BANKING SERVICES AGREEMENT TERMS AND CONDITIONS
First Section GENERAL TERMS AND CONDITIONS These terms and conditions shall be construed and implemented pursuant to the Laws of U.A.E., Dubai Islamic Bank's Memorandum and Articles of Association, its regulations, instructions of the Central Bank, the Bank's Internal Sharia Supervision Committee (Sharia Committee) and the principles of Shari'a as set out in the Sharia Standards issued by Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) as amended from time to time. In the event of a conflict between the Arabic and the English text, the Arabic text shall prevail. Whereas the Customer desires to deal with the Bank for the purpose of opening an account/deposit or obtaining a banking service and the Bank accepted such desire, the Customer irrevocable and unconditionally agree on the following terms and conditions (including SPECIAL TERMS AND CONDITIONS & ELECTRONIC BANKING SERVICES). This shall be subject always to the UAE Central Bank’s regulations and/or its guidelines issued from time to time (including the Consumer Protection Regulation/Standard issued by the Central Bank of the UAE) and/or any other applicable federal and local laws of the UAE (“Terms and Conditions”):1- Definitions: The following words shall have the meanings assigned to them hereunder associated with each one: a. Account(s): means any Islamic account(s) opened and/or maintained by the Customer with the Bank, including but not limited to the Current Account, and/or other account(s) (as applicable) as per the Bank’s policy at place and/or under the Terms and Conditions. b. Affiliate(s): means in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership of a majority of the voting power of the entity or person. c. Al Islami Business Online Maintenance Form: means a standard Bank format through which the Customer maintains/modifies its receipt of the Service, including without limitation, changing its Corporate Administrator. d. Al Islami Business Online Enrollment Form: means a standard Bank format used by the Customer to appoint their Corporate User(s). e. Application: means the application form provided to the Customer by the Bank for the purpose of applying for access to the Service and any documents and information submitted pursuant thereto, including without limitation, the Al Islami Business Online Enrollment Form and Maintenance Form. f. Bank: means Dubai Islamic Bank Public Joint Stock Company (P.J.S.C.) licensed and regulated by the Central Bank of the United Arab Emirates, of the United Arab Emirates, its local or foreign branches, subsidiaries, affiliates, representative offices, it’s or their agents, its successors and/or assigns, and any third parties selected by any of them or by the Customer). g. Banking Transactions: Include contracts of opening Current account, Savings account, Investment deposit, other types of deposits and all other types of accounts related to funds registration in the credit or debit balance or transferring such funds; in addition to other services and products provided by the Bank through the electronic banking services and the common banking services provided by the Bank. This shall be subject always to the UAE Central Bank’s regulations and/or its guidelines issued from time to time (including the Consumer Protection Regulation/Standards issued by the Central Bank of the UAE) and/or any other applicable federal and local laws of the UAE. h. Business Day: means any day on which Bank and/or banks and/or financial institutions are generally open for business in the UAE. i. Card: means Visa Electron card or any other cards issued by the Bank. j. Command(s): means any request or instruction that is received from the Customer by the Bank through the Service. k. Confidential Information: means the information provided or obtained through the Service, its form, format, mode or method of compilation, selection, configuration, presentation, and expression. l. Corporate Administrator: means a Corporate User named in the Application by the Customer with the authority to and responsibility for administrating all other relevant Corporate. m. Corporate User: means the person authorized from time to time by the Customer to use the Service to issue Commands. For the avoidance of doubt, a Customer appoints a Corporate User by executing a Corporate IB User Enrollment Form and/or a Corporate IB Approval Rules Form. n. Customer: means the natural or corporate person who has an account (s) of any type with the Bank. This shall be subject always to the UAE Central Bank’s regulations and/or its guidelines issued from time to time (including the Consumer Protection Regulation/ Standard issued by the Central Bank of the UAE) and/or any other applicable federal and local laws of the UAE. o. Internet Site: means any internet site established, operated and/or maintained by Bank or on the Bank's behalf to facilitate the provision of the Service to the Customer. p. Investment Weights: means points granted on each invested amount based on the value and term of such investment. q. Online: means by way of internet access to the Service through any Internet Site(s). r. Password: means the alpha numeric password provided by the Bank to Customer in order to complete the self-registration process s. Personal Identification Number (PIN): means the password and/or the security code which consists of alphabetic letters or numbers offered by the Bank to the Customer so to access the provided services across the electronic banking services (EBS) and/or conducting its banking transactions through the Automated Teller Machines (ATM) or for conducting any other banking services require such number, including voice-banking service. The Customer shall be responsible for maintaining the confidentiality and privacy of all these numbers. t. Sale Points: means the special devices at the points of sale or services that accept the Card. u. Service(s): means the online services and transactions and facilities offered by the Bank through the Internet to the Customer. v. UAE: means the United Arab Emirates. w. User Guide: means the guidance and information set out on screen in the 'Help' pages of the Service and all other Customer guides issued by the Bank in connection with the Service, as amended by the Bank from time to time at its sole discretion. x. Username: means the unique identifier, by whatever name called, which is issued to each corporate User in connection with the Service. y. Tax: means any tax, levy, impost, duty, or other charge or withholding of a similar nature or any VAT or other similar tax. z. VAT: means any value added or similar consumption tax in accordance with the provisions of the UAE Federal Decree Law No. (8) of 2017 (as amended) and as supplemented through rules and/or regulations issued thereunder from time to time. 2- Interpretation: a) (Gender) words importing any gender will include all genders. b) (Headings) the headings to the clauses and sub-clauses herein will not be taken into consideration in the interpretation of these Terms and Conditions; c) (including) including and includes are not words of limitation. d) (References) a reference to the background, a party, clause, paragraph, is a reference to the background, a party, clause, paragraph, to or of these Terms and Conditions; e) (singular) words importing the singular number will include the plural and vice versa. f) (Time and date) a reference to a time or date in connection with the performance of an obligation by a party is a reference to the time and date in Dubai, United Arab Emirates even if the obligation is to be performed elsewhere and
g) (writing) a reference to a notice, consent, request, approval or other communication under these Terms and Conditions or an agreement between the parties means a written notice, request, consent, approval, or agreement. 4- Signature Specimen: The Customer’s signature specimen (whether in paper or electronic form) registered with the Bank, shall be considered to be the basis of carrying out Banking Transactions on his/her/its Accounts, and shall be valid unless modified and/or cancelled. The modification and/or cancellation shall only be valid on the next Business Day following the day of receipt by branch at which the Account was maintained of the modification and/or cancellation request. 5- Changing Name: Should the Customer want to change his/ her /its name for any reason, then the Customer shall produce a document issued by the concerned authority indicating its approval of the change of the name. In such case, the Bank shall have the right to reject or accept to pay all cheques, payment orders and all documents issued in the old name without any responsibility to the Bank. 6- Deposits: The Bank accepts deposits from the Customer whether in cash or by any of the banking customary practices. The Bank has the right to accept any of third-party deposits into the Accounts without any responsibility to the Bank. In the case of deposit of any amount in the account of the Customer through a bank transfer or other means and found either by the Bank, which had transferred the amount or any other entities inside or outside the Bank, the existence of a crime or suspicion of the existence of a crime - according to the laws of the United Arab Emirates or the laws of the country of the remitter bank or any other law - related to the amount deposited, the Bank will seize the amount transferred and dispose it of in accordance with the instructions of the Central Bank and the relevant authorities in the United Arab Emirates without any responsibility to the Bank. In the case of a request from the remitting bank to refund the deposited amount, the Bank will return the amount and the Customer agrees that the Bank will not be responsible for seizing the said amount or disposing it of in accordance with the above. 7- Withdrawals: Withdrawal from the Accounts shall be made by orders issued from him/her/ it to be accepted to the Bank or through the points of sale. 8- Collection: a- The Bank shall have the right to reject or accept the collection of the commercial papers presented to the Bank by the Customer. b- The Bank shall collect the commercial papers on behalf of the Customer and in accordance with the customary Islamic Banking norms without bearing any liability in the event of non-collection of such papers. c- The value of the commercial papers may not be withdrawn until it has been collected. 9- Banking service Fees and Commissions: The Bank, without referring to the Customer, may deduct from the Customer’s account expenses, fees or commissions payable for the banking services rendered to the Customer according to the banking fees and commissions schedules approved by the Bank. 10 - Guarantees: The Bank shall have the right to seize all guarantees and properties retained in the Bank in the name of the Customer for the purpose of payment of any amounts due to the Bank from the Customer. 11- Clearing: The Customer agrees that the Bank, at any time and without any prior notice to the Customer, shall have the right to freeze, set-off or transfer any amounts in the Accounts held by the Bank from one account to another irrespective of its type or names whether they are several and /or joint, whether in Local or Foreign Currency - at the rate of exchange on that day- whereby each such account shall be considered as a security for the other Accounts jointly or severally for the settlement of any of the indebtedness payable by the Customer or his /her/its guarantors to the Bank. 12- Accounts in Foreign Currencies: a) The Customer may open Accounts in foreign currency subject to the approval of the Bank b) Transactions on such accounts shall take place only through Bank drafts or transfers and in the same currency of the Account. c) The Customer may deposit / withdraw from such accounts in Local Currency (Dirham) according to the rate of exchange prevailing in the same day. d) The Customer may make transfer internally from his/ her/its accounts in Foreign Currency to his Account in Local Currency and vice versa according to the rate of exchange prevailing in the same day. e) The Customer acknowledges that the Bank shall not be liable for any currency exchange loss as a result of the transfer / movement of the balance from Foreign Currency into his/her/its Account of another currency. 13- Telex Transfers/Swift/Bank Cheques/Drafts: b. The Customer agrees that the refund by the Bank of a bank cheque/ draft (in foreign currency) previously issued by the Bank upon the Customer request, shall be at the discretion of the Bank and at the exchange rate prevailing at the date of purchase after deduction of Bank’s fees and commissions. c. The Bank shall deposit all the incoming transfers into the Customer’s accounts in the currency of such Accounts, such depositing shall be effected at the exchange rate prevailing on the same day. d. The Bank shall not be responsible for any act, omission, error, or delay in the transfer caused by any correspondent or paying bank of the fund. The Customer acknowledges that the Bank is not responsible for such occurrences and undertakes to indemnify the Bank for all actual losses, damages, expenses incurred by the Bank with respect to any bank cheque/draft issued by the Bank or any transfers made according to instructions issued from the Customer. e. The Bank shall have the right to reject payment of any bank cheque/draft or transfer if the beneficiary’s name and/or its Account number are not identical to the Bank’s records or for any other reason. 