiaa’ s services should be addressed to the email address provided on the Contact Us page on the Wadiaa platform.
  • These terms and conditions shall be governed and enforced based on the regulations set by the Capital Market Authority and the laws of the Sultanate of Oman.
  • In the event of a dispute where mutual consent fails despite negotiation and mediation, arbitration proceedings will be:
  1. As per Omani Law of Arbitration in Civil and Commercial Disputes as per Royal Decree 47/97 for local customers in Oman
  2. At Dubai International Financial Centre (DIFC), Dubai, UAE, as per the DIFC Arbitration rules for International Customers.
  • Language of all arbitration will be English.

8  Appendices

Please note the contents of the appendices below may be updated independent of the policy. While the policy document requires the approval of the Wadiaa Board, the appendices below may be updated subject to approval of the senior management as detailed in the latest Board approved Manual of Authorities.

8.1   Investor Agreement -‎9

8.2  Fundraiser Agreement – ‎10

Bridging the funding gap!

Investing in startups is high risk. You can lose all of the invested amount. Hence, invest only amounts that you can afford to lose

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