Terms & Conditions

Preface to Agreement to Our Legal Terms

Scope of Services

Simodi Gold operates the Simodi Gold website (the "Site"), the Simodi Gold mobile application (the "App"), and other associated digital services (collectively, the "Services"). By accessing or using the Services, you agree to be bound by these Terms and Conditions (the "Legal Terms"). If you do not accept or agree to these Legal Terms in their entirety, you must immediately cease using the Services.

Eligibility

The Services are intended exclusively for individuals who are at least 18 years of age. By using the Services, you represent and warrant that you meet this minimum age requirement.

User Representations and Warranties

By accessing or using the Services, you represent and warrant that:

• You are legally competent and at least 18 years of age
• All information you provide to the Company is true, accurate, complete, and current
• Any funds used in connection with the Services are lawful and do not constitute proceeds of criminal activity
• You are not a sanctioned individual or entity, and you are not otherwise prohibited from using the Services under applicable law
• You will not use the Services for any unlawful, fraudulent, or prohibited purpose

Legal Compliance

You agree to comply with all applicable laws, regulations, and rules in connection with your use of the Services. The Company reserves the right to suspend or terminate access to the Services in the event of any violation of these Legal Terms or applicable law.

Definitions & Interpretation

In these Terms & Conditions ("Terms"), unless the context requires otherwise, the following expressions shall have the meanings set out below:

Our Services

Simodi Gold provides a Shariah-compliant digital gold ownership platform, allowing users to purchase, hold, transfer, sell, and redeem physical gold represented digitally on a 1:1 fully backed basis.

Digital Gold Structure

Nature of Digital Gold

• Digital Gold represents direct ownership of physical gold
• Each unit corresponds to one (1) gram of 999-purity gold held in the Gold Reserves
• Digital Gold:
  • Is not money or legal tender
  • Is not a security or investment product
  • Is not a bank deposit
• Digital Gold is issued only upon full payment and is always 100% physically backed

Ownership, Possession & Shariah Compliance

• All buy/sell transactions are executed as Bay' al-Sarf (spot)
• Ownership and constructive possession (Qabd Hukmi) transfer immediately upon payment
• Simodi Gold acts as custodian and agent in possession only, holding gold on your behalf
• Simodi Gold:
  • Does not lend, lease, pledge, or rehypothecate customer gold
  • Does not offer interest, yields, or guaranteed returns
  • Does not pool customer gold for income-generating activities
• Operations align with AAOIFI Shariah Standard No. 57 (Gold & Precious Metals)
• Any impermissible income, if inadvertently received, shall be purified through charitable donation

Storage, Vaulting & Insurance

Vaulting & Custody

• Gold Reserves are stored in segregated vaults operated by custodians of international repute in the UAE or other approved jurisdictions
• Gold belonging to users is not commingled with Simodi Gold's own assets
• Simodi Gold may appoint Affiliates or third-party vaults, subject to DMCC and regulatory requirements

Insurance

• Gold Reserves are insured under an all-risk policy, subject to policy terms
• Insurance does not cover market price fluctuations

User Registration & Account Security

Simodi Gold is not liable for losses resulting from unauthorised access caused by user negligence. We reserve the right to suspend or reclaim usernames deemed misleading or inappropriate.

Trading, Transfers & Redemptions

• Listing & Trading: Digital Gold is available for spot trading only. Short selling, margin trading, futures, or speculative trades are strictly prohibited.
• Transfers: Transfers of Digital Gold occur instantly. Delayed settlement is not permitted under Shariah.
• Physical Redemption: Users may redeem Digital Gold for physical gold, subject to minimum quantity requirements, identity verification, and applicable fabrication, delivery, and handling charges. Ownership and associated risks transfer to the user upon confirmed delivery or collection.

Fees (Shariah-Compliant)

Fees: Permissible fees include:

• Storage & insurance
• Delivery & logistics
• Transfers
• Administrative facilitation

• No interest, financing fees, or time-based charges are permitted
• Fee schedules are published on the Platform and may be updated with notice

AML, Sanctions & Regulatory Compliance

Simodi Gold complies with UAE Federal Decree-Law No. 10 of 2025 (AML/CFT) & Sanctions and counter-terrorism regulations. Accounts may be frozen or reported as required by law.

Governing Law & Dispute Resolution

These Legal Terms are governed by the laws of the United Arab Emirates and the principles of Islamic Shariah. Any disputes arising under or in connection with these terms shall be resolved exclusively by the courts of the UAE, unless the parties agree otherwise in writing.

Intellectual Property Rights

All content, software, designs, trademarks, logos, and databases included in the Services are owned by or licensed to Simodi Gold and are protected under UAE and international intellectual property laws.

Simodi Gold grants users a limited, non-exclusive, non-transferable, and revocable license to access and use the Services solely for personal, non-commercial purposes. No content may be copied, reproduced, distributed, sold, or exploited in any manner without prior written consent.

The App is licensed, not sold. Users may not reverse-engineer, duplicate, modify, or misuse the App. Apple and Google act only as platform distributors and are not responsible for the provision, operation, or content of Simodi Gold Services.

General Terms

I. Pricing and Payments

• Gold prices reflect live spot market rates plus any disclosed operational fees
• Accepted payment methods are displayed on the Platform
• All payments must be completed in full prior to the transfer of ownership
• Transactions are final; no refunds are available once a gold purchase has been executed, except as required by law

II. Account Suspension and Termination

Simodi Gold may suspend or terminate user accounts in cases of:

• Regulatory breaches
• Shariah non-compliance
• Security risks

III. Indemnification

You agree to indemnify and hold Simodi Gold harmless against any losses, liabilities, or damages arising from:

• Breach of these Terms
• Violations of applicable regulations
• Misuse of the Platform

IV. Limited Liability

• Simodi Gold's liability is limited to the value of gold or funds held on your behalf
• The Company is not liable for any indirect, incidental, or consequential losses

V. Risk Disclosure

• Gold prices are subject to market fluctuations, and users bear all associated market risks
• Digital Gold holdings are not capital-protected

VI. Service Modifications & Availability

Simodi Gold may change, suspend, or discontinue services at any time without prior notice. We are not responsible for any downtime, maintenance periods, or service interruptions.

VII. User Data & Record Retention

Simodi Gold retains transaction and compliance data as required by law. Users are responsible for maintaining their own records.

VIII. Electronic Communications & Signatures

By using the Services, you consent to the formation of contracts, the delivery of notices, and the execution of signatures electronically, and agree that such electronic communications satisfy any legal requirement for written communication.

IX. Privacy & Data Protection

Personal data is collected, processed, and stored in accordance with UAE data protection laws and Simodi Gold's Privacy Policy. By using the Services, you consent to the processing and storage of your personal data within the UAE.

X. Miscellaneous

If any provision of these terms is found to be unenforceable or invalid, the remaining provisions shall continue in full force and effect.