Audible General Terms and Conditions

Terms and Conditions of Banking Services

Preamble:

Whereas the Customer wishes to deal with Sharjah Islamic Bank in order to open an account/accounts, utilizing its banking services whereas the bank accepted hereof, the two parties have agreed that these conditions and provisions shall be construed in accordance with the Memorandum and Articles of Associations of the Bank and its regulations as well as the instructions of the Central Bank of UAE, advisory opinions (Fatwas) of Shari’a and Fatwa Supervisory Board of the Bank and the provisions of Islamic Shari’a. Should there be any discrepancy between the Arabic and English texts, the Arabic text will prevail. The two parties have agreed to implement the following general terms & conditions:

Definitions:

The following words wherever stated have the meaning assigned to them respectively.

The Bank: Sharjah Islamic Bank.

- The customer: The Account holder (Individual or Commercial) or any person who seeks banking services from the Bank.

- The Banking Transactions: Includes the contracts of opening Current, Savings and Invested Deposit accounts, as well as all other accounts and the banking services customarily rendered by the Islamic Banks.

General Terms and Conditions:

1. Account Opening:

a) Individual Account can be opened in the name of one person or jointly in the name of two or more persons.

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

2. Base Account Number:

The Bank shall assign a base account number for each customer to proceed with all transactions with the Bank. The base account number is used to determine the Customer’s various account types. Customer may carry out all transactions with any of the Bank’s branches.

3. Specimen Signature:

The specimen signature of the customer, registered with the Bank, shall be deemed as the basis for dealing with the Customer’s accounts and shall remain effective unless amended or cancelled. Such amendment or cancellation shall be valid only on next working day following the day of receipt such instructions by the Bank.

4. Deposits and Withdrawals:

a. Bank will accept the deposits from the Customer in cash or by the customary banking practices. Deposits by third party into the Customer’s account may be accepted without any responsibility of the Bank.

b. Withdrawal can be made by the Account holder or by an authorized agent who can be appointed after completing the required documents prepared by the Bank. Cash withdraw from Saving & Watany account shall be done by using the Bank’s forms or the ATM card. As for Current account the cash withdrawing shall be done by using the cheques issued by the Bank or the ATM card.

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

5. Collections and Remittances:

a. Cheques dividend/warrants/Bonds/Drafts drawn to the order of depositor or customer, deposited in the Account shall be accepted as Collection items, unless agreed otherwise by the Bank and in accordance with the Banking practices prevailing at Islamic Banks. The Bank has the right to reject cheques, Drafts or any other securities drawn to the order of the third party. The bank maintains the right to debit any account with any unpaid and non- collected items in addition to bank’s charges, without assuming any responsibility in case of non-collection of such items.

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

c. The Bank shall pay the actual value of Inward Telex/SWIFT remittances, Drafts and Bank Cheques received in favor of the customer after deducting the commissions and charges of the Bank.

d. The Customer agrees that purchase by the Bank of a Draft (in foreign currency) issued previously by the Bank at the request of the customer, shall be at the discretion of the Bank and the prevailing exchange rate on the day of purchase after deducting the commissions and charges of the Bank.

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

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

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

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

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

6. Statements of Accounts/Addresses/Details

a. The Customer shall be provided with the advices and statements of account (as per the customer’s request or the bank’s decision) and if the bank does not receive any objection within 15 days (fifteen days) from the date of dispatch of Advice for the Statement of Account, then such Statement and Advice shall be deemed correct.

b. Unless the customer gives notice in writing, the address set out in the Account Opening Form shall be the approved address for dispatching by mail a notice, advice or statement of account or notification to the customer, and the customer shall inform the bank in writing in case of change of any of the customer’s particulars set out in the Account Opening Form.

c. Bank may stop sending the advices or statements of account if they are returned twice to the bank as undelivered.

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

e. The Bank reserve the right to destroy any statement not collected by the customer within 3 months

7. E-statement Terms & Conditions

a. The Bank has the right, at its sole discretion, to refuse this or any other application or stop the e-statement Service at any time without any prior notice to me/us and I/We will receive only paper statements.

b. SIB shall not be liable for any loss incurred or damage suffered by me/us directly or indirectly by reason of or in consequence of the e-statement Service.

c. In case of no dispute about the contents or any entry in the account within 14 days from the date of receipt hence, the records of SIB shall be conclusive evidence of the correctness of all debits and credits and balances of the Account (s)

d. This e-statement service is provided entirely at my/our sole risk and in case of disclosure of the released statement, SIB shall not be liable to me/us 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 email address (es) mentioned in the Account Opening Form.

e. I/We understand that the e-statement Service is free of charge; however SIB reserves the right under its sole discretion to charge for the Service in the future after prior notification to me/us.

Disclaimer:

SIB will not be liable for delayed e-statements and related messages/notifications, or for the non-delivery of e-statements in complete or partial due to the suppression, disruption, blocking or filtering of email by the applicant’s internet service provider, email system or any other party.

The bank will store a copy of the e-statements transmitted to subscribers for a period of 6 months.

8. Standing Orders & Instructions by Fax:

a. Bank shall accept to act on the customer’s instruction for standing orders provided that the customer shall have sufficient balance in the customer’s account on the due date(s) to fulfill such instructions. The bank shall not be responsible for any delay or error in dispatch or its correspondents who pays the funds. The customer declares that the bank shall not be liable therefore and the customer shall indemnify the bank for the losses, damages and expenses incurred by the bank due the execution of the standing orders given by the customer.

b. If the customer gives the instructions to the bank by the facsimile or telephone, the bank shall be entitled to process it or to reject it and the bank shall not be bound to obtain a confirmation of the correctness of such instructions. The customer declares that the bank shall not be liable and shall indemnify the bank for the losses, damages and expenses incurred by the bank due to any act or omission to any instructions given or understood to have been issued by the customer. The Customer agrees that the bank shall not be liable for any dispatch errors and if the customer seeks to have this service, the Customer shall fill out and sign a form designated for this purpose and the bank shall have the right to refuse the customer’s request.

