b) Account can be opened in the name of the Company upon submission of documents to the satisfaction of the Bank.

b) Drawing can be made by the Account holder or by an authorized agent who can be appointed after completing the required documents prepared by the Bank. Cash drawings from Saving account shall be done by using the Bank’ forms or the ATM card. Cash drawings from Current account shall be done by using the cheques issued by the Bank or the ATM card.

c) Account holders who cannot sign their names (blind/illiterate customers) should produce proper identification acceptable to the Bank, to perform the transaction before the concerned Bank official by using finger print and stamp (if any) before drawing any amount (applicable to Individual Account only). To protect the interest of the blind/illiterate customers, the Bank shall not issue Cheque Books, ATM Cards for them except through an authorized agent.

b) Drawings against cheques under collection shall only be allowed after their actual realization.

c) The Bank shall pay the actual amount of Telex / SWIFT transfers or bank Drafts/Cheques received in favour of the Customer after deducting the banking fees/charges and commissions.

d)  The Customer, agrees that purchase by the Bank of a Draft (in foreign currency) previously issued by the Bank at the instruction of the Customer, shall be at the discretion of the Bank and at the exchange rate prevailing on the date of purchase after the deduction of the Bank's fees/charges and commissions.

e) Bank shall credit all the incoming remittances and Drafts of the Customer into the Customer's accounts in the currency of such accounts unless the Bank receives instructions contrary thereto from the Customer, and the deposit shall be at the exchange rate prevailing on the same day of deposit.

f) Bank shall have the right to reject to pay for any draft or transfer if the name of the beneficiary and/or his/her account number does not match the Bank's records or for any other reason.

g) All the transfers effected by the Bank according to the Customer's instructions shall be at the Customer's expense and responsibility, and the Bank shall not be responsible if the amounts credited to the Customer accounts are reduced due to the charges or decline in value, and the Bank shall not be responsible if the Customer was unable to avail of the funds  on account of any restrictions issued by the concerned authorities.

h) The Bank and its correspondents are not liable for the consequences of any irregularity, delay, mistake, telegraphic error, omission or misinterpretation that may arise, and from and against any loss, which may be incurred through its correspondents failing properly to identify the persons named in the instructions or retaining the funds, should the Bank or its correspondents deem such retention expedient, pending confirmation of the identity of any person or of the above instructions by a letter or otherwise.

i) Should all or any of these transfers be unpaid and refunded to the Bank, the customer can only claim the value thereof at the buying rate of the day when the refund takes place. The refund cannot be effected until the Bank has received definite advice from its correspondents that the funds are unpaid and that the original instructions have been cancelled.

b) Unless the Customer gives notice in writing, the address set out in the Account Opening Form shall be the approved address for the mailing of all letters, notices, advices, statements of account or other notifications (legal or otherwise). Customer shall inform the Bank in writing, in case of changes to any of the Customer’s particulars as set out in the Account Opening Form.

c) Bank may stop mailing the advices or statements of account if they are returned undelivered, consecutively on two or more occasions, till such time the Bank is provided by the customer with an alternative address for mailing the statements. Those statements not mailed to the account holder may be collected from the bank premises, after serving sufficient notice for retrieval of the same from the system. Bank, at any time and without giving any prior notification to customer, may stop mailing through either normal or registered postal mail customer statement of accounts where Bank’s own electronic delivery channels/ access options are available to allow customers to request, receive and retrieve their statements of accounts electronically.  The account holder hereby absolves the Bank from any consequences, losses, damages, claims or other rightful acts, which the account holder may otherwise have against the Bank, arising either directly or indirectly, of Bank not dispatching the statements of accounts. Furthermore, the account holder understands that the Bank will not be responsible in any way, for the account holder’s inability to verify the correctness or the propriety of the entries in the statements, owing to the Bank withholding the statements, and agrees to indemnify and hold the Bank indemnified against any loss, damage, claims which may arise by virtue of above. The account holder must immediately inform the Bank in writing of any change in the details given on the account opening form and any subsequent changes thereto.

d)  The Customer shall have the right to ask for an additional copy of the statement of account at the Customer’s own expense.

b)  If the Customer gives the instructions to the Bank by the facsimile or telephone, the Bank may process or refuse to act on them. The Bank shall not be bound to obtain confirmation of the correctness of such instructions. The Customer declares that the Bank shall not be liable and shall indemnify to compensate the Bank for all the losses, damages and expenses incurred by the Bank as a result of any act or omission relating to any instructions given or understood to have been issued by the Customer. In addition, the Customer agrees that the Bank shall not be liable for any errors in the dispatch or transmission. In case the Customer seeks to have this service, the Customer shall fill out and sign a form specially provided for this purpose and the Bank shall reserve the right to refuse to grant such request of the Customer.

