Recovery procedure
Once a funding request is financed, Raqamyah will follow up on the procedures to collect the agreed upon Murabaha amount and the financing amount to be returned to the financiers. If the funded party delays payment according to the agreed repayment, Raqamyah team will take the following steps to resolve the issue:
Initial contact: Raqamyah will contact the funded party to understand the reason for the delay and if there is any need for rescheduling and give them 15 working days to settle the situation
If the repayment is not made within 15 working days and the financing applicant does not cooperate as required, the file will be referred to Raqamyah collection team or a collection agency where the following collection procedures will be followed:
Friendly recovery: The goal is to amicably recover the amount due, which can continue for a few weeks up to a maximum of 90 days. Actions taken during this phase include telephone communications, letters, emails, and official payment notifications. Any opportunity delayed by more than 30 days will be classified as a delayed opportunity.
Judicial recovery (if friendly recovery fails): The goal is to recover the financing through legal proceedings in the relevant courts, which can last for months. It should be noted that there are two crucial factors for the success of this step: the court's decision (full, partial, or refusal) and the financial solvency of the funded party. Any opportunity delayed by more than 90 days will be classified as a defaulted opportunity.
Throughout these steps, which can also take months, Raqamyah manages the relationship with the collection agency and informs the financiers about the actions taken and their results