9. Adjustment of Entries:
In case of any error in entries, any adjustment or correction in the entries signed by the Bank shall be considered effective and correct, and the customer does not have the right to claim the value of the wrong deposits into the customer’s account, and the Bank is authorized to process the correction entries and debit them to the customer’s account. The customer declares that the bank has the right to claim the amount paid wrongfully to the customer with the customer’s obligation to settle them by the method, procedures, and the dates specified by the bank without any objection and irrespective the elapse of any period of time from the date of occurrence of the wrong entry audible-general-terms-and-conditions

10. Fees and Banking Services Charges:

a. The bank, without referring to the customer, may debit the customer’s accounts with any charges, expenses or commission payable against the banking services rendered in accordance with the banking charges and commissions approved and announced by the bank.
b. Current, Savings & Watany accounts are subject to stipulated minimum daily balance level as determined and announced by the bank. The bank has the right to deduct the required fees if the daily balance falls below the determined level.

11. The Bank’s Rights of Accounts set-off & Securities:

a. A Customer that maintains more than one account or establishes more than one account in the future whether with the bank’s Head Office or at its Branches such relationship between the bank and the customer will be deemed to constitute that of a single account relationship. The Bank shall have an absolute right to combine or merge any or all the customer’s account for the purpose of setting-off debit balance against available credit balance or to reimburse itself for recovery of dues of commitments for which the customer is liable.

b. The customer agrees that the bank, at any time and without giving any prior notice, freeze, setting-off or transfer any amounts between the customer’s accounts whatsoever their types or names. whether individual and/or joint account, in local or foreign currency, so that each account shall be considered as security for the other accounts, individually or jointly, for the purpose of setting any debit of the customer or the party(s) guaranteed by the customer towards the bank.c. Bank may attach all the guarantees and proprieties maintained by the bank in the name of the customer for the purpose of setting-off any amounts due by the customer to the bank.

12. Accounts in Foreign Currencies:

a. The Customer may open accounts in foreign Currency upon the approval of the bank and the transactions in this account shall be effected only by Bank’s Forms, Drafts or written instructions, in the same currency of the account.

b. Cash withdrawal in Foreign Currency notes or Travelers cheques from foreign currency accounts will be subject to rate of exchange and commission determined by the bank from time to time.
c. The Customer may transfer from its foreign currency accounts to its local currency accounts or vice versa at the prevailing rate of exchange on the same day. The Customer acknowledges that the bank will not be held responsible for any exchange losses that the customer may incur when transferring of any amount from its foreign currency accounts to another currency account.

13. Conditions of Joint A/C (Individuals Only):

a. It is an account opened jointly for two or more than two persons in which they have equal rights and equal obligations. All deposits made in a joint account and the inward transfers to this account shall be deemed to be owned equally by the account holders unless otherwise stipulated on the Account Opening Form.

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

c. The joint account holders shall be jointly and individually liable for Settling in full .All dues or claims to the bank that may arise or any commitments, present or future, by the actions for those operating the account or any withdrawals that may cause the account to be overdrawn.

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

e. If one of the joint account holders is subject to an attachment, such attachment will be enforced on his/her share only with effect from the day of notifying the bank of the said attachment. The bank shall stop withdrawal from the joint account to the extent of the attached share, and consequently notify the joint account holders or their representative of the said attachment within five days from the day of attachment notification.

f. The joint account holder authorizes the bank to include his/her share in the joint account to set-off with his/her other various accounts.

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

h. Any of the joint account holders or his/her representatives should not request credit facilities in their personal names secured by the joint account without a written approval from all joint account holders.
i. The Bank shall have the right to issue the ATM card to each of the joint account holders if each of them is authorized to handle the account by a single signature only, and they will be held individually or jointly, responsible for all liabilities that occur from using this service

14. Conditions relating to Companies, Establishments and Organizations accounts:

a. The persons authorized to sign, whose names are mentioned in the account opening form, shall handle all the banking and investment transactions with the bank to the extent of the powers granted to them in the memorandum of association.

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

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

d. The Company/Establishment/Organization authorize the bank to pay and debit the account, whether the account was in credit or overdrawn or which subsequently became overdrawn due to such debits, all transactions issued by those authorized to operate the Account. The Company/Establishment/Organization shall be liable for any instruction or orders issued to the bank by those authorized to operate the account and enter into all banking transactions including opening documentary letter of credit, money transfer and all transactions including credit facility etc.

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

f. The Company/Establishment/Organization undertakes to furnish regularly to the bank an audited Balance Sheet and income statements or any other document required by the bank.
g. The Partners declare that in case of the amendment in the powers of any partner representing the Company/Establishment/Organization, whether due to withdrawal, resignation or dismissal, or to any amendment of the Memorandum of Association or the change of its name or the loss of legal capacity of any partners or the declarations of his/her bankruptcy or death, or joining or withdrawals of one or more partners, the remaining partners shall be fully liable on behalf of the Company/Establishment/Organization, and the bank shall have the right to attach all the credit amount of the Company/Establishment/Organization in favor of the bank to recover its dues or in favor of any court order or judgment.

15.Conditions Relating to Accounts of Societies, Clubs and the like:

a. The account shall be operated in accordance with the Board of Directors resolutions conditions. A Board resolution should be submitted stating the name and designation of the signatories or any amendments may occur thereon. Signatories should not delegate others to exercise such powers.

b. The Clubs and Societies and the like shall submit the registration decision issued by the concerned authorities in the United Arab Emirates upon submitting the application for opening the account.
c. In case of expiry of the term of the Board of Directors of the Club or Society and the like or its resignation or dismissal, a letter indicating the appointment of the Board of Directors should be submitted to the bank or the minutes of the General Meeting in which the new Board of Directors has been elected shall be submitted, indicating the name and capacity of those who have the right to sign on behalf of the club or society and the like before the bank and the manner of operating the account.

Other General Conditions:

a. Bank shall have the right to respond to all queries of other banks concerning the accounts, without reference to the Account holder. The Customer as well authorizes the bank to get an official information from any entity in order to update its data, without any liability on the bank or that entity.

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

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

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

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

f. Bank may close the customer’s account at any time without giving reasons or notifying the customer and in this case the bank’s responsibility shall end by issuing a Cheque for the account’s balance to the customer and sending it by mail at the customer’s address, and the customer shall pay the amount due to the bank upon receiving the bank’s advice of its intention to close the customer’s indebted account.