b)  Current, Investment Savings accounts are subject to stipulated minimum daily balance level as determined and announced by the Bank. The Bank has the right to deduct the required fees if the daily balance falls below the determined level.

b) The Customer agrees that the Bank, at any time and without giving any prior notice, freeze, set-off or transfer any amounts between the Customer’s accounts whatsoever their types or names, whether individual and/or joint account, in local or foreign currency, so that each account shall be considered as security for the other accounts, individually or jointly, for the purpose of settling any debts of the Customer or the party(s) guaranteed by the Customer towards the Bank.

c) Bank may attach all the guarantees and properties maintained by the Bank in the name of the Customer for the purpose of settling any amounts due by the Customer to the Bank.

b) Cash withdrawal in Foreign Currency Notes or Travelers Cheques from Foreign Currency Accounts will be subject to rate of exchange and commission determined by the Bank from time to time.

c) The Customer may transfer from its Foreign Currency accounts to its local currency accounts or vice versa at the prevailing rate of exchange in the same day. The Customer acknowledges that the Bank will not be held responsible for any exchange losses that the Customer may incur when transferring of any amount from its Foreign Currency accounts to another currency account.

b) Person authorized to operate Joint Accounts will be entitled to deposit and withdraw convertible currencies, cheques, payment orders, drafts or other negotiable instruments. Such authorized persons will also have the right to draw, endorse and negotiate cheques, transfers or other negotiable instruments in favour of the Bank in their capacity as authorized representatives.

c) The Joint Account holders shall be jointly and individually liable for settling in full all dues or claims to the Bank that may arise or any commitments, present or future, by the actions for those operating the account or any withdrawals that may cause the account to be overdrawn.

d) The Bank shall have the right to close the account at any time at its option for any reason whatsoever.

e) If one of the joint account holders is subject to an attachment, such attachment will be enforced on his/her share only with effect from the day of notifying the Bank of the said attachment. The Bank shall stop withdrawal from the Joint Account to the extent of the attached share, and consequently notify the Joint Account holders or their representative of the said attachment within fourteen days from the day of attachment notification at his address set out in the account opening form.

f) The Joint Account holders authorize the Bank to include his/her share in the joint account to set-off with his/her other various accounts.

g) In the event of death of one of the Joint account holders or the loss of his/her legal capacity, the other Account holders should notify the Bank of their intention to continue the Joint Account, within a period not exceeding ten days from the date of death or the loss of the legal capacity. The Bank shall then suspend withdrawal from the Joint Account until a successor is legally appointed.

h) Any of the Joint Account holders or their representatives' should not request credit facilities in their personal names secured by the Joint Account without a written approval from all the Joint Account holders

i) The Bank shall have the right to issue the ATM card to each of the Joint Account holders if each of them is authorized to handle the account by a single signature only, and they will be held individually or jointly, responsible for all liabilities that occur from using this service.

b) The owners of the Companies/Establishments/Organizations indebted to the Bank in any way undertake jointly and severally to pay all the Bank’s dues, whether from the assets of the Company/Establishment/Organization or from their own funds.

c) The Company/Establishment/Organization undertakes to inform the Bank promptly of any changes in its Memorandum and Articles of Association or its By-Laws or the change of the legal form or any change in its Constitution, Board of Directors, Partners or Representatives or any changes in the authorized signatories. The Bank will bear no responsibility in the event any of its Directors, Partners, Managers or Representatives have violated the provisions of the Company’s status as contained in its Articles of Association or its By-Laws or have acted ultra virus their powers.

d) The Company/Establishment/Organization authorizes the Bank to pay and debit the account, whether the account was in credit or overdrawn, or which subsequently become overdrawn due to such debits, all transactions issued by those authorized to operate the Account. The Company/Establishment/Organization shall be liable for any instruction or orders issued to the Bank by those authorised to operate the Account and enter into all Banking transactions including opening documentary Letters of Credit, money transfer and all transactions including credit facility etc.

e) Such signatories who sign Banking transactions shall be personally liable in addition to the Company’s liability to compensate the Bank in full any debts, present or future, or any amount incurred or any loss or damage caused to the Bank as a result of any unlawful acts done by them.

f) The Company/Establishment/Organization undertakes to furnish regularly to the Bank an audited Balance Sheet and income statements or any other document required by the Bank.

g) The Partners declare that in case of the amendment in the powers of any partner representing the Company/Establishment/Organization, whether due to withdrawal, resignation or dismissal, or to any amendment of the Memorandum of Association or the change of its name or the loss of legal capacity of any partners or the declaration of his/her bankruptcy or death, or joining or withdrawals of one or more partners, the remaining partners shall be fully liable on behalf of the Company/Establishment/ Organization, and the Bank shall have the right to attach all the credit amounts of the Company/Establishment /Organization in favour of the Bank to recover its dues or in favour of any court order or judgement.