14-The account statements: a. The Customer shall be provided by notices and account statements (as per its request or upon the Bank decision). In event the Bank doesn't receive any objection within 30 (thirty) business days of the date of sending the notice or the Account statement and / or e-statements, then such statements and notices shall be deemed correct. b. The Customer, at its own expense, may request an additional copy of the Account statement. c. The Bank shall have the right to stop sending any notices or Account statements in the event it has been returned to the Bank without receipt and it will not be responsible for any damage due to such matter. 15- Standing Orders: The Bank may accept to execute any standing order transactions from the Customer provided that the Customer should have sufficient funds in his/her/ its Account to perform such transactions. The Bank shall not be responsible for any delay or error in transmission or for any error on the part of the paying bank or any of its correspondents. The Customer acknowledges that the Bank does not bear any liability for such delay or error and undertakes to compensate the Bank for actual losses, damages and expenses incurred due to execution by the Bank of such standing orders. 16- Facsimile Instructions: In case the Customer issued its instructions to the Bank by fax or phone, the Bank may process such instructions or refuse to act on them. The Bank shall not be obliged to obtain confirmation of the correctness of such instructions. The Customer acknowledges that the Bank shall not be liable in this regard. The Customer undertakes to indemnify the Bank against losses, damages and expenses incurred due to such instructions issued by the Customer or deemed to have been issued by the Customer. The Customer agrees that the Bank is not responsible for any errors in transmission, and should the Customer wish to have this service, then he/she/it should fill and sign the form designed for such purpose and the Bank has the right to reject the Customer’s request. 17- Destruction: The Bank shall have the right to destroy cheque books, Electron Cards, Personal Identification Numbers in the event the Customer does not receive them after one month (at the latest) of its issuance date. The Customer must submit a new application and to pay the due fees in order to re-issue any of such services. 19- Minors’ Accounts: The Bank may open a current l saving account / investment deposit accounts for the minor who have reached the age of (18) and yet to reach (21) of age and the Bank may open a saving account/ investment deposit accounts for minors who are below 18 years by obtaining the signature of the father or in case of the father’s death the signature of the true grandfather or the guardian by virtue of the guardianship order to be issued by the court. Such arrangement shall continue till the minor has attained the legal age or has the permission of his/her father or true grandfather in case of the father’s death to receive his / her funds and manages his/ her account. In the case of the minor under guardianship, a decision of a competent court shall be produced regarding the lifting of custody for enabling the minor to operate his/her account by himself/herself. 19- Impaired Vision/Illiterate Customers: The blind or illiterate Customer shall process their transactions before the concerned officer in the Bank by using fingerprint and seal (if any). In order to protect the interest of the blind/illiterate Customer, the Bank shall not issue any cheque books, Electron Card, or telephone-banking service for them, except through an official proxy. 20- Change of Entries: In case of an error in the entries, any amendment or correction made to the entries duly signed by the Bank shall be deemed effective and valid. The Customer may not claim the amounts wrongly deposited in his/her/its accounts. The Customer’s signature on these Terms and Conditions will be considered as an authorization for the Bank to correct such entries and to register them on his/her /its account. The Customer acknowledges that the Bank has the right to recover from him/her/it the amounts that has been paid to him/her/it in error. The Customer undertakes to pay such amounts in the manner and on the dates determined by the Bank, without objection and irrespective of the elapse of any period of time from the date of occurrence of the wrong entry. 21- The Bank’s Records: The Bank’s records and its 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 on the Customer. 22- Zakat: The Customer shall be responsible to pay Zakat due on his/ her funds unless he/she authorizes the Bank in writing to pay Zakat on his/her behalf. 23- Liability: All transactions conducted by the Bank upon the Customer instructions shall be at the Customer’s expense and responsibility. The Bank shall not be responsible should the amounts credited to the Customer’s account decrease due to fees or value reduction. The Bank shall not bear any responsibility should the Customer not be able to receive money due to any restriction’s orders issued by the competent official authorities. 24- Customer’s Death: In the event of the Customer’s death, his/her account shall be frozen and no amount whatsoever available in the Customer’s name held by the Bank shall be paid to the Customer’s heirs or their attorney unless there is an official request from the competent court addressed to the Bank to that effect. The Bank shall not be obliged to freeze the account before the date on which it has been formally notified of the death in writing.
25- Closing of Account: The Bank may close the Customer’s account with 60 days prior written notice with reasons for such closure. In such a case the Bank’s obligation towards the Customers shall end following the issuance of a cheque with the amount of the available credit balance and sending it by post to the Customer’s address. The Customer acknowledges that he/she/it will be fully committed to settle any amounts owed to the Bank immediately after the Customer receives the Bank’s notification of the account closure.
26- Modification: The Bank shall have the right to amend the terms and conditions of any banking services at any time and shall notify the Customer through a general notice. Such changes shall be notified to the Customer with a minimum period of 60 calendar days before the date of change. Thereafter, the Customer shall be bound to comply with such amendments. As for the deposit contracts (Investment Savings – Investment Deposits), the Bank may not make any amendments during their validity without giving the Customer notice thereof at his/ her/ its address held by the Bank and by virtue of a general notice posted in the Bank’s website and branches. If the Bank does not receive an objection from the Customer during fifteen days from the date of the notice, then the Customer shall be considered to have accepted such amendments. Such amendments shall apply to the deposit renewal if the Customer is notified by the Bank of such amendments before expiry of the deposit term. 27- Address and Notices: a. All notices, and communications to be forwarded to the Bank shall be in writing and should be sent to the Bank’s address where the Customer’s account is held or to the Bank’s headquarters address. - All notices or communications to be addressed to the Customer, should be sent to the Customers address available with the Bank. b. Notices sent by the Bank to the Customer may be delivered by email or registered mail, courier, SMS message. Phone calls or any other method as consented by the Customer. c. Notices sent by email shall be deemed to be received on the Business Day following the day they are transmitted and if sent by registered mail or courier, shall be deemed to be received three (3) Business Days after the date of posting or dispatch (as the case may be) and properly addressed to the addressee. d. All communications, notices or documents made and delivered shall be in English or Arabic language. e. The Bank has the absolute discretion whether or not to accept, rely or act upon any communication received via telephone, electronic mail, untested telex or facsimile transmission and shall be entitled to request verification of any such communication by any method the Bank deems appropriate 28- Updating the Account’s Database: a. The Customer shall be committed to updating the account database kept by the Bank such as Identity Cards, Trade Licenses, Passports, Residence Renewals, and any other documents whenever such documents are replaced or renewed. b. In addition to the above, information related to accounts of minors should be updated regularly, and the Bank should be informed when the minor has attained the legal age, otherwise the Bank shall have the right to freeze the account till data updating is completed. c. As for the accounts opened by virtue of official approvals or letters such as governmental authorities, and accounts relating to embassies, international organizations, and similar bodies, under licenses and records of indefinite period, such as in the case of societies, charity organizations, and private schools; the account database should be updated whenever they are renewed or replaced. d. In all situations, the Customer shall be solely responsible for all consequences that may result due to the Customer non-compliance and failure to update its information as afore mentioned. The Bank shall in no situation bear responsibility for indemnification of the Customer or third party against any damages caused by such act. 29- Account Freezing with the expiry of the Identity Card validity: The Bank shall have the right to freeze the account due to the expiry of the identity card, or as a result of a minor person reaching the legal age, or if the Customer has not updated its data, personal information, its addresses, sources of income, signature and any other information. The Bank shall not bear any liability in this regard. a. The Customer acknowledges, agrees and expressly permits the Bank to, at any time deemed necessary and without prior notice freeze and/or block credit balances in any of the Customer accounts with the Bank , or any other associated account, at any time the Bank deems necessary, and acknowledges that the Bank is permitted to block any amounts relating to payment of any financing facility, even in cases where the Bank implements a block in advance of the amount falling due. The Customer hereby holds the Bank harmless and releases the Bank from any liability in this regard. b. For avoidance of doubt, the Customer releases and discharges the Bank, its shareholders, directors, employees, officers, representatives from and waives any right that accrues to the Customer at law against the Bank, its shareholders, directors, employees, officers, and representatives regarding any damages suffered, directly or indirectly, as a result of such freeze and/or block, as mentioned above.
30- non-waiver of exercising the Right: Any delay in exercising or the non-exercise of any right hereunder by the bank will not be construed as a waiver of that right or of the full exercise at any time later. i. Collects and Process the Customer's Personal data only in accordance with his/her express Consent. ii. Collects and processes the following Personal information, but not limited to: a. Full Name h. The Bank may collect the Customer’s Personal Information where necessary from external authorized agents and reputable sources such as but not limited to: i. Al Etihad Credit Bureau (AECB) and iv. The Bank will not process the Customer Personal Information for any unlawful purposes beyond the limitations provided through his/her express Consent unless there is a legal obligation for the Bank to do so. v. The Bank will put in place strict internal controls to effectively protect information and Data, against internal and external frauds. vi. The Bank will use it best endeavors to protect Customer data which has been collected, used or disclosed to permitted and authorized parties. The Customer freely consents to the Bank using their Personal Data, which the Customer may withdraw at a later date. Second Section SPECIAL TERMS AND CONDITIONS 1- Current Account: b. Persons entitled to open Current account: Any person may open a Current account if he/she is UAE national or legal resident in the UAE according to the regulations and instructions of the Central Bank and these terms and conditions. c. Maintenance Fees: In case the Current account balance is less than a specific amount determined by the Bank management (subject to amendment from time to time), then the Bank may impose charges against the account’s maintenance which will be advertised at the Bank’s website and branches. d. Cheque Book: 1. The Customer shall take due care of his/her/its cheque book and shall assume full responsibility thereof. 2. The Bank shall have the right to withhold issuance of a cheque book to the Customer without giving reasons. 3. The Customer shall write the cheque either in Arabic or English language, and no cheques written in other languages shall be accepted or cashed. 4. The Bank may refuse to pay the amount of the cheques drawn on the Customer’s account if there are no sufficient funds regardless of the fact that other accounts of the same Customer may be in credit balance, unless he/she/ it authorizes the Bank in writing to cover the cheque amounts or any other withdrawals from its other current or saving accounts with the Bank. 5. The Bank may honor the value of the cheques or other commercial papers drawn on the current account of the Customer, even if this were to cause the account to be overdrawn. The Customer undertakes to pay all due amounts in his/her/its overdrawn account immediately or when required by the Bank. 6. The Bank shall have the right to withhold payment on any payment orders or written cheques written on any forms other than Bank approved forms, without any responsibility whatsoever on the part of the Bank. 7. Requests to Stop Payments: The Customer instructions to stop the payment of cheques issued by him/her/ it shall not be binding unless such instructions fall within the scope of applicable laws and regulations in the UAE.