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

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

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

j. For ATM card issuance and operations, the bank’s specified Terms and Conditions of issue and operations shall be applied.

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

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

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

n. The Bank shall have the right to invest the credit balance in current account and the remaining part of the Savings accounts, Watany Deposits and Investment Deposit not sharing in Mudharaba Pool and the bank shall bear the results of such investments.
o. The bank has the right to cover all the finances ( investment ) and the debit balances towards the bank by a Credit Takaful insurance policy on the customer’s life in accordance with Shari’a principles and up to the limits of the Takaful cover defined by the bank and in accordance with the terms and conditions of the Takaful policy. Takaful contribution / installments will be calculated on the debit balances monthly based on a proportion defined at the transaction procedures and to be deducted from the customer’s account/s with the bank on monthly basis and the customer undertakes to ensure balance in the account to meet the monthly Takaful contribution / installment.

Bank Accounts: Terms & Conditions:

1. Current Account

a. Credit balance in the current account is a Qard Hasan (loan without interests), and on demand the bank undertakes to pay the credit balance in full, and does not share the investment profit or bear any risk.
b. Any Adult Individual or the Commercial entity has the right to open a Current account if he/ she is a national or resident in the UAE subject to the controls, rules and instructions of the UAE Central Bank.

c. Drawings from Current Account shall be made through cheques issued by the bank, written instructions or ATM Card. Depositing in the account shall be accepted in all branches of the bank by cash, cheques drawn on bank’s branches or Local banks or through the bank’s ATMs only, Transfers between accounts may be done.

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

e. The Customer has to write the cheques in Arabic or English languages, the Bank shall not accept cheques written in other languages.

f. The Bank shall have the right to honor the value or cheque or other negotiable instruments drawn on the customer’s Current account even if this were to cause the account to be overdrawn and the customer undertakes to repay all the due amounts in the customer’s overdrawn account whenever the bank requests.

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

h. The Bank may accept from the Account holder any stop payment of cheque in case it is lost or in other circumstance in which shall be allowed by law and agreed by the bank. However, the customer will bear any loss, damage and cost (including legal cost) due of this.

i. The Customer has to take care of the cheque book, and shall bear full responsibility of it. Cheques should not be given to other to use, and the bank should be informed immediately upon the loss or theft of cheque book, otherwise the customer shall bear the consequences in case of misuse.

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

k. The Bank has the right to refuse issuing a cheque book to the customer, without giving any reason.
i. According to the instructions of the UAE Central Bank, the customer’s account may be closed and added to the blacklist in case 4 cheques returned unpaid within one year due to insufficient balance.

2. Investment Saving Account (individuals only):

a. Saving accounts include Statement Saving account and Passbook Saving account and are subject to the minimum balance decided by the management of the bank. The Bank will not issue a cheque book to saving accounts holders, and the customer should not issue payment orders or written cheques on this account. ATM card will be issued to the statement saving account holders to enable them to utilize the ATM services.

b. Saving Passbook Account holder should present the Passbook to the bank at time of any transactions or at least twice a year to reconcile it with bank’s records, and he/she has to keep the Passbook in good condition. The customer has no right to amend any of the account data.

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

d. The Bank as a Mudharib according to the absolute Mudharaba provisions will invest the funds of the saving accounts on the basis of the minimum monthly balance available in the account.

e. Funds of the saving account shall be invested according to unrestricted Mudharaba basis in the joint investing pool between the depositors and the shareholders. The bank invests a certain percentage of the saving accounts balances that declared previously, and the net profits from the joint investment pool shall be distributed between the depositors and shareholders according to their respective shares in investment. The Bank as Mudharib shall be entitled to a percentage of 20% of the realized net profit. As agreed Mudharib shall bear any loss attributable to negligence or violation of Mudharaba terms. If it’s in the interest of the bank required to change these percentages, the management of the Bank will announce this change.

f. The investment period in Saving Accounts is one Gregorian month commencing from the 1st day of the month with auto renewal unless the whole or part of the balance is drawn whenever he/she desires, and in this case he/she shall be subject to the profits for the period prior to the withdrawal date, and will not earn profits of the month where the whole balance was drawn.
g. Profits of saving account (two types) shall be credited to the same account on the last day of the month, unless the customer requested otherwise, and the customer authorizes the Bank to invest the realized profits since the credits date with the same investments terms and conditions of saving accounts.

3. Watany Investment Account:

a. It is an investment account that can be opened for Individuals, Companies, Establishments or Organizations, and can be opened in U.A.E. Dirham or USD, subject to the minimum balance defined by the management of the Bank, and announced in the branches of the bank.

b. Cheque books will not be issued to Watany account and withdrawals shall be affected by using Bank’s Forms, and/or ATM Card.

c. The Bank should be informed immediately upon the loss/theft of the ATM Card, otherwise, the customer shall bear any consequences occurring in the period between the loss/theft and the time the bank is officially notified.

d. The Bank as a Mudharib according to the absolute Mudharaba provisions will invest the funds of the Watany accounts on the basis of the daily cleared balance available in the account.

e. Funds of the Watany account shall be invested according to unrestricted Mudharaba basis in the joint investing pool between the depositors and the shareholders. The bank invests a certain percentage of the Watany accounts balances that declared previously, and the net profits of the joint investment pool shall be distributed between the depositors and shareholders according to their respective shares in investment. The Bank as Mudharib shall be entitled to a percentage of 20% of the realized net profit. As agreed, Mudharib shall bear any loss attributable to negligence or violation of Mudharaba terms. If the interest of the bank required changing these percentages, the management of the Bank will announce this change.

f. Then investment period in Watany accounts is one Gregorian month commencing from the 1st day of the month with auto renewal unless the whole or part of the balance is drawn whenever he/she desires.
g. Profits of Watany account shall be credited to the same account on the last day of the month, unless the customer requested otherwise, and the customer authorizes the bank to invest the realized profits since the credit date with the same investment terms and conditions of Watany accounts. For accounts closed during the month, calculation shall be done on the day prior to the day of closure.