Conditions Relating to Accounts of Societies, Clubs and similar organizations
a) The account shall be operated in accordance with the Board of Directors resolutions conditions. A Board resolution should be submitted stating the names and designation of the signatories, or any amendments may occur thereon. Signatories shall not delegate others to exercise such powers.

b) The Clubs and Societies and similar organizations shall submit the registration decision issued by the concerned authorities in the United Arab Emirates upon submitting the application for opening the account.

c) In case of expiry of the term of the Board of Directors of the Club or Societies or similar organizations or the resignation or dismissal of the board, a letter evidencing the appointment of the Board of Directors or the minutes of the general meeting in which the new Board of Directors have been elected shall be submitted to the Bank, indicating the name and capacity of those who have the right to sign before the Bank on behalf of the Club or Society and similar organization and the manner in which the account is to be operated.

Other General Conditions
a) Bank shall have the right to respond to all queries of other Banks concerning the accounts without reference to the Account holder. The customer also authorizes the bank to get an official information from any entity in order to update its data, without any liability on the Bank or that entity.

b) In case of the death of the Customer, his/her account shall be frozen and no amounts in his/her name with the Bank shall be released to the heirs or their attorneys unless a formal order by the competent court is addressed to the Bank to this effect, and the Bank shall only be responsible therefore from the date on which it has been notified about the death.

c) In case the Company becomes bankrupt or has financial problems, the account shall be frozen until the receipt of the court order.

d) Bank shall not open a Current Account for minors but may open Saving/Investment Deposit account for minors under the signature of his/her father or a guardian by virtue of the guardianship till the minor comes of legal age, then he/she shall be entitled to receive his/her funds and operate his/her account by himself/herself with the permission of his/her trustee. In case of minor under guardianship, a decision or judgment of the competent court for lifting the guardianship must be obtained to enable him/her to operate the account.

e) Conditions relating to Current/Investment Saving/Investment Term Deposit accounts shall apply on the accounts of nominal entities Companies/ Establishments/ Organizations/ Clubs/ Associations and similar organizations), and shall form an integral part of the conditions that identify the nominal entities as well as the conditions of the nominal entities.

f) Bank may close the Customer’s account at any time without giving reasons or notifying the Customer. In all such case the Bank’s responsibility shall end by issuing a cheque for the balance available on the account and sending it the Customer by mail at the Customer’s address. The Customer shall repay any amounts due to the Bank upon receiving the Bank’s advice of its intention to close the Customer’s indebted account.

g) Inactive/Stagnant Account: The account shall be considered stagnant if no transaction is effected for a period exceeding six months and the Bank shall, in this case, have the right to reject any debit to the account including cheques, outgoing transfers or any other commercial papers. The Customer shall be fully responsible for any consequences, claims, legal procedures or losses pertinent thereto, and the Customer declares that the Bank shall not in any case be responsible therefor, and the Customer should approach the Bank to re-operate or close the account.

h) The Customer shall be responsible for paying the Zakat due on his/her/their funds unless he/she/they authorize the Bank in writing to pay it on his/her/their behalf.

i) Bank has the right to destroy the Cheque Books/ATM Cards/PIN mailers (as the case may be), if they have not been collected by the Customer, maximum within one month from their date of issuance thereof. The Customer shall submit a new application and pay the relevant charges for re-issuance of any of these items.

j) For ATM card issuance and operations, the Bank’s Terms and Conditions of issue and use of ATM card shall be applied.

k) The Bank shall at any time have the right to amend the banking services terms and conditions by notifying the Customer through a general notice to be displayed at the Bank’s branches and the Customer shall be, thereafter, bound by such amendments. Deposit agreements (Investment Saving/Investment Deposits), shall not be amended during their validity without notifying the Customer through a general notice to be displayed at the Bank branches. If the Bank does not receive an objection from the Customer within fifteen days, then the Customer shall be considered to have accepted such amendment. The amendment shall be effective on the renewal of the deposit if the Bank notify the Customer of such amendment before the expiry of its term.