1.1- Warning and Legal Consequences applicable to Current Accounts: b. If four (4) or more cheques are returned due to insufficient fund in a year, this can lead to account closure and / or a negative report to Al Etihad Credit Bureau (AECB). c. The Customer shall ensure that he/she reports any unauthorized transactions to the Bank on his/her account within 30 business days from the date of sending the account statement and/or e-statement 2- Investment Savings Deposit Account: a. Definition: It is a deposit for unlimited period whereby the depositor (Rab Al mal) authorizes the Bank (Mudarib) to invest the funds based on unrestricted Mudaraba contract in accordance with the principle of Sharia. b. The Bank shall not issue cheque books for the investment savings accounts holders and the Customer shall not issue written payment orders on such account. c. Withdrawal: The Customer may withdraw from his/hers/ its account once per month. The withdrawn amount shall not participate in the investment during that month. The entire balance shall not participate in investment during the month where the withdrawals exceed one. d. Invested Amount: The Bank, from time to time, determines the minimum and maximum amount to be invested. e. Profit Calculations: Participation of the invested amounts in the profit shall start from the next business day in which the deposit is made. f. Participation in Profits: Funds of investment savings deposit account and other un-restricted investment deposit accounts shall be invested on unrestricted Mudaraba basis in the joint investment pool amongst the depositors and the shareholders. The Bank shall invest balances of investment savings accounts according to the weightages notified and displayed at the Bank’s website and branches. g. In case the deposited amount in the investment savings account is less than the minimum amount limit, which is determined by the Bank’s management and displayed at the Bank’s branches, then the investment savings deposit accounts shall be treated as a current account and shall be governed by its rules (In respect of being a demand interest-free loan "Qard Hassan" that is guaranteed to be repaid in equal amount. Thus, it does not participate in the investment profits; nor does it bear its risks), and in such a case, it shall be subject to charges imposed on current accounts. h. Profit Distribution: The net profits of the joint investment pool shall be distributed amongst the shareholders and the depositors according to their respective weightages in the invested funds. The Bank, as (Mudarib), shall be entitled to 90% of the realized net profit of the depositors’ share of Mudaraba profit (or as amended from time-to-time subject to 90 days prior notice to the depositors). i. If the investment circumstances require to change the investment weightages of the investment savings accounts balances or Mudarib’s percentage of the realized net profit, then such change shall be notified in writing to the Customer at its address. In addition, the Bank management shall notify and display such change at the Bank’s branches and this modification shall become effective in the quarter following the quarter in which the modification was made. ii. Profits, if any, of investment savings account shall be credited to the Customer’s account within a period not exceeding fifteen days of the subsequent month following the yearly quarter for which the profit is being distributed unless the Customer had requested otherwise. The Customer authorizes the Bank to invest profits from the date it is credited into the account on the same investment terms and conditions of the investment savings deposit accounts. iii. The Bank as Mudarib, reserves the right to deduct a certain percentage of the depositors’ net Profit in the joint investment pool after deducting the Mudarib’s share to hedge against investment risks solely for the benefit of the depositors. Such funds shall be deducted, held and distributed only after obtaining Internal Shariah Supervision Committee of the Bank, in accordance with the applicable Profit Distribution Policy of the Bank.”the ISSC”. iv. The Bank as Mudarib reserves the right to deduct a certain percentage of the net profit from the share of the depositors in the joint investment pool after deducting the Mudarib’s share, to create an investment risk reserve solely for the benefit of the depositors. Such funds shall be deducted, held, invested and distributed in accordance with the applicable Profit Distribution Policy of the Bank. v. The Bank, as Mudarib, reserves the right to deduct, a certain percentage of the shares of both the depositors and the shareholders from the net Profit in the joint investment pool before deducting Mudarib’s share, for the purpose of profit stabilization (profit equalization reserve)/smoothing for the benefit of the depositors and shareholders. Such funds shall be deducted, held, invested and distributed in accordance with the applicable Profit Distribution Policy of the Bank only after obtaining approval of the ISSC. vi. If the Customer closes his/her account, he/she shall release the Bank and remaining depositors from any responsibility / liability regarding his/her/its rights in any undistributed or non-apparent profit. In addition, all the depositors relieve the Customer closing his/her/its account from any responsibility pertaining to any losses that have not yet become apparent. Accordingly, the Customer who closes his/her/its account will take the realized profit and waives his/her/it future right (if any) for the remaining depositors. Similarly, the remaining depositors releases him/her/it from his/him/her future liability (if any).
2.1- Warning and Legal Consequences applicable to Savings Accounts: b. The Customer shall ensure that he/she reports any unauthorized transactions to the Bank on his/her account within 30 business days from the date of sending the account statement and/or e-statement. c. Safe custody of access tools to his/her account like Debit card, PINs, T-Pins, Online/Mobile Banking usernames, passwords; other personal information, etc. is his/her responsibility. The Bank cannot be held responsible in case of a security lapse at his/her end. The Central Bank of UAE or Dubai Islamic Bank PJSC will never Call/ SMS/ Mail/ Email to ask for Customer’s confidential details and other sensitive information related to bank accounts. The Customer must be aware of this fact that sharing such information with anyone might cause financial fraud. Similarly, The Customer must be cautious of phishing emails asking the Customer to click on link and for instance, change the password of his/ her bank account. d. The Bank, as Mudarib, reserves the right to deduct, a certain percentage of the shares of both depositor and shareholders from the net Profit in the joint investment pool before deducting Mudarib’s share, for the purpose of profit stabilization (profit equalization reserve) for the benefit of the depositors and shareholders. Such funds shall be deducted, held, and distributed in accordance with the applicable Profit Distribution Policy of the Bank. e. In case of any loss, the depositor (the Customer as Rab Al Mal) shall bear a loss pro-rated against its share in the Mudaraba pool except in cases of misconduct, negligence or breach of contract on the part of the Mudarib, in which case the Mudarib shall bear the loss. 3- Unrestricted Investment Deposit Account: a. Definition: A fixed term deposit in which the depositor (Rab Al mal) authorizes the Bank (Mudarib) to invest the funds on the basis of Mudaraba contract in accordance with the agreed terms and conditions. b. The Bank shall, from time to time, determine the minimum and maximum limits for accepting the investment deposit in local currency or its equivalent in other currencies. c. Investment Term: The investment of the deposit shall start from the working day following the day on which the funds are deposited for a specific term ranging from1, 2, 3, 6, 9 to 12 months as requested by the depositor. d. Deposit Receipt Advice: The Bank shall issue a receipt of investment deposit advice to the Customer, showing the amount deposited, the investment term, the effective date of the deposit and its expiry date, investment weightages and applicable share of the Mudarib. This deposit receipt may not be transferred or endorsed to a third party without a written approval of the Bank. e. Renewal of the investment deposit: Unless instructed otherwise by the Customer 15 days prior to the date of expiry of the Invest Deposit term, the deposit shall be automatically renewed on the same terms and conditions. f. This deposit, other unrestricted investment deposits and investment savings accounts shall be invested in accordance with Mudaraba basis in the joint investment pool amongst the depositors and shareholders. The Bank shall invest the depositors' funds for different investment terms according to weightages as notified and displayed at the branches and website of the Bank. g. Profits Distribution: The net profits of the joint investment pool shall be distributed amongst the shareholders and depositors according to their respective weightages in the invested funds. The Bank, as Mudarib, shall be entitled to 90% of the depositors' share of Mudaraba profit (or as amended from time-to-time subject to 90 days prior notice to the depositors). h. If the investment circumstances require the change in the investments’ weightages of the unrestricted investment deposit or percentage of the Mudarib from the realized net profit, the Customer shall be notified in writing at its address. The Bank’s management shall also notify and display such change at the Bank’s branches and website and this modification shall become effective as from the quarter following the quarter in which the modification was made. i. Withdrawal of the investment deposit: The Customer, who withdraws –his/ her/ its investment deposit after its expiry date, and before the distribution of profits, acknowledges that-he/she/ it shall bear his/her/ its share of losses - God forbid - which may appear later. j. The realized profit, if any, on the deposit amount shall be due on the last day of each Calendar quarter and will be credited to the Customer's account within a period of one (1) month from the end of the quarter for which the profit is due. k. Except for the unrestricted investment deposits in the UAE Dirhams, the Bank shall not be obliged to refund the deposits in the same currency in which they were deposited. However, the Bank undertakes to pay it by issuing a demand draft or transfer in the same currency at the exchange rate prevailing as of the day of refund. l. The Bank is not bound to accept withdrawal request from the depositor before its expiry. In special cases the management of the Bank may allow withdrawal of the deposit. Withdrawal of AED 1 million or more shall require five working days prior notice to the Bank. Deposit(s) withdrawn before maturity i.e., Broken Deposit(s), will only be eligible for the profit applicable for such deposit(s) as per the Bank’s applicable policy (as set out in Schedule of Charges), and the Bank has the right to make the necessary settlement to recover any extra profit paid earlier. m. The Bank as Mudarib reserves the right to deduct a certain percentage of the net profit from the share of the depositors in the joint investment pool after deducting the Mudarib’s share, in order to create an investment risk reserve solely for the benefit of the depositors. Such funds shall be deducted, held, invested and distributed in accordance with the applicable Profit Distribution Policy of the Bank. n. The Bank, as Mudarib, reserves the right to deduct, a certain percentage of the share of both depositor and shareholders from the net Profit in the joint investment pool before deducting Mudarib’s share, for the purpose of profit stabilization (profit equalization reserve) for the benefit of the depositors and shareholders. Such funds shall be deducted, held, invested and distributed in accordance with the applicable Profit Distribution Policy of the Bank. o. In case the Customer closes his/her/its account; this shall release the Bank and remaining depositors from commitment towards his/her/its rights in any undistributed or non-apparent profit. In addition, all the depositors shall relieve the Customer closing his/her/its account from commitment towards any losses that have not yet become apparent, therefore, the Customer who closes his/her/its account will take the realized profit and waives his/her/it future right (if any) for the remaining depositors. Similarly, the remaining depositors shall relieve him/her/it from his /her/its future liability (if any). p. The Customer may, by notice in writing to Bank and/or through any of Bank’s channels availed from time to time (including Online or Mobile Banking), request immediate liquidation or termination of the Investment prior to the Investment Maturity Date. Any such request shall be for the liquidation of the full amount of the Investment outstanding at that time and not part only. q. The Bank will provide accurate, relevant and timely information to investment account holders related to investment and performance of the Funds through periodic disclosures including published financial statements of the Bank” 3.1 Warning and Legal Consequences applicable to Investment Deposits: a. The Bank, as Mudarib, reserves the right to deduct, a certain percentage of the shares of both depositor and shareholders from the net Profit in the joint investment pool before deducting Mudarib’s share, for the purpose of profit stabilization (profit equalization reserve) for the benefit of the depositors and shareholders. Such funds shall be deducted, held, and distributed in accordance with the applicable Profit Distribution Policy of the Bank. b. In case of any loss, the depositor (the Customer as Rab Al Mal) shall bear a loss pro-rated against its share in the Mudaraba pool except in cases of misconduct, negligence or breach of contract on the part of the Mudarib, in which case the Mudarib shall bear the loss. 4- Dormant Accounts/Deposits: a. Any individual Account held by the Customer, shall be classified as “Dormant” if: i. There have been no financial transactions (withdrawals or deposits), other than transactions initiated by the Bank (such as profit, and charges posted by the system or manually) for a period of 1 year and the account is not blocked based on instructions