4. Unrestricted Investment Deposit Account:

a. It is an account where the Depositor (Owner of Money) authorizes the bank (Mudharib) to invest the deposit according to the unrestricted Mudharaba agreement under principles of Islamic Shari’a.

b. Funds of the unrestricted Deposit shall be invested according to a certain percentage of the deposit type and duration that declared previously, and the customer may not be allowed to withdraw the deposit during the agreed investment period. The net profits from the joint investment pool shall be distributed between the depositors and shareholders according to their respective share in investment. The bank as Mudharib shall be entitled to a percentage of 20% of the realized net profit. As agreed, Mudharib shall bear any loss attributable to negligence of Mudharib terms. If the interest of the bank required changing in these percentages, the management of the bank will announce this change.

c. Profit on the deposit amount shall be due on the last day of the month, and to be credited to the customer’s payable account.

d. Profit on deposits where their maturity date is during the month shall be calculated on the basis of last working day results and on the basis of exoneration and reconciliation between the bank and customer.

e. The Depositor may not draw the whole or a part of his/her/their deposit before its expiry, and in special cases the management of the bank may allow to draw the whole or a part of the deposit, and the management has the right to decide about the treatment of the deposit in such case.
f. The customer shall be considered agreeing on the renewal of the deposit automatically on maturity, unless he/she/they instructed otherwise before the expiry of the investment by 4 working days.

Other Services:

Card Transaction Services:

Definitions:-

Card means a Debit Card issued by the Bank to the Customer (includes new, renewed, reissued and replacement Card), which is used to avail the Card services provided by the Bank, or access the available funds held in the Customer’s Account.

Customer means one or more individual persons that have jointly or severally, opened and are maintaining the Account with the Bank in his/their name as identified in the Personal Account Application, or the authorized Power of Attorney holder of the Customer.

Cardholder means a Customer, having an Account with the Bank in his/their name as mentioned in the Personal Account Application, which is linked to the Card issued by the Bank bearing his/their name or supplementary card linked to the same account.

Card Number is the sixteen-digit number printed or embossed on the face of the Card.

Card Transactions means any Financial or Non-Financial Transactions by using the Card with or without use of the PIN or Signature, regardless of any slip or other voucher signed by the Cardholder(s).

Cash Withdrawal means any amounts withdrawn in any manner provided under these Terms and Conditions by debiting the Customer’s Account.

Cash Deposit means any amounts deposited in any manner provided under these Terms and Conditions by crediting the Account of the Customer.

Charges means amounts (including any fees, commission or charges) payable by the Customer arising from usage of services under these Terms and Conditions and includes, without limitation all transactions fees, additional expenses, damages, legal costs, and disbursements, which shall be debited to the Customer’s Account.

Chip refers to the microprocessor embedded in the Card.

Default Limit means the daily limit set for usage on the Card for Cash Withdrawal or purchase of goods and services, subject to availability of funds in the Customer’s Account. The set default limit on the Card may be changed at any time by the Bank.

Financial Transaction means any function or services provided by the Bank, which involve any financial impact on the Customer’s Account.

Non-Financial Transactions means usage of any function or services provided by the Bank, which do not involve any financial impact on the Customer’s Account.

International Transactions means the transactions performed by the Customer outside United Arab Emirates.

Merchant/Merchant Establishment means any establishment, corporate entity, person or other virtual establishment, supplying goods and/or services, which accepts/honors the Card as a mode of payment or reservation by the Cardholder.

Month means calendar month.

Personal Identification Number (PIN) means a random secure computer generated number by the Bank and issued to the Cardholder(s) to enable the usage of the Card at any ATM or POS terminal.

Personal Account Application means a duly signed application (in the Bank’s standard format) including the declaration/mandate submitted by the Customer for opening an Account in his/her name by giving full information/details as required in the application.

Point of Sale (P0S) Terminal means an electronic terminal available at Merchant Establishments whether local or international, capable of processing the Card Transaction for purchase of goods & services.

Statement of Account means the Bank’s periodic statement sent to the Customer, which includes particulars of the Debit Card transactions conducted by the Customer during the period and debit or credit of the Customer’s Account.

Specified Entities means in relation to the bill payment service provided to the Customer using Bank’s ATM, any such entities that have been approved by the Bank e.g. Etisalat, Dubai Electricity and Water Authority (DEWA) etc...

Phone Banking Service means the telephone instruction and information service, whether automated or through a customer service agent made available by the Bank’s Call Centre.

Terms & Conditions:-

1. The Card is and will continue to remain the property of the Bank at all times and must be returned to the Bank immediately if so requested by the Bank.

2. The Card is issued entirely at the risk of the Account holder and the Bank shall bear no liability whatsoever for any loss or damage arising from the issuance of the Card, howsoever caused.

3. Use of the Card for any transaction shall be at the sole risk of the Cardholder and the Cardholder confirms to assume any and all risks incidental to or arising out of use of the Card.

4. The Card is issued for use at ATM, POS Terminal or any Card operated machine or device whether belonging to the Bank or other participating banks or financial institutions where the logos appearing on the Card are displayed/accepted.

5. The Card is issued on the basis that all Card transactions initiated with the use of the Card will be debited to the Customer’s Account with the Bank. The Card may not be used to obtain credit of any description on its own basis.

6. It is the Account holder’s responsibility to ensure that sufficient balance is available in the Customer’s Account prior to entering into any Card Transaction. If, for any reason whatsoever, the Customer’s Account is debited in excess of the available funds by use of the Card or towards any fees or Charges, the Account holder shall be responsible for immediately meeting any such shortfall. In the event of the Account holder failed to comply with this condition, the Bank reserves the right to cancel the Card and/or debit any outstanding amount on behalf of the Account holder from any other Account maintained by the Account holder with the Bank.

7. The Card will be delivered by courier to the address notified by the Account holder at his risk or the same may be collected personally at the Bank’s Branch as nominated in the application for issuance of Debit Card or decided by the bank, in either mode selected by the Account holder, the Account holder will be required to provide any one of the acceptable means of personal identification as determined by the Bank from time to time.