l) If the Bank does not at any time exercise the full implementation of any clause or obligation set out in this terms and conditions, or if the Bank delays the implementation thereof, the same shall not be considered to be a waiver of its right or abandonment of the full implementation at a subsequent time.

m) The Bank’s records and documents shall be considered as evidence of the correctness of the Customer’s balance. If, however, the contrary is claimed, then the burden of proof shall lie with the Customer.         

n) The Bank shall have the right to invest the credit balance in Current account in Mudaraba Pool and the Bank shall bear the results of such investments.

o) If the bank decides that only a defined percentages of the customer deposits shall be invested in the joint unrestricted Mudaraba pool to earn profits, then the Bank shall have the right to invest the remaining part of the credit balance in Investment Savings accounts and Investment Term Deposits not sharing in Mudaraba Pool and the Bank shall bear the results of such investments.

The deposit percentage that bank shall invest on unrestricted Mudaraba basis in the joint investment pool shall be subject to change as to be fixed by the Bank from time to time and will be notified at the head office and its branches.

p) The Bank may debit the account holder for any charges, fees or expenses payable for services rendered. The Bank shall have the right to vary the charges/fees at any time at its sole discretion without prior notice to the account holder.

NETWORK CARD

Conditions of Issue and Use:
In these conditions, 'Cardholder' means the individual to whom the card is issued whether as principal or supplementary card holder. By signing the Card Mandate, both shall be jointly and severally bound by these conditions.

a) It is a condition of issue and use that the Cardholder maintains a current or savings account with the Bank at a branch of the Bank in the UAE.

In the event of the account being closed for any reason, the Card shall immediately be returned to the Bank by the Cardholder and its validity shall cease.

b) This Card is issued for use only on electronic machines capable of accepting VISA/ ELECTRON/ NSWITCH/ UAE SWITCH Cards and/or MAESTRO/ CIRRUS/ NSWITCH/ UAE SWITCH Cards for EIB account holders and so authorised and may not be used to obtain credit of any description on the strength of the Card.

c) The Card shall remain the property of the Bank at all times.

d) The Bank may, at its sole discretion, cancel the validity of the Card and request its return at any time, in which case the Cardholder shall immediately comply, with such request.

e) The Card is issued entirely at the risk of the Cardholder who shall indemnify the Bank for all loss or damage howsoever caused resulting from the use of the Card.

f) The Cardholder undertakes not to disclose his/her PIN to any other person. In the event of the PIN becoming known to someone other than the Cardholder, that person may be treated by the Bank as an acting agent of the Cardholder and the Cardholder shall indemnify the Bank against all loss or damage which may occur as a result of the PIN becoming known.

g) The Cardholder shall take every possible care to prevent the Card from being lost, mislaid or stolen and shall not pass the Card to any other person.

h) The Cardholder shall notify the Bank immediately if the card is lost, mislaid or stolen or if it comes into the hands of a third party or if the PIN is unwittingly or otherwise disclosed or made available to a third party.

i) Where oral notice of loss or theft is given, it must be confirmed in writing to the Cardholder's branch of the Bank within 48hours of the receipt of notice.

j) The Bank shall debit the customer's account with the amount of any withdrawal/transfer payment of telephone, water, electricity bills/payment for goods and services at Point of Sales (POS) terminals and all such payments as effected by the use of the Card along with the related bank charges.

k) The customer(s) shall at all times remain liable for any transaction made by the use of the Card and shall indemnify the Bank for all loss/damage howsoever caused by any unauthorised use of the card or related PIN. The Bank's record of transactions processed by the Card electronically or otherwise shall be conclusive and binding for all purposes, in particular for the purpose of legal evidence.

l) The amount of any Card transaction in a currency other than UAE Dirham will be converted into UAE Dirham at a rate of exchange determined by the Bank for the date when the relevant Card transaction is debited to the Card account. A handling charge will be levied on all transactions processed through non-EIB, ATMs.

m) The Cardholder accepts all debits made to the account arising from the use of the Card without limitation (except after written notice of loss has been received and acknowledged by the Bank).

n) The Cardholder shall ensure sufficient drawing power in the account to which the Card relates before making any withdrawals. If for any reason an account is overdrawn by the use of the card, the Cardholder shall be responsible for immediately making up the deficit by a direct payment or transfer of funds from any other account maintained with the Bank. Failure to comply with this condition shall entitle the Bank to cancel the Card and/or make a transfer on the Cardholder's behalf (if more than one account is maintained at the Bank).

o) The Bank reserves the right to limit the total cash sum withdrawn by the Cardholder during any 24 hour period and to advise the Cardholder of such limits from time to time.

p) he Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Card or the ATM or the temporary insufficiency of funds in such machine.

q) Any deposit made through the ATM will be subject to verification by the Bank which shall be binding and conclusive for all purposes.