of regulatory bodies. ii. The Customer’s KYC has not been updated for at least 1 year, iii. The Customer’s EID/ Passport information has not been updated for at least 1 year, and iv. The Customer does not have active assets with the Bank. b. Joint accounts shall be classified as “Dormant” if there have been no financial transactions (withdrawals or deposits), other than transactions initiated by the Bank (such as profit, and charges posted by the system or manually) for a period of 1 year and the account is not blocked based on instructions of regulatory bodies. c. For the accounts that are classified as “Dormant”, the Bank shall have the right to refuse to debit the account including cheques, transfers, or any other commercial papers. d. The Customer shall bear full responsibility for any consequences, claims, proceedings, or losses related thereto and acknowledges that the Bank, in all cases, shall not be liable for such action. The Customer should approach the Bank and submit a request for re-activating or closing the Account. e. Any requests by Customer to issue certificates or letters of any kind shall be declined if his/her account with the Bank remains Dormant unless the Bank is provided with a written request by a competent UAE Court. f. For the accounts that are classified as “Dormant”, at (3) years plus (3) months (after sending notification to the Customer) from the date of the last transaction (financial or non-financial), account balance shall be placed under “Dormant Account Ledger” category at the Bank. Moreover, Customer’s address shall be considered as unknown if the Customer did not respond to the Bank’s notification by making a transactional action within 3 months of the notification g. For the accounts that are classified as “Dormant”, at 5 years from the date of the last transaction (financial or non-financial), account balance shall be transferred to the “Unclaimed Balances Account – Dormant Accounts” held with the Central Bank of the UAE. Due charges (if any) shall be deducted prior to transferring net amount of a dormant account to the Central Bank of the UAE. h. Realized Profit, if any, on savings/investment deposits shall continue to be paid depending on the agreed terms between the Customer and the Bank, until the unclaimed funds are transferred to Central Bank of the UAE. i. The accounts whose balance has been transferred to the “Unclaimed Balances Account – Dormant Accounts” at the Central Bank of the UAE, shall be closed. j. The Customer has the right to claim his/her Dormant Account balance and / or unclaimed amount that remains with the Bank in the original currency of the balance/amount, after activating his/her dormancy status through the Bank's dormancy activation process. k. The Customer must visit the branch in person to activate account upon approval of the branch manager. The Customer’s identity shall be verified and the contact details, KYC, FATCA, CRS and required forms by the Central Bank of the UAE shall be updated. Power Of Attorney shall not be accepted for activation of individual accounts. l. Customer, and all individual accounts held by the Customer, classified as “Dormant”, shall be made active if the Customer activates his/her dormancy status through the dormancy activation process. Dormancy activation shall include all individual accounts i.e., the Customer Identification File (CIF). m. Once account is classified as dormant, e-statement and physical statements shall not be generated. However, Customer will not be precluded from other routine Bank communications. n. The Customer has the right to claim his/her Dormant Account balance and / or unclaimed amount that was transferred to the Central Bank of the UAE in local currency only and shall be settled after receipt of funds from the Central Bank of the UAE and such amount shall be considered as the Customer’s final balance. o. Cheques, Bank Drafts or Cashier orders issued on the request of a Customer shall be classified as “unclaimed” if not claimed by the beneficiary of the Customer for 1 year counting from the date of issuance. p. The amounts that continue to be classified “unclaimed” for period of 3 months after sending a notification to the issuer / requester shall be transferred to the banks internal GL account (i.e., “Unclaimed balances”) account. q. The amounts that continue to be classified “unclaimed” for period of 4 years shall be transferred to “unclaimed balance accounts – Dormant accounts” at the CBUAE. r. Foreign currency amounts/balances shall be converted to local currency before transferring them to the CB UAE and the prevailing conversion rate shall be the rate of date of transfer at the Bank’s published Customer rates. s. The Customer shall not be permitted under Dormant Account to do any transactions through Internet Banking, Mobile Banking, and other electronic channels. The Customer shall have the access only upon activation of the account. The Customer shall not be charged for these non-accessible services. t. Auto-Renewable Investment Deposit Accounts or other deposit accounts shall be classified as “Inactive: Eligible for Dormancy” if the Customer did not make a financial transaction on a deposit account and/or Current account/Savings account for a period of 1 year (counting from the first maturity date of such deposit account) and the account is not blocked based on instructions of regulatory bodies (UAE CB, Court, etc.). u. Auto-Renewable accounts classified as “Inactive: Eligible for Dormancy” shall be declassified if the Customer makes a financial transactional action on such account before the account is marked ‘Dormant’. v. The Customer irrevocably accepts and agrees that the UAE Central Bank shall not be under any liability or responsibility towards the Customer arising from or in connection with the transfer of any amounts available in the Dormant Accounts or Unclaimed Balances to the UAE Central Bank as per the provisions set out in the UAE Central Bank regulations. (a) If the Customer changes his/her address or contact numbers, he/she should inform the Bank through relevant channels. 5- Joint Account: a. Definition: It is an account opened for two or more persons jointly whereby they have equal rights and obligations unless otherwise agreed by the joint account holders. b. Account Management: The Joint Account shall be managed by all joint account holders or according to their instructions or by a person who holds an official authorization issued by the joint account holders. The joint account holders shall nominate a single joint account holder to receive all communications from the Bank, including but not limited to letters, notices, emails, account statements, SMS’s, OTPs and verificatory telephone calls to the joint account holders in respect of the joint account. All communications sent to the nominated joint account holder shall be deemed to be full and effective communication by the Bank to all joint account holders, in full satisfaction of the Bank’s obligations to the Customer in this regard. c. Credit Facilities: None of the Joint Account holders or their agents may request credit facilities in their personal names under the security of the Joint Account or in the name of the account unless upon a written consent of all the joint holders. d. Electron Card/ Phone Banking /PIN: The Bank may issue Electron Card/ Phone Banking/PIN for each of the joint account holders if each of them is authorized to manage the account by individual signature only. All the holders shall be jointly and severally liable for all financial obligations arising from the use of such services. 5-1 Attachment of the Account and set-off: a. If the bank is notified to impose an attachment on the balance of a joint account holder, such attachment shall be enforced only on his/her share. The Bank shall stop withdrawals from the joint account in an amount equal to the attached share or as decided by the authority issuing such attachment. In such case, the Bank shall inform the account holders or whoever represents them of the seizure/attachment within no more than five days as of the date of placing the attachment. b. Where the Bank is affecting a set-off between the various accounts of an account holders of a joint account, it may not include such joint account in the set-off, except with the written consent of the other account holders. c. Account Freezing: If a joint account holder dies or loses legal competence, the other joint account holders shall notify the Bank of the same within ten days from the date of the death or the loss of competence. The Bank shall suspend withdrawal from the joint account up to the share of the concerned account joint holder in the joint account’s balance as on the date of the death or the loss of competence. Withdrawal from the share of the account joint holder who dies or loses legal competence shall not be allowed until successor is appointed. d. Terms of Account: The Terms and Conditions of the Current Accounts/ Investment Savings Accounts/ Investment Deposits/Wakala Deposits shall apply to the Joint Account, and shall be an integral part of these terms and conditions and completing them in a manner that shall not prejudice the terms and conditions of the Joint Account 6- Corporate Account: a. Definition: Accounts opened for companies, firms, clubs, associations, charity organizations, money exchange houses and similar organizations that are registered in the UAE in their different types. Persons who are duly authorized to sign on behalf of such firms or their legal representatives may operate such accounts. b. Terms and conditions of opening companies and, similar organizations Accounts: 1. The authorized signatories mentioned in the account opening agreement and their agents who have official powers of attorney may carry out all banking and investment transactions with the Bank in accordance with the powers granted to them under the Memorandum of Association or under the official powers of attorney. 2. The owners of companies/ their legal representatives, or organizations indebted to the Bank in any way, undertake to pay all the Bank's due in accordance with the relevant law. 3. The partners shall notify the Bank promptly of any changes in the memorandum and articles of association of the company/ organization such as change in its Board of Directors, legal form of the company/ organization, any changes in the authorized signatories or otherwise. The Bank shall bear no responsibility in the event of not being notified in writing of any of these changes. c. Terms and Conditions of association, clubs, and similar organizations Accounts: 1. Submission of a resolution from the Board of Directors specifying the name and capacity of those who have the right to sign and manage the account or any amendments thereto. 2. The account shall be operated pursuant to the terms and conditions to be determined by the Board of Directors of the club or association. 3. Clubs, associations, and similar organizations shall produce the decision of registration of the club, association or similar organization issued and signed by the official competent authority in the UAE upon submission of the application for opening the account. d. Terms of the Account: The terms and conditions of the Current Accounts/ Investment Savings Accounts/Investment Deposits shall apply to the Corporate Accounts and shall be an integral part of these terms and conditions and completing them in a manner that shall not prejudice the terms and conditions of the corporate Accounts. 7- Individual Establishments’ Account: 1. It is an account opened in the name of an establishment by its sole proprietor to be operated by him or by his dully authorized representative. 2. The owner of the establishment shall notify the Bank promptly of any changes in his establishment such as the change in the ownership, the authorized signatory. 8- Debit Card: a. Definition: It is a Card that is used to withdraw cash from ATMs and for purchases and services through points of sale inside and outside the UAE. The deduction shall be made directly from either current or savings account. b. The Customer shall notify the Bank immediately in case the card is lost/stolen. The Customer shall bear any damages resulting from the period between the loss/theft and time the Bank is officially notified of such lost/theft. c. Cash or cheques deposits are accepted by card in ATMs of the Bank only. Cash deposits shall be credited into the account of the Customer on the working day following the date of depositing after verification by the Bank of the correctness of the deposited funds. The approval of the Bank as to the correctness of the funds so deposited shall be final and binding. The receipt issued by the ATM represents only the details of deposit made by the Customer. The cheques deposited shall be credited after the collection of the value thereof. In all cases, the Customer is solely responsible for any deposits in fake currencies made to its account using ATM, without any responsibility on the Bank in this regard. d. The Bank shall not be liable to the Customer for any failure to fulfill obligations or provide any service as a result of misusing of the ATM, exhaustion of cash in in the ATM, the card damage, fault of computers, communications or power failure or any other technical failure, including the failure of the system or other reason. The Bank shall not bear any losses or damages arising out of that. e. The Customer shall be fully responsible for all purchase transactions made by means of using the Card and the Bank shall not be responsible in case the card is rejected or not accepted by third parties. f. The Bank at its discretion may offer Transaction Protection Policy coverage for DIB Debit Cards transactions which safeguards the Customers from small value transactions being declined due to insufficient funds. Customer’s eligibility shall be calculated on a monthly basis as per the criteria set by the Bank and is subject to change. h. The Bank shall have the right to deduct fees for the using of ATMs operated by other Banks through the UAE Switching System (UAE SWITCH) according to the Central Bank’s regulations and Bank’s fees. i. Transfer through Debit Card from and into Savings Account is governed by the terms and conditions of savings account. j. Purchases and withdrawals outside the UAE registered on the card holder’s account are valued in the US$ and then by UAE Dirham on the transaction date and in the currency exchange rate prevailing on that day. The prescribed fees shall be added for each cash withdrawal. k. The Bank is entitled to add, delete, modify or suspend any of the services provided through the Debit Card, from time to time, without prior notice or giving reasons. l. The Bank shall not issue Debit Cards to corporate entities; However, business account holders can get Islamic Debit Card at the sole discretion of the Bank. m. Laws of the United Arab Emirates, instructions of the Central Bank and Visa International Corporation’s terms and conditions relating to the using of the Card shall be applied in a manner that shall not prejudice the provisions of Sharia. In the case of a dispute arising, the courts of the United Arab Emirates shall be competent to decide on such dispute. n. Any change in the legal status, name or/and ownership of the Customer shall be notified immediately to the Bank failing which shall cause to the suspension of the services. 