8. Upon receipt of the Card, the Account holder shall sign on the reverse side of the Card immediately to validate the Card. The Card will be activated by the bank based on the application signed by the customer or may be activated by the Account using the Bank’s Phone Banking service either automated service or speaking to a phone banking agent before the same can be used.

9. In the event the Account holder does not wish to be bound by these Conditions governing the Card, the Account holder shall cut the Card in half and return both halves to the Bank.

10. The Card is not transferable and must be used exclusively by the Cardholder. Regardless of any circumstances whatsoever, the Cardholder may not allow the Card and/or PIN to be used by any other individual and will not pledge the Card as security for any purpose and the Cardholder agrees to indemnify the Bank on demand for any consequences whatsoever that accrue from a default by the Account holder under the provisions of this sub-clause.

11. The Cardholder shall at all times ensure that the Card and PIN are kept in safe custody. The Cardholder should not, under any circumstances whatsoever, disclose the PIN to any other person and the Cardholder must exercise all reasonable care to ensure security of the Card in order to prevent any misuse. The Account holder undertakes to act in good faith at all times in relation to any dealings pertaining to the Card with the Bank.

12. The Card used for Card Transactions up to the Default Limit allocated on the Card and within the validity period embossed/indented on its face. Notwithstanding the fact that the Cardholder’s Default limit has not been exhausted, the Bank shall be entitled to, at any time and without notice and providing any reason and without any liability towards the Cardholder, withdraw or restrict the Account holder’s right to use the Card or refuse to authorize any Card Transaction.

13. The Cardholder shall immediately notify the Bank via the Phone Banking Services number, of any loss, damage or theft of the Card. If a Cardholder loses or damages his Card or requests for the Card’s renewal, replacement or an additional Card, the Bank may at its discretion issue such Card. A new PIN shall be generated by the cardholder through the Bank phone banking system whenever the Bank issues a new Card or a replacement Card. The Bank is authorized to debit the Customer’s Account with all expenses incurred in processing of such Card Transactions, fees and charges relating to the issue/re-issue or replacement of the Card and any other charges for use of the Card.

14. The Card may be used locally and internationally at Merchants’ Establishments, ATMs and P0S Terminals, where the logos appearing on the Card are displayed/accepted, for making purchases, cash withdrawals, balance enquiries and other services as offered by the Bank to the Cardholder from time to time. The Bank shall debit the Customer’s Account towards any such cash withdrawals and purchase of goods and services using the Card. Foreign currency transactions will be converted into AED at the exchange rate determined at the date of transaction settlement (prevailing as on the date of transaction) with an a appropriate commission/fees charged on the transaction amount.

15. The Cardholder may use the Card for cash withdrawals, purchase of goods and services and other financial services subject to availability of adequate funds in the Customer’s Account, if the Customer’s Account has insufficient available funds to cover the amount of an authorization request, the Bank will be entitled to decline the requested transaction.

16. In case of use of the Card at any ATM of the Bank or any other bank or institution with which the Bank has an agreement for the use of the ATM, the amount of each withdrawal will be subject to the applicable withdrawal & purchase limit set for the particular ATM by such bank or institution, and in the event of use of the Card at any ATM belonging to any other Bank or institution, the amount of each withdrawal shall be subject to additional switch charges.

17. Each Card transaction attempted or made with the Card will be subject to approval of the Bank. The Bank reserves the right to approve or decline any Card Transaction and will take into account all previous payments that have been authorized, made or agreed to be made from the Account, whether or not such payments have actually been deducted from the Customer’s Account. Transaction approval will be based on the funds available in the Account and will be declined if sufficient funds are not available in the Account.

18. The Bank may also refuse to approve a Card Transaction if it for any reason whatsoever, it believes that the Card or Customer’s Account is being misused or where the Bank suspects fraudulent use of the Card. As part of fraud prevention procedures, the Bank may contact the Cardholder via phone/sms or refer an approval request to the Merchant, requesting further details about the Cardholder or requiring additional proof of the Cardholder’s identification. The Bank will never request the Cardholder to reveal his/her PIN to a Merchant or to any other party, including its employees and any such request should be rejected by the Cardholder who is requested to immediately report such attempt to the Bank.

19. The Cardholder acknowledges that the available balance in the Customer’s Account may be different from the balance amount as printed on the statement, due to the Card transactions or other holds on the Customer’s Account.

20. The Bank will not be responsible for the Card not being honored at any ATM or POS Terminal for any reason. The Bank is not liable, responsible or accountable in any way whatsoever for any and all actions, proceedings, costs, and losses or damages (including legal costs) howsoever arising/caused by any mechanical defect or insufficiency of funds or malfunctions of any such ATM ‘s or POS Terminals.

21. The Account holder agrees to fully indemnify the Bank and hold the Bank harmless against any and all actions, proceedings, costs, losses or damages (including legal costs) it may suffer incur in connection with the usage of the Card or misuse of the Card, PIN and/or other facilities provided to the Card. The Bank issues the Card on the Customer’s Account to the individual and Joint Accountholder(s) as applied for in the Debit Card Application.

22. The Cardholder’s use of the Card for making any Card Transaction shall constitute an agreement by the Account holder to pay any and all fees, commission and charges on any Card Transaction as prescribed by the Bank from time to time.

23. The Cardholder confirms that he is aware that the Card facilities provided to the Cardholder subject to the Bank’s schedule of fees and charges as amended and published from time to time.

24. These Terms and Conditions shall be governed, construed, defined as to the scope of its application, and supplemented – as for the terms & conditions not mentioned therein – in accordance with the provisions of the Islamic Sharia’a and the Articles of Association of the bank as well as the laws in force in the UAE Central Bank and the established custom practices not conflicting therewith.

Telephone Banking Service:-

Telephone Banking Service for Sharjah Islamic Bank enables the customer to carry out certain banking transactions and access certain Sharjah Islamic Bank banking services over the phone (through the service operator or an automated voice response system) 24 hours a day.

1. The Customer can access the service over the phone using his/her Bank Card Number and Telephone PIN.

2. The customer needs to notify the bank immediately in case he/she changed his/her mobile number or the mobile is lost and he/she shall bear the risk for any loss or damage due to the customer failure to notify the bank.