Telephone Banking Service

(i)  Phone Banking 

In the following conditions, "Subscriber" means the customer to whom the above service is provided. Where the service mandate is signed by more than one individual, they shall be jointly and severally bound by these conditions.

a) The Subscriber should maintain an account with the Bank at any branch of the Bank in the UAE. In the event of the account being closed for any reason the service shall immediately cease.

b) The Bank reserves the right to refuse an application and may, at its sole discretion, withdraw at any time all rights and privileges pertaining to the service.

c) The service is provided entirely at the risk of the Subscriber who shall indemnify the Bank for all loss or damage howsoever caused resulting from the use of the service.

d) The Subscriber should not disclose his/her PIN to any other person. In the event of the PIN becoming known to someone other than the Subscriber, that person may be treated by the Bank as an acting agent of the Subscriber and the Subscriber shall indemnify the Bank against all loss or damage which may occur as a result of the PIN becoming known.

e) The Subscriber hereby irrevocably and unconditionally without any right of objection accepts all debits made to the account arising from the use of the service, without limitation.

f) The Subscriber shall ensure sufficient drawing power in the account to which the service relates before making any transfers. If for any reason an account is overdrawn by the use of the service, the Subscriber shall be responsible for immediately making up the deficit by a direct payment or transfer of funds from any other account maintained with the Bank. Failure to comply with this condition shall entitle the Bank to cancel the service and/or make a transfer on the Subscriber's behalf (if more than one account is maintained at the Bank).

g) The funds transfer service is restricted for transfer from one account to another of the same Subscriber and is limited to equivalent of UAE Dirham. (amount per business day) as set by the bank where cross foreign currency transactions are involved.

h) The Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the service.

i) The Bank shall not be responsible for any erroneous payments to Utility Company(ies)/ Credit Card Institution(s) arising out of wrong input of Consumer/Card number by the subscriber. The Bank shall not be responsible for any mistake or omission caused by the service and/or any delay by the Bank due to reasons beyond its control in onward transmission of the funds to the Utility Company(ies) /Card Company(ies) which may result in disruption of the utility service and card related transactions. In the event of part payment of the bill, the utility company may use its power to discontinue the utility service in which event the Bank or the Utility Company will not be responsible therefore in any way.

j) Where the service is made available linked to an account with the Bank in two or more names, it is acknowledged that, irrespective of whether the mode of operation of such account is joint or either or survivor, the service may be used by one Subscriber acting alone.

(ii) Call Centre & IVR:
General Provisions
 These terms and conditions govern the services offered through Self Service Banking and the Call Centre provided by Emirates Islamic Bank, These terms & conditions supplement existing terms and conditions applying between the Customer and the Bank with regards to any other products that the Customer has with Bank

Definitions
Instructions: Means the Instructions given or purported to be given by the Customer to the Bank via the Call Centre or Automated Self Service and also includes any other written or verbal Instruction issued or purported to have been issued by the Customer to the Bank, and the same are irrevocable and binding on the Customer upon receipt by the Bank.

IVR: Interactive Voice Response, This is the machine that the Customer interacts when using the Self Service Banking, It responds to and will accept touchtone evidence Instructions.

Self Service Banking: Means any or all of the banking services offered by the Bank, which can be availed by the Customer via a telephone and the Automated Interactive Voice Response Machine.

CCID: Call Centre Identification Number

Means the 8 digit relationship number, designated by the Bank to the Customer to Identify such a Customer when using Self Service Banking or the Call Centre.

Debit Card: ATM card issued to the Customer by the Bank. The debit card has 16 digit number embossed on it.

ATM PIN: Means ATM Personal Identification Number issued by the Bank to the Customer to verify the identity of the Customer and for the Customer to authorize transactions via Call center or ATM machine

Phone PIN: Means Phone Personal Identification Number selected by the Customer to verify the identity of the Customer and for the Customer to authorize transactions via the Call Centre or the Self Service Banking.