9- Phone Banking: a. Definition: It is a service through which the Customer contacts a certain phone number for carrying out banking transactions to its accounts, using a personal identification number (PIN) provided by the Bank for this purpose, according to the following terms: b. The Customer identifies himself/herself on the phone by indicating his/her account number and his/her PIN of the phone banking before requesting service. c. The Customer may give instructions to the Bank over the phone (either through automated response system or through the assistance of the Bank employee) to provide certain services to the Customer. d. The Bank shall not be liable for damages and losses resulting from implementing the instructions of the Customer through the phone banking as long as they are issued correctly. e. The Customer agrees that the Bank may record his/her phone conversations with the Bank. f. In case of loss/disclosure of the PIN, the Customer should notify the Bank immediately to take the necessary action and the Bank shall issue a new PIN at the expense of the Customer. The Customer shall remain responsible for all transactions made to his/her accounts over the Phone Banking until the date of notifying the Bank of loss or disclosure. g. The Bank shall not be liable for any loss or damage due to stoppage or failure of the system, including non-execution of transactions or instructions of the Customer. h. Transfer through Phone Banking from and to savings account shall be subject to savings account terms and conditions. i. The Bank shall reserve the right to add, delete, modify or suspend any of the services provided through the Phone Banking, from time to time, without prior notice or giving reasons. j. In case of sending information by fax within UAE using Phone Banking, the Bank shall have the right to deduct fees from any current or savings accounts of the Customer with the Bank for each transmission. The Customer shall bear the responsibility for maintaining the confidentiality of information sent to him by fax. Third Section 1- ELECTRONIC BANKING SERVICES a) Electronic Banking Services include: b) (Al Islami Online Banking): DIB Online Services c) (Al Islami Phone Banking): DIB Phone Banking service. d) (Al Islami Mobile): DIB Mobile Banking Service/ Mobile App. e) (Al Islami SMS Banking): DIB SMS services for Individuals. f) (Al Islami Business Online): DIB Online Services for corporates. g) (Al Islami Business Alerts): DIB SMS services for corporates. h) E-statement, Al Islami Business Online, Business Alerts or any other services offered electronically by the Bank. 2. All transactions accepted and implemented by the Bank based on the instructions of the Customer shall be at the expense and responsibility of the Customer and the Customer shall be bound by these instructions. 3. The Bank may, without referring to the Customer, deduct from the Customer's account any expenses, fees, or commissions payable against the banking services and products rendered to the Customer provided by Electronic Banking Services, pursuant to banking fees and commissions regulation approved by the Bank. 4. The Bank shall not be liable before the Customer if the amount credited or transferred to the Customer’s account is reduced because of fees or value depreciation, nor shall the Bank be held liable if the Customer was unable to receive his/her funds as a result of any restrictions or regulations issued by the court or the competent authorities. 5. The Customer may have a printout of his/her statement of account through Al Islami Online Banking/Al Islami Business Online. In the event of any objection, the Customer shall notify the Bank in writing within fifteen (15) days from the date of the account statement printout. If the Customer fails to notify the Bank within the period mentioned, the account statement shall be deemed correct and accepted by the Customer. 6. The Bank shall not be liable for any damage, error or loss that may occur when the Customer uses the Electronic Banking Service. The Customer alone shall be responsible for the accuracy of the information and data entered and for any change or modification that may take place to such information or data from time to time. The Customer shall also be responsible for settlement of any dispute arising out of the utility bill payment with the concerned utility institution. 7. The Customer shall be committed to discharge the Bank and its employees from all obligations and liabilities arising as a result of electronic transactions under which the Customer accepts transactions. 8. The Bank may refuse any requests, instructions or services requested by the Customer if the Customer fails to comply with the necessary procedures as provided in the Bank's Website or in this Terms and Conditions or if information and data are incorrect or are in violation of the laws applicable in the United Arab Emirates. 9. The Bank shall not bear any responsibility resulting from non-execution of the transaction or service requested by the Customer if such fault or default is beyond the control of the Bank, its agents, and employees and if the Customer is notified of such fault or default by any acceptable and appropriate means. 10. The Customer shall permit the Bank, at any time, without prior notice to the Customer, to freeze and set-off any amounts of whatsoever value or type in the Customer's accounts held by the Bank in the name of the Customer from one account to another irrespective of their types or names, or whether they are individual and/or joint and whether in the local or foreign currencies, whereby each such account shall be considered as a security for the other accounts jointly or severally for the settlement of any of the indebtedness due from the Customer or his/ her guarantor to the Bank. 11. The Customer accepts that the Bank's record of electronics financial transactions shall be conclusive evidence of such transactions (unless the Customer proves the contrary) and legally binding on the Customer for all the purposes in any claims or disputes that may arise later between the Bank and the Customer. 12. The Customer shall adhere to notify the Bank immediately if his/her mobile is lost or stolen. The Customer indemnifies the Bank from all losses and damages incurred by the Bank resulting from failure to notify the Bank. 13. The Customer undertakes to discharge the Bank in full for all damages and claims of any kind and shall waive, release, and discharge the Bank, its staff and its affiliates from any claims, obligations or rights that may arise as a result of the use of service, transmission of his/her personal information and data of his/her accounts and transactions via GSM and the world wide web (Internet). 14. The Customer is responsible to notify the Bank to update his latest contact details (Mobile number & Email ID) in DIB records at all times. 15. Joint Account: Customers holding joint accounts who have separate signatures are entitled to subscribe to the Electronic Banking Services by submitting separate applications. In this case the conditions of Joint Accounts shall be applied. 16. Loss or misuse of Personal Identification Number (PIN): The Customer must send a written notice to the Bank immediately if the Password is lost, disclosed, or misused, so that the Bank would take the necessary precautionary measures. The Bank may issue a new Password at the expense of the Customer who is fully responsible for any transaction that takes place in his/her account as a result of the disclosure or misuse of Personal Identification Number until the Bank issue a written notice to the Customer confirming the receipt of the Customer's written notice. 17. The service of electronic account statements and all other services shall be provided at the sole responsibility of the Customer. In case the relevant data are disclosed, the Bank shall not be held responsible towards the Customer of any direct, indirect, loss or damage resulting from this disclosure and/or from provision of such electronic data through the e-mail of the Customer. 18. In case of any dispute arising about an amount written in figures and in words, the amount in words shall be adopted. 19. The Bank shall not be held responsible for any use or unauthorized change of the Customer's data by any party outside the Bank. 20. The Bank may at any time provide new services to the Customer or, with the required notice, amend the fees by increase or decrease and deduct them from the Customer's accounts at the Bank. 21. The Bank may, at any time and without notices or giving reasons, stop or refuse the provision of all the Electronic Banking Services. 22. The Customer acknowledges that part of the Electronic Banking Services is free. However, the Bank reserves the right to impose fees on the services, according to its sole discretion, and may change its policy as it deems appropriate, upon giving notice to the Customer in an appropriate manner. 23. The Customer acknowledges and agrees that the delivery of some Electronic Banking Services shall be confirmed by a confirmation message sent to the e- mail addresses provided by him/her to the Bank. Therefore, the Bank shall not be responsible or liable for any delay in the provision of Electronic Banking Services, relevant messages and notices, non-delivery of statements (or SMS), any shortage or division as a result of stopping, delaying, preventing or filtering of e-mail messages by the Customer's internet service provider, the system of e-mail, or by any service provider or any other party. 24. The failure of the Bank at any time to require the performance by the Customer of any provisions thereof shall not affect the full right of the Bank to require such performance at any time thereafter. 25. Notices and Correspondence: As provided for this contract, all notices and correspondence exchanged between the Bank and the Customer shall be in writing and addressed as follows: 26. If to the Bank the notice correspondence shall be sent to the address of the branch where the Customer’s account is opened or to the head office of the Bank. 27. If to the Customer, the notice correspondence shall be sent to his/her address indicated in the account application form or any such other address as the Customer may notify the Bank from time to time. 28. E-statement service: all services are provided entirely at the Customer’s sole risk and in case of disclosure of the released statement, the Bank shall not be liable to the Customer for any direct, indirect special, incidental, or consequential loss or damage, which may arise in respect of this disclosure and/or delivery of this e-statement service through the e-mail address(es) stated above. 29. It is the responsibility of the Customer to immediately inform the Bank in writing about any change in information about the user registered for this service. The Bank shall not be held liable for any loss or damage that may arise due non-updating of user details. 30. Any change in the legal status, name or/and ownership of the Customer shall be notified immediately to the Bank failing which shall cause to the suspension of the services. 31. Terms and Conditions governing the OTP service by SMS or Email
32. One Time Password (OTP) is used for security verification where Customers are required to key in a digit code when making online transactions/operating DIB digital application. The OTP will be sent via short messaging system (SMS) and/ or e-mail to Customer’s registered mobile number/e-mail address registered with Dubai Islamic Bank. Customer will receive OTP via SMS/e-mail; when abroad if the registered mobile phone number is on roaming mode at Customer’s own cost of prevailing telco charges or any fee may be imposed by respective mobile phone service provider or any other party, provided telco supports and provides such international SMS on roaming facilities. Delivery of the OTP via e-mail may be subject to delayed transmission due to network congestion or other system/internet related parameters. The Customer acknowledges that the delivery of the OTP may be delayed or prevented by factor(s) outside the Bank’s control. The Bank shall not be liable for any loss, damage, expenses, fees, costs (including legal costs on a full indemnity basis) that may arise, directly or indirectly, in whole or in part, from: b) The non-receipt of the OTP, d) Reliance on or use of the information provided in the OTP, e) Misuse of OTP, The Customer accepts full responsibility for the security in using of the OTP Service and agrees to act prudently and in good faith when using the OTP Service, including by taking the measures listed below to safeguard the security of the OTP Service: i. The Customer must not disclose to any other person or otherwise permit or enable any other person to obtain any OTP; and if there is any actual or suspected misuse of the OTP and/or the device used for receiving OTP, the Customer must notify the Bank as soon as reasonably practicable and written confirmation of any such notification must also be provided to the Bank together with detailed information of the misuse. ii. The Customer must follow the Bank’s security recommendations and any other notices relating to the OTP Service which may be issued from time to time. iii. The Customer shall be liable for all transactions conducted in his/her account(s) through Bank’s channels of service using the OTP Service (including use of the OTP Service by any other person with the OTP received as SMS via the registered mobile number or email address registered with the Bank). iv. The Bank shall not be liable to the Customer and/or any third party for any modification, non-availability, malfunctioning, suspension, or discontinuance of the OTP Service, whether within or outside the Bank’s control. v. The Bank reserves the right to suspend or terminate the OTP Service or its use temporarily or permanently at any time, without prior notice to the Customer, for any reason where the Bank considers necessary or advisable to do so, including, but not limited to, when there is a suspected breach of security, or when the Bank has reasonable grounds to suspect that the information provided by the Customer is untrue, not current, incomplete or inaccurate. vi. Any online or other transactions initiated or conducted using the OTP Service prior to its termination or suspension will remain valid and the Customer will continue to be bound by their liabilities and obligations under these Terms and Conditions in respect of such transaction. Business Alerts: 1. The Bank will take reasonable care to ensure that any message of Business Alert it sends reaches the Customer and that is accurate and complete, the Bank cannot guarantee this as it depends upon the reliability of the text messaging or mailbox service provider, internet and the network operator for your mobile phone(s) as well as geographic and other conditions or circumstances beyond our control. The Bank shall not be liable for any loss caused by delay or failure of any message of Business Alert to be received by the Customer/ Customer’s Users’ mobile telephone or mailbox/email. 