3. The customer agrees that the use of his/her Bank Card number and TPIN will constitute valid and sufficient confirmation of the customer’s identity and authority to carry out banking transactions in respect of the customer’s accounts by means of Nebrass.

4. The customer may use Nebrass to transfer funds and make payments out of his/her accounts, obtain account information and information on available Sharjah Islamic Bank products, services and rates, report lost or stolen Bank Cards, and access other services.

5. The customer shall exercise all possible care to ensure proper usage of this service and should not disclose the PIN to any party in order to prevent misuse of the service.

6. In case of loss/disclosure of the Telephone PIN, the customer should notify the Bank immediately to take the necessary action. The Bank may issue a new Telephone PIN at the customer’s expense.

7. Transfer through the Telephone Banking Service from and into the saving account and vice versa shall be governed by the saving account’s terms and conditions.

8. The customer consents to the transmission of instructions, orders and/or information over telephone (including mobile and other telecommunications) understanding that telephone may not always be a secure communication channel, and agrees to carry all risks associated with a possible confidentiality breach occurring as a result of the use of such system.

9. In case of the transmission of information by fax within the UAE through the Telephone Banking Service, the Bank may deduct the prescribed fees from any of the Customer’s current or saving accounts maintained with the Bank for each transmission. The Customer shall be responsible for maintaining the confidentiality of the information transmitted to him/her by fax.

10. The Customer agrees to permit the Bank to record telephone conversations with the Bank.

11. The customer agrees that the Bank will not be responsible for any failure, instability or interruption of service due to any malfunction of the equipment, power supply system’s and/ or communication lines or networks supplied, provided, operated and/or maintained by third parties. The customer further agrees that the Bank will not be responsible for any losses incurred by the customer in relation to his/her use of the service (including losses caused by wrongful acts or omissions of third parties), unless such losses are directly caused by wrongful acts or omissions of the Bank acting willfully or due to gross negligence.

12. You shall not damage, impair, interfere with or disrupt the service or its functionality.

13. The Bank reserves the right to change the set of services provided to the customer by means of Nebrass or completely discontinue the service with or without prior notice to the customer, at any time at its sole discretion.

14. The Bank may at any time vary these terms and conditions without prior notice.

15. These terms and conditions shall be construed according to and governed under the UAE laws.

Online Banking Services:

These terms and conditions govern the use of the Online Banking Services provided by the Bank. These Online Terms and Conditions shall be read in conjunction with and form integral part of the terms and conditions governing the Account.

The Customer agrees that the Online Terms and Conditions may be further supplemented and amended by the Bank with additional terms and conditions in the form of online electronic notices and/or click- through agreements supplied to the Customer and/or the Users.

The Online Terms and Conditions shall apply to the Customer and shall form legally binding contract between the Customer and the Bank. First use of the Online Banking Services implies that the Customer has fully read, understood and accepted the Online Terms and Conditions.

Definitions:-

The following words and expressions shall have the following meaning :

Account means a personal account either Current, Saving or Watany opened and maintained by the Customer in the Customers name, for the purposes of the utilization of the Online Banking Services;

Business Day means Saturday through to Thursday (excluding holidays declared by the UAE Central Bank).

Customer means a customer that applies for and utilizes the Online Banking Services and holds the Account with the Bank.

Online Banking means the Banks website http://www.sibonline.ae/used for accessing the Online Banking Services.

Online Banking Services means the online banking services provided by the Bank to the Customer through the Online Banking.

Password means the personal identification code composed of an alphanumeric value, created by the Customer at the time of logging on to the Online Banking.

TPIN means the 4-digit telephone pin/IVR password selected by the Customer through telephone registration.

Transaction means any/all financial and non-financial transactions available through the Online Banking Services.

User means the Customer or as the context may require, any person who is duly authorized by the Customer for the purposes of operating the Online Banking Services on behalf of the Customer.

User ID means user identification to be used by the Customer in conjunction with the Password when logging on to the Online Banking Services, for the purpose of identification of the Customer or the User by the Bank.

UAE means the United Arab Emirates.

Registration:-

The Customer shall register for the Online Banking Services by completing the online registration process using the ATM card number or credit card number and a valid TPIN through which the Customer will be able to create the User ID and Password.
At the registration, the Customer shall carefully read the Online Terms and Conditions. By ticking the designated box, the Customer shall have agreed and accepted the Online Terms and Conditions.
The Bank Online Services shall be immediately available to the Customer upon the acceptance of the registration and by logging on to the Online Banking using the User ID and the Password.

Customers Representations and Undertakings

The Customer represents and warrants to the Bank that each time the Customer uses the Online Banking Services:

The Customer has all necessary power, authority and approval to enter into and perform the obligations under the Online Terms and Conditions;
The Customer shall comply with all the local laws applicable to any access and use of the Online Banking Services, including but not limited to the Federal Law No. 1 of 2006 concerning Electronic Transactions and Commerce Law.
The Customers entering into and performing the Online Terms and Conditions does not violate, breach, conflict with or constitute a default under any law, regulation, rule, judgment, contract or other instrument binding on the Customer or any of its constitutional documents.

The Customer undertakes that the Customer shall :

ensure that the User is familiar with the Online Terms and Conditions and agree to be bound hereby in their use of the Online Banking Services;
comply with all security procedures provided by the Bank and must take all reasonable steps to prevent fraudulent or unauthorized use of or access to the Online Banking Services;
execute any additional documents that may be required by the Bank prior to providing any existing or additional services under the Online Banking Services, failure of which, the Customer shall cease to be entitled to use the Online Banking Services and the Bank shall be entitled to withdraw such services;
Not use the Online Banking for any purpose that is unlawful or is not permitted, expressly or implicitly, by the terms of the Online Terms and Conditions or by any applicable law or regulation. The Customer further undertakes that it will not use the Online Banking Services in any manner that could damage, disable or impair the Online Banking Services or interfere with any other party’s use and enjoyment of the Online Banking Services.