1.  By registering with the Call Centre, accepting the Debit Card Number or CCID and selecting the ATM PIN or Phone PIN, the Customer authorizes the Bank to act on his/her, oral/touch tone/telephonic Instructions with the Bank's absolute discretion. The Customer hereby authorizes the Bank to rely and act, without any liability on the part of the Bank, upon all such Instructions issued or purporting to be issued by the Customer and to accept the same as correct, accurate and duly authorized by the Customer.

2.  The use of the Debit Card Number or CCID with the correct ATM PIN or Phone PIN shall constitute confirmation of identity of the Customer and the Bank may, but is not obliged to, further confirm the identity. The Customer hereby also agrees and authorizes the Bank to record such contents of any phone call to the "Phone Banking" Call Centre or be logged under IVR as may be deemed appropriate by the Bank and such recorded conversation may be produced as evidence, if and when required. The Bank may utilize other means of confirming the Instructions. The Bank reserves the right to refuse to execute any or all of the instructions if there is a failure on the part of the Customer to confirm the Instructions, in the event the Bank is in doubt as to the identity of the caller, or the bonafide of any Instruction.   

3. In the event of unauthorized disclosure of the ATM PIN or Phone PIN, the Customer shall immediately notify the Bank. The time at which the Bank received the aforementioned information or Instructions will be determined and certified solely by the Bank and such determination shall be binding and conclusive on the Customer The Bank reserves the right to ask for written confirmation.

4. The Customer shall be solely responsible .for ensuring that the Debit Card Number or CCID and the ATM PIN or Phone PIN and any other Information that may be communicated to the Customer in this regard by the Bank is fully secured and is not disclosed to any unauthorized persons or third parties. The Customer Service Representatives are NOT authorized to receive the detail of any Customer's Phone PIN or ATM PIN. The ATM PIN or Phone PIN will only need to be disclosed via touch-tone telephone while using the automated IVR.

5. In the event of stolen or lost Debit Card, the Customer shall immediately notify the Bank to block his debit card access. However, access to IVR is not blocked.  Customer should also immediately intimate the Bank if access to IVR is required to be blocked. The Bank reserves the right to ask for written confirmation. The Customer understands and agrees that the Bank will not be liable for any misuse by another person in such an event and for failure of the Customer to inform the Bank to block IVR access

6. In addition to the general terms and conditions that are applicable to use of the Call Centre and the Self Service Banking options, the following further provisions will also apply:

1. The Customer shall provide the Bank with a list of third parties account numbers to which a transfer of funds may be made via Self Service Banking and/or Call Centre. The Bank shall not effect any Instructions requiring it to transfer funds to the account of a third party if the number of that account is not contained in the list provided by the Customer.

2. The Customer acknowledges that Self Service Banking that may be provided by the Bank at its discretion involves inherent risks, including, but not limited to, risks associated with fraud and unintended/erroneous Instructions, which the Bank cannot eliminate. The Customer hereby indemnifies the Bank of all liabilities and responsibilities and accepts any and all risks associated with the use of the Self Service Banking.

3. All transactions are charged at the normal banking rates. For details please refer to the fees and charges schedule pertaining to the different products offered by the Bank.

4. The Bank reserves the right to amend, add or delete any of these terms and conditions at any time without prior notice. The use by you of this service shall be treated as acceptance by you of any change. If you do not accept any proposed change, you may terminate this agreement.

Applicable Laws & Jurisdiction
These Terms, Conditions, Customer’s accounts and all relating matters are subject to the provision of the Noble Islamic Shari’a, advisory opinions (Fatwas) made by Shari’a and Fatwa Supervisory Board of the Bank and the Articles of Association of the Bank as well as the laws of the U.A.E to the extent that it does not conflict with the principles of Noble Islamic Shari’a.

Acceptance of the Terms & Provisions
I/We acknowledge that I/We have read, understood and agreed on these Terms and Conditions, and that they will apply to all accounts currently opened or will be opened in the future with the Bank, and l/We have signed in agreement to the same.

Current Account
1) Credit balance in the Current account is a Qard Hasan (loan without interests), and on demand the Bank undertakes to pay the credit balance in full, and does not share the investment profit or bear any risk.

2) Any Adult Individual or Commercial entity has the right to open a Current account if he/she is a national or resident in the UAE subject to the controls, rules and instructions of the UAE Central Bank.

3) Drawings from Current. Account shall be made through cheques issued by the Bank, written instructions or ATM Card. Deposits in the account shall be accepted in all branches of the Bank by cash, cheques drawn on Bank's branches or Local banks or through the Bank's ATMs/Cash Deposit Machines only. Transfers between accounts may be performed. 