2. The Bank will not be liable to the Customer for any loss that Customer may suffer due to any event or circumstance beyond our reasonable control which leads to the service being wholly or partly unavailable such as, but not limited to, technical breakdown, strikes or other industrial action or communications or power failure. 3. The Bank shall not be liable to the Customer for any loss or damage arising out of Customer’s use of the Service to the extent that such loss or damage is indirect, consequential, or special, or, without prejudice to the foregoing, is a loss of business or profits, or a loss of data, whether the bank has been advised of the possibility of such loss or damage. 4. Customer agrees to pay the fees for the Service (if any) as set out in the bank’s schedule of charges and details of which can be found on its website or branches. 5. The Bank reserves the right to amend the fees for the Service at any time at its sole discretion by giving Customer sixty (60) days advance notice. Such notice may be in any form that the Bank deems appropriate, including notice on its website, SMS/ email notification or physical advice. 6. Customer undertakes to pay the Service fees, if any, for Business Alerts and understands that the set up & monthly fees will be deducted from their current/savings account. 7. Customer understands that the monthly fee is levied for each user of the company who is registered for the Business Alert service. 8. Bank has the right to recover any overdue fees of the Service from other relationships of the Customer apart from the primary account number in any currency without referring to the Customer or obtaining prior approval. 9. Bank reserves the right to discontinue, without prior intimation, the service due to Customer’s default on payment of the specified service charges, if any. 10. It is the responsibility of the Customer to immediately inform the Bank in writing about any change in information about the user registered for this service. The Bank shall not be held liable for any loss or damage that may arise due to non-updating of user details. Any change in the legal status, name or/and ownership of the Customer shall be notified immediately to the Bank failing which shall cause to the suspension of the services. 11. The Bank reserves the right at all times to amend the terms & conditions relating to Business Alerts or introduce new terms & conditions relating to Business Alerts by giving the Customer sixty (60) days advance notice. Al Islami Business Online: The Customer (as defined below) intends to use Dubai Islamic Bank’s Online Service (Service) and the Bank is willing to make the Service available to the Customer in accordance with and subject to these terms and conditions. In the event of any conflict between the provisions of these Online Terms and Conditions and the Terms and Conditions, the provisions of these Online Terms and Conditions shall prevail. 1- Enrollment: 1.1 Each Corporate User will be issued with a Username and a Password notified to them directly but mostly at separate intervals. 1.2 The Customer shall follow the guidance provided by the Bank either in person or online in designating the Username and the Password for identifying the Customer for the purposes of the Service. 1.3 The Customer shall act in good faith, exercise reasonable care and diligence in keeping the login credentials secret. At no time and under no circumstances the Customer shall disclose directly or indirectly the login credentials to any other person or permit the login credentials to come into the possession or control of any other person. 1.4 The Customer shall be fully responsible for any accidental or unauthorized disclosure of the login credentials to any other person and shall bear the risk of the login credentials being used by unauthorized persons or for unauthorized purposes and the Customer agrees that the Bank shall not be responsible or liable for such disclosure and shall indemnify the Bank from any loss, damage or cost the Bank may incur as a result thereof. 1.5 Upon notice or suspicion of login credentials and/or the login credentials being disclosed to, and/or the login credentials being lost or has otherwise come into the possession or control of any unauthorized person or any unauthorized use of the Service being made, the Customer shall notify the Bank as soon as practicable (and the Bank may ask the Customer to confirm in writing any details given) and, until the Bank's actual receipt of such notification, the Customer shall remain responsible for any and all use of the Service by unauthorized persons or for unauthorized purposes. However, the Bank shall not be responsible or liable for any failure to act upon such notification if it is received at a time or under circumstances that renders the Bank unable to comply therewith. 2- Commands: 2.1 The Customer is required to quote anyone or more of the login credentials and any other identifiers as shall be prescribed by the Bank from time to time to log-on to the Service and give Commands to the Bank Online. Commands in connection with the Service shall not be considered to be received by the Bank unless they are given in such manner as the Bank may prescribe from time to time and until the Bank has actually received them. The Bank will only accept a Command if it has been effected through the Service using an appropriate login credentials and any other identifiers in accordance with these Terms and Conditions. 2.2 The Customer requests and authorizes the Bank to treat all apparently valid Commands received by the Bank as commands properly authorized by the Customer, even if they conflict with the terms of any other mandates given by the Customer at any time concerning the Customer's Accounts or affairs. Subject to the Bank's obligations in Clause 2.1 above, the Bank shall be under no other obligation to check the authenticity of Commands or the authority of the person(s) giving them. 2.3 The Customer is responsible for the accuracy and completeness of Commands and for ensuring that they will achieve the Customer's intended purpose. The Bank is not liable for any loss or delay where the contents of a Command are inaccurate or incomplete nor the Bank shall be responsible or liable for acting in good faith upon a Command and the Customer shall indemnify the Bank for any loss, damage, or expense the Bank may incur as a result thereof. 2.4 Any Command given in connection with the Service by quoting the login credentials and such other identifiers of the Customer as prescribed by the Bank, once given, may not be rescinded, or withdrawn without the consent of the Bank. All such Commands given, as understood, and acted on by the Bank in good faith, shall be irrevocable and binding on the Customer whether given by the Customer or by any other person purporting to be the Customer. 2.5 In the event that the Customer requests the Bank to cancel or modify any Command, the Bank will make all reasonable efforts to comply with the Customer's request. However, the Bank is not liable for any failure to cancel or modify the Command if such a request is received at a time or under circumstances that renders the Bank unable to comply with the Customer's request. 2.6 The Bank is entitled to debit the Customer's Accounts, wherever they are situated and whenever they are opened, with any amounts that the Bank has paid or incurred in accordance with a Command. 2.7 The Bank may, in its absolute discretion and without liability, refuse to act on or delay acting on a Command if: 2.8 It is a request or command the effect of which would be to exceed a limit imposed by the Bank upon the Customer generally or upon the Corporate User in question. 2.9 The Bank knows of or suspects a breach of security in respect of or in connection with the operation of one or more of the Customer's Accounts or the Service generally or reasonably possible. 2.10 The Bank has terminated the Service pursuant to Clause 10 below. 2.11 In the event that the Bank does not act on or delays acting on a Command pursuant to Clause 2.7 above, the Bank shall notify the Customer of such inaction or delay as soon as is reasonably possible. 2.12 The Customer acknowledges that a transaction being carried out is not always simultaneous with a Command being given. Some Commands may take time to process, and certain Commands may only be processed during normal banking hours even though the Service is Online and may be accessible outside such hours. Accordingly, the Bank shall not be liable for loss, damage, or cost as a result thereof. 2.13 Any exchange rate, profit and/or, dealing rate and other prices and information quoted by the Bank on the Internet Site or otherwise in response to an online inquiry is for reference only and is not binding. Any rate, price, and information offered by the Bank for the purpose of the relevant transaction shall be binding on the Customer upon his confirmation of his acceptance irrespective of any different rate, price or information quoted by the Bank for other purposes or transactions. 2.14 Any advice or confirmation that a Command has been received and/or a transaction has been effected through the Service will be provided by the Bank Online. Such advice or confirmation shall be deemed to have been received by the Customer immediately after transmission and it is the Customer's responsibility to check such advice or confirmation, where the Customer does not receive an advice or confirmation within the time usually required for a similar advice or confirmation to be received, it is the Customer's responsibility to make enquiries with the Bank. No separate advice or confirmation of the transaction will be supplied to the Customer by the Bank. 3- Use of the Service: 3.1 The Bank shall provide, subject to these Terms and Conditions, Online services, and facilities from time to time through any Internet Site to enable the Customer to provide Commands and to communicate with the Bank for the purposes of conducting banking, investment, financial and other transactions, and dealings of various nature and obtaining services, products, goods, benefits, and privileges from the Bank. The Customer shall act as and/or nominate a Corporate Administrator, who in turn may nominate other Corporate Users. 3.2 The Bank shall have the right to determine and vary from time to time the scope and type of Service to be made available including, without limitation: 3.3 Expanding, modifying or reducing the Service at any time. 3.4 imposing and varying any restrictions on the use of the Service such as minimum and maximum daily limits with respect to the value of any transaction or dealing or any type of transactions or dealings which the Customer may conduct by using the Service and 3.5 Prescribing and changing the normal service hours during which the Service is available and any daily cut-off time for any type of services or transactions. Any of the Customer's Commands received by the Bank after any applicable daily cut-off time may be processed on the same day or latest by the next banking day. The Bank may specify banking day and daily cut-off times by reference to the time of various markets operating in different time zones. 3.6 Until further notice, the Service is offered by the Bank only in United Arab Emirates. If the Customer is not resident in United Arab Emirates and/or is not accessing the Service through a computer located in United Arab Emirates, the Customer is required to become informed about and observe any relevant laws, regulations, and local practices whether in relation to any restrictions or otherwise or in relation to the Customer's own circumstances before using the Service or acting on information relating to the Service. No information provided through the Service shall be regarded as an offer or solicitation to sell investments or make deposits in any jurisdiction other than United Arab Emirates nor is such information intended to directly or indirectly offer investment, legal, accounting, tax, or financial advice to any party. 3.7 The Customer always agrees to, in addition to complying with these Terms and Conditions, exercise due diligence and good faith in using the Service. Should the Bank be of the opinion that the Customer, Corporate Administrator, and/or Corporate User in any way breach these Terms and Conditions, the Bank shall have the right to, with reasonable post notification (if possible), suspend or terminate the use of the Service by the Customer and/or anyone or more of the Customer's Corporate Users. 4- Service interruption: 4.1 The Bank may (but is not obliged to) suspend any service provided to the Customer under the Service with reasonable post notice (if possible) where the Bank considers it necessary or advisable to do so, including, without limitation, when:
a) The Bank suspects a breach or a potential breach of security or the Terms and Condition.