Instructions

All instructions of the Customer executed by using the Online Banking Services shall be at the Customers own costs and risks and the Customer shall be bound by such instructions.
The Customer understands and agrees that the Bank will rely on the information provided by the Customer and hereby authorizes the Bank to rely and act on such information.
The Customer is responsible for the accuracy of information submitted to the Bank and the Bank shall not bear any liability for any loss or damage arising from any erroneous or insufficient information provided to the Bank.
The Bank may rely and act upon all instructions and that the Customer will be bound by any agreement entered into between the Customer and the Bank and liable for any loss incurred by the Bank in relying on such instruction.
The Bank may rely on the authenticity of the Transactions conducted by the Customer or the User. The Customer hereby ratifies and endorses all or any actions done by the User.
The Bank is not obliged to make any investigations or take any other steps to authenticate instructions or information given by the Customer. With respect to the identity of the User accessing the Online Banking Services, the Bank shall be entitled to rely on the authenticity of the User ID and Password provided and/or any other additional security methods/devices implemented by the Bank at its absolute discretion.
The Bank may refuse to execute any requests, instructions or services requested by Customer if the Customer fails to comply with the Online Terms and Conditions, any information provided by Customer is found incorrect or violates any UAE law or regulations. If the Bank has any reasons to doubt the genuineness of the instructions and/or Transactions, the Bank may, in its own discretion choose not to process the instruction and/or Transactions.

Security

The Customer shall be responsible for keeping the User ID and Password strictly confidential and should not disclose the same to any person.
The Customer shall be responsible for the usage of the User ID and Password or other identification method or devices used to access the Online Banking Services as well as the usage of the same by the User or any other third parties.
The Customer shall notify the Bank immediately in case of loss, disclosure or misuse of the User ID or Password or any breach of the security procedures prescribed by the Bank. The Customer shall assume full responsibility for any Transactions effected by disclosure or misuse by the Users or any loss incurred as a result of the same

Indemnity

The Customer unconditionally and irrevocably shall fully indemnify the Bank (and its directors, officers, employees and agents) to the fullest extent permitted by law, and, at all times, defend and hold the Bank harmless, against any and all claims, demands, actions, suits, damages and liabilities of whatsoever nature (any such actual liability being hereinafter referred to as a “Claim”) caused by the Customer, where such Claim in any way whatsoever relates to or arises out of the subject matter of the Online Terms and Conditions, unless caused by the Bank’s gross negligence or willful misconduct.
In no circumstances will the Bank be liable for any consequential, indirect, economic, special or punitive losses. The Bank does not guarantee the accuracy, completeness and timeliness of information set out or included on the Online Banking Services and any information made available through the Online Banking Services is subject to amendment and change from time to time, at the Banks sole discretion.
The indemnities given under this clause will survive the termination of the Online Terms and Conditions or closure of account(s) with the Bank provided that the indemnities relate to Claims arising prior to such termination or closure.

Liability and Warranty

In the absence of gross negligence or willful misconduct, the Bank (and its directors, officers, employees, representatives and agents from time to time), shall not under any circumstances be liable to the Customer in respect of any loss of whatever nature incurred by the Customer or any such third party, whether direct or indirect, arising out of or in connection with the following:
1. any delay, incomplete Transaction, non-receipt, error or omission howsoever caused, including failure or unavailability of any communication network, breakdown in communication and/or electronic system which may occur in the transmission of the Customer’s instructions;
2. any change, alteration, additions or deletions to the Online Terms and Conditions or the Online Banking Services; hacking, unauthorized access, virus attacks and other deliberate attempts by third parties that may breach the security features of the Online Banking Services.
3. Any failure by the Bank to recognize false forged or altered instructions or documentation which it reasonably believes to be authorized by the Customer.
The Bank shall not be responsible for the accuracy and completeness of any information received from banks or financial institutions other than the Bank. In no event shall the Bank be liable to the Customer for any damages that the Customer may incur suffer by relying on information received from banks and financial institutions other than the UAE Central Bank.
Except as expressly set forth in the Online Terms and Conditions, the Bank disclaims warranties of any kind, expressed or implied, including without limitation any warranty of merchantability, fitness for a particular purpose or non-infringement of intellectual property or third party rights, and the Bank makes no warranty or representation regarding the accuracy or reliability of any information including such information as retrieved by the Customer from the Account or any results that may be obtained from the use of the Online Banking Services, or that the Online Banking Services will meet requirements of all users, be uninterrupted, timely, secure or error free.

Right of the Bank to obtain information

The Bank reserves the right to obtain such information as the Bank deems reasonably necessary to ensure that there is no violation of law in the Customers use of the Online Banking Services, including, but not limited to, laws and regulations with respect to anti money laundering applicable in the UAE or of the country(s) from which Online Banking Services are accessed.
The Customer shall be responsible for the prevention of money laundering and shall ensure compliance of the same and hereby undertakes to provide to the Bank any information regarding the same as may be required by the Bank or for purposes of the compliance of the applicable laws and regulations.

Fees and Charges

The Customer agrees to pay all fees, expenses or charges for the use of the Online Banking Services and the Bank shall debit to the Account such fees, expenses and charges.
Such Charges shall be as per the Banks schedule of fees, commission and charges, made available online to the Customer.
The Customer agrees to pay all Charges applicable to the Online Banking Services which the Bank may charge from time to time at its discretion and directly debit to the Account.

Confidentiality

The Customer and the Bank agree to treat each communication as confidential. This clause shall be binding on the parties and will survive the termination of the Online Banking Services pursuant to the Online Terms and Conditions. For the purposes of this clause, communication means each transmission of information between the parties including without limitation any instruction, order request to perform a given transaction.

Intellectual Property Rights

1. The Customer acknowledges and agrees that any and all intellectual property rights in and relating to the implementation of the Online Terms and Conditions, which have been produced by or for the Bank, belong solely to the Bank. The Bank shall have the absolute right to utilize the intellectual property to its benefit and advantage and make any alteration or improvement thereof at any time, in any manner it deems fit.

2. The Customer has no right or interest in the intellectual property rights by virtue of the Online Terms and Conditions.

3. In relation to the intellectual property rights which are the subject to the Online Terms and Conditions ,the Customer shall abide by the following:

a. The Customer shall not sell, give, grant, assign or in any way dispose or attempt to dispose of the intellectual property rights to any third party;

b. the Customer shall not register or apply for registration of any intellectual property rights in the UAE or in any other country; and

c. The Customer shall not in any way infringe the intellectual property rights.