4) The Bank shall have the right to refuse to pay any payment orders or cheques written on forms other than the Bank's forms, without any responsibility whatsoever on the part of the Bank.

5) The Customer shall draw cheques in Arabic or English languages, the Bank shall not accept cheques written in any other languages.

6) The Bank shall have the right to honour the value of cheque or other negotiable instruments, drawn on the Customer's Current account even if this were to cause the account to be overdrawn and the Customer undertakes to repay all the due amounts in the Customer's overdrawn account whenever the Bank requests.

7) Bank shall have the right to refuse to pay the value of the cheques, drawings and payment orders drawn on the account if the balance is not sufficient, even if the Customer has credit balance in any other accounts at the Bank, unless the Customer authorizes the Bank in writing to cover the amount of cheques, or any other withdrawals from any of his/her Current or Saving accounts with the Bank.

8) The Bank may accept from the Account holder any Stop Payment of Cheque in case it is lost, or in other circumstance as shall be allowed by law and agreed by the Bank. However, the Customer will bear any loss, damage and cost (including legal cost) due to this.

9) Customer shall take due care of his/her cheque book, and shall bear full responsibility of it. The customer shall not give any of his/her cheques to third parties for using them. Customer shall immediately inform the Bank in writing, upon the loss or theft of a cheque book , in the absence of which otherwise the Customer shall bear all the consequences in cases of its misuse.

10) The Bank should be informed immediately upon the loss/theft of the ATM card. The customer shall bear any consequences occurring in the period between the loss/theft and the time the Bank is officially notified.

11) The Bank has the right to refuse issuing a cheque book to the Customer, without giving any reason.

12)  According to the instructions of the UAE Central Bank, the Customer's account will be closed and added to the blacklist incase 4 cheques returned unpaid within one year due to insufficient balance.

13) The Bank does not accept any responsibility in the event of a postdated cheque being inadvertently or otherwise honoured before the due date.

14) The total amount of cheques drawn on the account but not yet presented for payment must not, at any time, exceed the credit balances on the account and available for withdrawal. The Bank is not obliged to honour cheques drawn against unrealised or uncleared payments into the account. The Bank will levy a charge for any cheque that is returned unpaid for lack of funds.

Investment Savings Account
1) Definition: It is a deposit according to which the depositor (fund owner or Rab al Maal) authorizes the Bank (Mudarib "investor") to invest his/her funds according to the unrestricted Mudaraba contract according to the Principles of Islamic "Shari'a".

2) Saving accounts shall be subject to the minimum balance requirement as decided by the management of the Bank and if the balance in the account, on any day during the month, falls below this minimum balance requirement then the entire balance in the account shall not participate in the investment during the month.

3) The Bank shall not issue a cheque book to Saving accounts holders, and the Customer should not issue payment orders on this account. ATM card shall be issued to the Saving account holders to enable them to utilize the ATM services.

4) The cash withdrawal slips available at the Bank must be used in making all withdrawals from the account.

5) The Bank may at its discretion restrict/limit the number of drawings (withdrawals), permissible during a calendar month on this account, and incase the number of withdrawals exceed the number of transactions as set by the bank, then the bank may levy a service charge for each transaction exceeding this limit. The Bank may even decide that entire balance for that month shall not participate in the joint common Mudaraba investment pool.

6) The Bank should be informed immediately upon the loss/theft of the ATM Card. The Customer shall bear all consequences occurring in the period between the loss/theft and the time the Bank is officially notified.

7) The Bank as a Mudarib according to the absolute Mudaraba provisions will invest the funds of the Saving accounts on the basis of the minimum monthly balance available in the account.

8) Funds of the Saving Account shall be invested according to unrestricted Mudaraba basis in the joint investing pool between the depositors and the share holders.

The Bank shall invest the Investment Saving accounts balances, and the net profits from the joint investment pool shall be distributed between the depositors according to their respective shares. The Bank as Mudarib shall be entitled to a percentage of the realized net profit.

At the time of account opening, the percentage of the realized net profit which the Bank shall be entitled to as Mudarib shall be as notified/displayed at the head office and its branches.

As agreed, Mudarib shall bear any loss attributable to negligence or violation of Mudaraba terms. If the business considerations required changing these percentages, the management of the Bank will announce this change, which shall be notified/displayed at the head office and its branches.

9) The minimum and maximum percentage of the realized net profit which the Bank shall be entitled to as Mudarib shall be determined by the Bank's management.