4.2 The Bank will use reasonable efforts to inform the Customer without undue delay through the Service, and/or the Bank's Internet. Site(s) if any service under the Service is not available. In the event that the Bank has levied any charge on the Customer which is specifically expressed to be for a particular service which is not available (which for the avoidance of doubt shall not mean any periodic fee charged for the Service as a whole) then the Bank will reimburse the Customer this sum. Other than reimbursing any sum as set out in this Clause 4.2, the Bank will have no further liability to the Customer. 4.3 It may be necessary from time to time to suspend some or all of the Service for routine, non-routine or emergency maintenance, where the Bank considers it necessary to do so. In the event of such a suspension being necessary, the Bank will so far as possible provide the Customer with a reasonable period of notice prior to the suspension. 5- Records 5.1 The Bank's records, except in the case of manifest error, will be evidence of the Customer's dealings with the Bank in connection with the Service. 5.2 Subject to the applicable laws of evidence, the Customer agrees not to object to the admission of the Bank's records as evidence in legal proceedings because such records are not originals, are not in writing or are documents produced by a computer. 6- Customer's liabilities: 6.1 The Customer shall be fully liable and responsible for all consequences arising from or in connection with the use of the Service and/or access to any information as a result of such use by the Customer or any other person(s) whether or not authorized. 6.2 The Customer will be liable for any loss of funds arising from any unauthorized transaction if the loss occurs before the Customer notifies the Bank that the Customer's login credentials has been misused, lost or stolen provided that the Bank has received such notification at a time or under circumstances that renders the Bank able to act upon such notification. 6.3 The Customer will be responsible for all losses (including the amount of any transaction carried out without the Customer's authority) if the Customer has acted with negligence so as to facilitate any unauthorized transaction(s), or if the Customer has acted fraudulently. For the purposes of this, Clause 6.3, negligence shall be deemed to include failure to observe any of the Customer's security duties referred to in these Terms and Conditions, and the User Guide. 6.4 Customer shall be solely responsible for ensuring that the online system used by him for accessing the Bank’s electronic channel “Al Islami Business Online” is secured from viruses, hacking, bugs, any threats that may disclose the login credentials to un-authorized persons/parties or lead to distorting/altering Customer’s Commands delivered to the Bank through the electronic channel “Al Islami Business Online” and the Customer shall be held responsible and liable for any altered, deleted or duplicated Command made by him through the online portal. 7. Bank's liabilities:
7.1 The Bank will take reasonably practical steps to ensure that its systems in connection with the Service are installed with adequate security designs and to control and manage the risks in operating the systems, considering any law, rules, regulation, guidelines, circulars, codes of conduct and prevailing market practices that may be applicable from time to time. 7.2 Where the Customer’s identity verification is conducted online, the Bank shall apply more than one evidence of identity verification for electronic services. The Bank shall advise the Customer regarding any directed and repeated attempts of online fraud on his/her accounts for the Customer to take additional precautions. 7.3 The Bank does not warrant or represent that the Service and any information provided by the Service are free from virus or other destructive features which may adversely affect the Customer's hardware, software, or equipment. As such, the Bank shall not be liable to the Customer for any loss or damage incurred by the Customer in the event that unauthorized transactions are effected on the Customer’s accounts even in the absence of any negligence on his part. Further, the Bank shall not be liable to the Customer for any loss or damage resulting from computer viruses or other similar features which may affect the Customer’s computer equipment. 7.4 In no event shall the Bank be liable to the Customer or any other person(s) for any incidental, indirect, special, consequential, or exemplary damages including, without limitation, any loss of use, revenue, profit or savings. 7.5 The Customer acknowledges that all information provided through the Service is made available for reference only and is not intended for trading or other purposes, and that the Bank is not an investment or commercial advisor to the Customer. 7.6 No warranty, representation or guarantee of any kind with respect to the information provided or obtained through the Service is given or may be implied, including without limitation, the sequence, accuracy, truth, reliability, adequacy, timeliness, or completeness of any information, whether they are fit for any purpose, and no employee or agent of the Bank is authorized to give any such warranty, representation or guarantee. The Bank assume(s) no liability (whether in tort or contract or otherwise) for any reliance on information provided or obtained through the Service by the Customer or any other person. 7.7 The Customer acknowledges that it is the Customer's responsibility to determine independently market prices and rates for trading purposes through the Customer's usual trading channels, to verify information provided or obtained through the Service before relying or acting on it and to seek independent professional advice on legal, tax and other issues in connection with the use of the Service, information provided or obtained through the Service, the conduct of transactions pursuant to such use and these Terms and Conditions which may affect the Customer under all applicable laws. 7.8 The information provided or obtained through the Service will be made available as it is supplied and identifying, where relevant, the information provider directly supplying it to then Bank. The Bank does not endorse or express any comment on any information supplied by any information provider nor assume any duty to check or verify any information. 8- Security: 8.1 The Customer is responsible for acquiring and maintaining any equipment required for the Customer's continued access to and use of the Internet Site (such as the Customer's telephone or computer) and for the Customer's own computer's anti-virus software and security measures. 8.2 The Customer confirms that it has assessed the security features of internet banking and has determined that they are adequate to protect each of the Corporate Users and the Customer's interests in using the Service. 8.3 The Customer agrees to ensure that each of the Customer's Corporate Users complies with these Terms and Conditions and any security procedures mentioned or referred to in it including, without limitation, the security recommendations contained in the User Guide. 8.4 If the Customer suspects any impropriety on the part of any Corporate User in connection with the Service or a Corporate User leaves the Customer's business, the Customer must take all steps available to ensure that the Corporate User is unable to access the Service. The Customer further undertakes to notify the Bank immediately to terminate such Corporate User's access to the Service. 9- Indemnity and authority: 9.1 The Customer requests and authorizes the Bank from time to time to act upon written instructions or requests to the Bank concerning the administration of the Service when signed, by the Corporate Administrators. Such instructions and requests may include, without limitation, the provision by the Customer to the Bank of requests: 1- To remove or replace any Corporate User.
9.2 The Bank shall be entitled to refuse to act on any written instruction or request that is sent by facsimile transmission or other electronic communication in accordance with Clause (9.1) above. The Bank agrees however to use reasonable endeavors to inform the Customer of such refusal. 9.3 Where any written instruction or request referred to in Clause 9.1 above is sent by facsimile transmission or other electronic communication, the Customer hereby requests and authorizes the Bank from time to time, without further authority or notice, from the Customer, to act upon such instruction or request. In addition, the Customer agrees that the Bank shall not be liable to the Customer or any third party for any loss or damage suffered by the Customer or any third party arising from the facsimile transmission or other electronic communication being unauthorized or fraudulent and the Customer agrees to keep the Bank fully indemnified against any claims or demands arising therefrom. 9.4 The Bank shall not be liable for any losses arising as a result of any delays when acting in accordance with written instructions howsoever provided pursuant to this Clause. 9.5 The Customer shall indemnify the Bank and its respective officers and employees against all liabilities, claims, demands, losses, damages, costs, charges and expenses of any kind (including without limitation, legal fees on a full indemnity basis) that may be incurred by any of them and all actions and proceedings that may be brought by or against any of them in connection with the provision of the Service, information provided or obtained through the Service or the exercise or preservation of the Bank's powers and rights under these Terms and Conditions except in the case of fraud, gross negligence or willful misconduct of the Bank, its officers or employees.