10) The investment period in Saving accounts is one calendar quarter (Three Gregorian months), commencing from the 1st day of the month, unless the whole or part of the balance is drawn whenever he/she desires. In all such cases he/she shall be subject to the profits for the period prior to the withdrawal date, and will not earn profits of the month where the whole balance was drawn.

11) Profits of Saving account shall be credited to the same account maximum by the first five days of subsequent month following the quarter for which the profit is being distributed, unless the customer has requested otherwise, and the Customer authorizes the Bank to invest the realized profits since the credit date with the same investment terms and conditions of Saving accounts.

12)  Bank as "Mudarib" reserves the right to deduct, if required, a certain percentage of the net profit from the share of the depositors in the joint investment pool for purpose of stabilization of profits. Such funds shall be deducted, held and disbursed only upon instruction and prior approval of the Fatwa and Shari'a Supervision Board of the Bank. 

13) Bank as "Mudarib" reserves the right to deduct, if required, a certain percentage of the shares of both, the depositors and the share-holders, from the net profit in the joint investment pool for purpose of stabilization of profits. Such funds shall be deducted, held and disbursed only upon instruction and prior approval of the Fatwa and Shari'a Supervision Board of the Bank.  

Investment Time Deposit Account
1)  It is an account where the Depositor (Rabb al Maal) authorizes the Bank (Mudarib) to invest the deposit according to the unrestricted Mudaraba agreement under the principles of Islamic Shari'a.

2) Funds of the Investment Term Deposits accounts shall be invested according to unrestricted Mudaraba basis in the joint investing pool between the depositors and the shareholders and the realized net profits from the joint investment pool shall be distributed between the depositors according to their respective shares. The Bank as Mudarib shall be entitled to a percentage of the realized net profit.

At the time of opening Investment Term Deposit accounts, the percentages of the realized net profits for tenors 3 months, 6months, 9 months, 12 months, and 2 years, that the bank shall be entitled to as Mudarib shall be as notified/displayed at the head office and its branches.

As agreed, Mudarib shall bear any loss attributable to negligence or violation of Mudaraba terms. If the business considerations required changing in these percentages, the management of the Bank will announce this change, which shall be notified/displayed at the head office and its branches.

3) Profit on the deposit amount shall be due in the last day of each calendar quarter, and will be credited to the Customer's payable account or paid as per instructions of the customer, at the time of profit distribution i.e. maximum within the first five working days of subsequent month following the quarter for which the profit is due.

4) Profit on deposits where their maturity date is either during the month/quarter shall be paid on subsequent calendar quarter end at the time of profit distribution.

5) The Depositor may not draw the whole or a part of his/her/their deposit before its expiry. In special cases the management of the Bank may allow to draw the whole or a part of the deposit, and the management has the right to decide about the treatment of the deposit in such case.

6) The Customer shall be considered agreeing on the renewal of the deposit automatically on maturity, unless he/she/they instructed otherwise before the expiry of the investment by 4 working days.

7) Upon renewal of the Investment Term Deposit contract, the percentage of the realized net profit from the unrestricted Mudaraba Investment pool that the Bank shall charge as its Mudarib fee shall be subject to change as to be fixed by the Bank from time to time and will be notified at the head office and its branches.           

8) Except for the Investment Term Deposit in UAE Dirham, the Bank is not bound to repay deposits in the same currency deposited, but undertakes payment by issuing a Demand Draft or Transfer of the same currency deposited at the exchange rate prevailing as on the day of repayment of the said deposit.

9) The minimum limit for accepting the Investment Term Depositor equivalent to that in other currencies shall be defined by the Bank from time to time.

10) The minimum term for the Investment Term Deposit will be three months.

11) The Bank shall issue acknowledgement of receipt/renewal of the Investment Term Deposit to the customer stating the amount deposited in customer's favour.

12) Withdrawals of deposits of AED 1 Million or over shall require 1 month prior notice to the Bank.

13)  Bank as "Mudarib" reserves the right to deduct, if required, a certain percentage of the net profit from the share of the depositors in the joint investment pool for purpose of stabilization of profits. Such funds shall be deducted, held and disbursed only upon instruction and prior approval of the Fatwa and Shari'a Supervision Board of the Bank.

14) Bank as "Mudarib" reserves the right to deduct, if required, a certain percentage of the shares of both, the depositors and the shareholders, from the net profit in the joint investment pool for purpose of stabilization of profits. Such funds shall be deducted, held and disbursed only upon instruction and prior approval of the Fatwa and Shari'a Supervision Board of the Bank.