10- Termination: 10.2 Either party may terminate the Service with immediate effect by notice to the other, if the other party commits a material breach of these Terms and Conditions or becomes insolvent under the laws of any applicable jurisdiction. 10.3 Termination will not affect the rights and remedies of either party accrued to the date of termination nor will it affect any provision of these Terms and Conditions which are intended to apply after termination.
10.4 Upon termination of the Service, all provisions of these Terms and Conditions which in order to give effect to their meaning need to survive termination of the Service, shall remain in full force and effect. Notwithstanding termination, each party shall continue to be bound by these Terms and Conditions to the extent that they relate to any obligations or liabilities which remain to be performed or discharged. 11- Notices and agents: 11.1 The Bank may at any time appoint one or more agents to provide all or any part of the Service. The Customer agrees that such agents shall have the benefit of any provisions of these Terms and Conditions which limit the Bank's liability. 11.2 The Bank shall be entitled to prescribe, from time to time, the form of notice (whether written or any other form) and the mode of communication with respect to each type of notice to be given pursuant to the Terms and Conditions. 11.3 All notices and advice to be given by the Bank to the Customer under these Terms and Conditions may be given in writing or electronically through the Service. All such notices and advice will be deemed to have been received by the Customer:
a) In the case of personal delivery, at the time of personal delivery or on leaving it at the last address provided by the Customer to the Bank notwithstanding the subsequent return of such notices and advice. 11.4 Except where these Terms and Conditions, the Internet Site's disclaimer or internet privacy statement specifically provide for the manner of giving notice, all notices and communications from the Customer to the Bank (such as instructions to close any Account(s) with the Bank) shall be in writing and shall be delivered by post or by hand to the Bank. 12- Force Majeure: Neither party will be liable for delay in performing or failure to perform any of its obligations under these Terms and Conditions which is caused by circumstances beyond its reasonable control, including, without limitation, the failure, malfunction or unavailability of telecommunications, data communications and computer systems and services, war, civil unrest, government action, strikes, lock-outs or other industrial action or trade disputes (whether involving either party's employees or those of a third party). Any delay or failure of this kind will not be deemed to be a breach of these Terms and Conditions and the time for performance of the affected obligation will be extended by a period which is reasonable under the circumstances. 13- Internet sites, charges, and supplemental terms:
13.1 The Customer agrees to pay the Bank's scale of charges (if any) for providing the Service as the Bank advises to the Customer from time to time. The Bank reserves the right to charge fees in relation to the use and/or termination of the Service including, without limitation, to impose a charge for its provision online services and to revise such fees. The Bank may with reasonable notice to the Customer vary its charges and the frequency and dates of payment at any time. These charges are in addition to any charges for particular banking or other services the Bank might provide in response to the Customer's Commands through the Service. 13.2 The Customer is liable for any telephone charges and any charges made by the Customer's Internet service provider as a result of the use by the Customer of the Service. 13.3 The Customer authorizes the Bank to set off, freeze or debit any of the Customer's accounts with any charges for the provision of the Service. 13.4 When the Bank introduces new services under the Service the Bank may do so on supplementary terms which will be notified to the Customer from time to time in accordance with these terms and Conditions. 13.5 The Internet Site(s) through which the Customer accesses the Service is/are subject to change by the Bank. Unless such change would affect a right or obligation of the Customer or the Bank under these Terms and Conditions or if the Bank has specifically agreed to give prior notice to the Customer, the Bank may make such changes (including changes to the layout) without notification to the Customer. 13.6 The Bank may modify these Al Islami Business Online Terms and Conditions on not less than sixty (60) Business Days' notice to the Customer or such shorter period (other than in the event of any variations to the Bank's charges) as is necessary for the effective operation of the Service. The Customer's access to and use of the Service after such modifications have been notified to the Customer shall constitute the Customer's acceptance of the same. 14- Intellectual property rights: 14.1 The Bank has a license for or owns all copyrights for the Internet Site through which the Customer accesses the Service and all applicable trademarks and other materials used on or provided through it, including, without limitation, Dubai Islamic Bank, and the Dubai Islamic Bank logo. 14.2 The Customer acknowledges and agrees that Dubai Islamic Bank and the Dubai Islamic Bank logo, the information provided or obtained through the Service, its form, format, mode or method of compilation, selection, configuration, presentation, and expression (collectively 'Confidential Information') are trade secrets and confidential and proprietary property of the Bank and/or that of the respective information providers. No right, title, or interest other than the right to access the information provided or obtained through the Service subject to these Terms and Conditions is conveyed or transferred to the Customer. The Customer shall not make any representation or do any act which may be taken to indicate that the Customer has any such right, title or interest in the Confidential Information. 14.3 Unless expressly permitted by these Terms and Conditions, the Customer shall not, and shall not attempt to: a) Sell, transfer, disclose, assign, convey, lease, sub-license, share, loan, distribute, transmit, broadcast, cablecast, put in circulation, download, reproduce, duplicate, or otherwise provide or b) Disseminate any Confidential Information in any form or by any means to any other person or commercially exploit any Confidential Information. c) Remove, obliterate, erase, relocate or modify in any way any proprietary marking on or appearing with the Confidential Information including, without limitation, any trademark or copyright notice or 14.4 The Customer is only permitted to print, copy, download or temporarily store extracts from the Bank's Internet Site(s) for the Customer's own information or when the Customer uses the Service. The Customer is not permitted to alter anything, and any other use is prohibited unless the Customer first obtains the Bank's written consent. The Customer may not use any part of the Bank's Internet Site on any other web site or link any other web site to the Bank's Internet Site, without the prior Bank's written consent. 15- Hyperlinks: 15.1 The Internet Site may provide hyperlinks that enable the Customer to access the web site of other companies. 15.2 The hyperlinked web sites may not provide any regulatory protection in the Customer's jurisdiction and the Bank is not liable for the Customer's use of the hyperlinked web sites and the Customer shall assume all risks and responsibilities which may arise from accessing such web sites via the hyperlink and are advised to Read the terms and conditions of use for these web sites. The Customer is also advised to read the privacy policy statements of such web sites prior to providing any personal information. 15.3 The hyperlinks to non-Bank web sites from the Bank's Internet Site do not constitute an endorsement by the Bank of such third-party web sites. 16- Encryption: 17- Advertising: 17.1 From time to time the Bank may advertise its own products or services and also those of third parties on the Internet Site through which the Customer accesses the Service or through the Service itself. If, in relation to other agreements between the Customer and the Bank, the Customer has asked the Bank not to send the Customer any marketing material (or if the Customer does so in the future), the Customer agrees that this restriction will not apply to these electronic advertisements and consents to receiving them when accessing the Bank's Internet Site and/or the Service. 18- General terms: 18.1 These Terms and Conditions constitute the entire agreement between the Customer and the Bank concerning the use of the Service and supersedes all previous agreements, communications, representations and discussions between the Customer and the Bank relating to the Service. Any other agreements between the Bank and the Customer and/or mandates relating to the conduct of the Customer's Accounts shall remain unaffected. 18.2 As applicable, where the Customer is a partnership or company, the Terms and Conditions will continue in force unless revoked by notice given by relevant authority in such partnership or company, notwithstanding any change of name of the partnership or company, admission of new partner(s) or Shareholder or where such persons are ceasing to be a member of the partnership or company by reason of death or otherwise. 18.3 The Customer agree to comply with all applicable data protection and other laws to the same or similar purpose in all relevant jurisdictions. 18.4 Each provision of these Terms and Conditions is severable from the others and if one or more of them becomes void, illegal or unenforceable, the remainder will not be affected in any way. 18.5 Nothing in these Terms and Conditions shall affect any right of set-off or combination which the Bank has in relation to any Account which the Customer accesses online. 18.6 The Customer acknowledges, accepts and agrees that he may be exposed to the risk while using electronic banking services and he indemnifies the Bank against any and all losses and damages suffered or incurred by him arising out of his use of electronic banking services of the Bank. Fourth Section Others
1- Termination: Without prejudice to clause “I” (23 Closing of Account), any party shall have the right to terminate this Agreement at any time by giving the other party a written notice not less than one month before the enforcement of termination. However, such termination does not affect the terms and conditions of unrestricted investment deposit account contained in article II/3 of this Agreement regarding the termination / Withdrawal of the investment deposit, which will remain valid and enforceable between the parties until terminated as provide in these conditions. 2- Subtitles: The subtitles are used herein only for convenience and shall not be used for the interpretation or application of the provisions of this terms and conditions. 3- Effectiveness of agreement: The Customer acknowledges and agrees that he/she has fully read and understood all the terms and conditions of this Agreement and that he/she - has not been subject to any wrong, deception or coercion. Arabic version of the Banking Service Agreement terms and conditions shall prevail over the English version in the event of any discrepancy are dispute. 4- Applicable Law and Jurisdiction: These Terms and Conditions, Customer accounts and all other relative matters shall be governed by laws of the UAE and in compliance with the principles of the noble Sharia as set out in the Sharia Standards issued by the AAOIFI and the Fatwas issued by the bank Sharia Committee. In case of any conflict between laws and the principles of Sharia, the principle of Sharia shall prevail. 5- The Customer irrevocably and unconditionally submits to the jurisdiction of the courts of Dubai. The submission to such jurisdiction shall not (and shall not be construed so as to) limit the Bank's right to initiate proceedings against the Customer in the courts of any other competent jurisdiction nor shall the initiation of proceedings in anyone or more jurisdictions preclude the initiation of proceedings in any other jurisdiction, whether concurrently or not.
6- Taxes Clause: 7- The Customer will notify the Bank of their preferred method of receiving initial documentation, either by way of physical documentation or electronically. 8- Non-adherence to the Banking Services Agreement Terms and Conditions by the Customer, may lead to closure of the relationship with the Bank 9- The Customer agrees and confirms that the Bank has carried out an assessment of the Customer regarding the suitability, affordability and/or appropriateness of the Bank’s Products and/or Services, and the Bank has provided a summary copy of this assessment to the Customer without charge. 10- The Customer understands that the Bank maintains the Complaint Management function which is independent of management of Retail Operations and able to carry out independent review of the escalated Complaints and make its recommendations to resolve a Complaint including provision of redress. The Customer understands that the Complaint Process and Procedures is available with the Bank for the timely resolution of the Customer’s Complaints by approaching the following channels: 11- The Customer agrees and accepts that the Banking Services Agreement Terms and Conditions are in line with the UAE Central Bank’s Consumer Protection Regulation (Circular No:8/2020 dated 25/11/2020) and Consumer Protection Standards. 12- The Customer has signed the attached Account Opening Form after reviewing and understanding the Terms and Conditions set out in this Agreement. |