4. The Customer agrees to notify the Bank as soon as it is aware of any infringement of the Banks intellectual property rights or becomes aware of or suspects any unauthorised third party access to or use of intellectual property rights.

5. in case of the Customers violation of or infringement of the intellectual property rights by any means without the Banks prior written and documented consent, the Bank shall be entitled to take any legal action against the Customer and seek compensation for such infringement and/ or serve a written notice to the Customer for the termination of the Online Terms and Conditions.

6. The Customer agrees to treat at all times, the access rights, documentation, intellectual property or any other information related to the Online Banking Services as strictly private and confidential. The Customer shall have no right, without the prior written consent of the Bank (which may be withheld) to use, copy, reproduce, disclose or permit any other person or business entity to use or have access to such intellectual property.

7. The Customer acknowledges and agrees that any and all intellectual property rights in and relating to the implementation of the Online Terms and Conditions and all materials, documentation of the Online Banking Services and subsequent amendments including user guidelines in any form for use in connection with the implementation of the Online Terms and Conditions shall constitute the property of the Bank.

8. The obligations of the Customer in this clause shall continue to be in force notwithstanding termination of the Online Terms and Conditions for whatsoever reason.

Suspension of Use of the Online Banking Services

The Bank reserves the right to suspend the Customers right to use the Online Banking Services, immediately and without prior notice to the Customer. In the event of such suspension, the Customer may request reinstatement of the Online Banking Services by contacting the Bank in the manner prescribed in the Online Terms and Conditions. The Bank reserves the right in its sole discretion to grant or deny reinstatement of the Customer to use the Online Banking Services.

Records of Transactions

1. The Bank reserves its right to monitor and record any instructions, communication with the Customer and messages and/or instructions sent to the Bank electronically or otherwise and any Transactions conducted by or through any such medium and the Customer hereby expressly consents to the above monitoring and recording.

2. The Customer agrees that if such monitoring or recording, as provided herein, reveals possible evidence of fraudulent or any potential or actual illegal activity; the Bank shall report such incident to concerned competent authorities and reserves its right to initiate legal proceedings against the Customer.

3. The Customer agrees that the Bank’s records referred to above shall be conclusive evidence of such Transactions and legally binding upon the Customer.

Termination of Online Banking Services

The Bank reserves the right, subject to applicable law, to discontinue or terminate the Online Banking Services and the Customers right to use the Online Banking Services at any time and for any reason.

In the event where the banking relationship between the Customer and the Bank is terminated or the Account is closed, for any reason, the Bank shall be entitled forthwith to cancel the Online Banking Services. The Customer hereby consents to such cancellation and undertakes to indemnify the Bank in respect of any claims which may arise out of such cancellation.

The Customer may only terminate the Online Banking Services by giving notice in writing to the Bank and will be responsible for all the transactions made through the Online Banking Services until the termination of the same by the Bank

General Terms

1. The Bank may, without any prior notice to the Customer, at its own discretion assign the whole or any part of its rights and obligations under the Online Terms and Conditions. The obligations of the Customer under the Online Terms and Conditions may not be assigned in whole or in part, without a prior written consent of the Bank.

2. No forbearance, neglect or waiver by the Bank in the exercise or enforcement of any right or remedy arising from any of the Online Terms and Conditions will prejudice the Banks right thereafter to strictly enforce the same. No waiver by the Bank will be effective unless it is in writing.

3. The Customer is deemed to have read, understood and agreed to be bound by the Online Terms and Conditions. At any time, the Bank may change, add, amend, supersede or supplement any or all of the provisions of the Online Terms and Conditions. The Bank will notify all the Customers in writing of any amendments to the Online Terms and Conditions and such amendments will be effective from the date such changes are notified to all Customers. However, such changes are deemed to be binding on the Customer whether or not the Customer has received specific notice in person of such amendments.

4. If any provision in the Online Terms and Conditions is found to be unenforceable, invalid or illegal, such provision will be deemed to be deleted and the remainder of the Online Terms and Conditions will be unaffected by such unenforceability, invalidity or illegality.

5. The Bank shall not be liable for its inability to pay due to restrictions on convertibility or transferability, requisitions, involuntary transfers, acts of war or civil strife or other similar causes beyond the Banks control. In such event no other office, branch, subsidiary or affiliate of the Bank shall be responsible or liable to the Customer.

6. Expect as provided in the Online Terms and Conditions, any demand or communication made by the Bank under the Online Terms and Conditions will be in writing in English and sent to the address given by the Customer (or such other address as the Customer may notify the Bank from time to time) and, if posted, will be deemed to have been served on the Customer on the date of posting. Unless the Customer notifies the Bank in writing, customer’s address stated in the customer’s application form shall be considered as the approved address for all communication(s) such as but not limited to delivering notices, advises, statement of account, notification or any document between the Bank and the Customer.

7. All headings in the Online Terms and Conditions are for reference purposes only and shall not be construed to limit or otherwise affect the interpretation of any provision in the Online Terms and Conditions in any way.

Governing Law and Jurisdiction

1. The Online Terms and Conditions shall be governed by and construed in accordance with the Federal laws of the UAE, regulations of Central Bank and regulations of Emirate of Sharjah, as applicable from time to time and the Bank and the Customer hereby irrevocably submits to the exclusive jurisdiction of the courts in the UAE to hear and determine any suit, action or proceeding and to settle any disputes which may arise out of or in connection with the Online Terms and Conditions.

2. The Customer irrevocably waives any objection which it might now or hereafter have to the courts referred to in this clause being nominated as the forum to hear and determine any suit, action or proceeding and to settle any disputes which may arise out of or in connection with the Online Terms and Conditions made hereunder and agrees not to claim that any such court is not a convenient or appropriate forum.

3. Submission to the jurisdiction of the courts of the UAE shall not limit the right of the Bank to bring proceedings against the Customer in any other court of competent jurisdiction nor shall taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not

SMS Services

1. All messages shall be transmitted 24 hours a day. The messages shall not be delivered if service providers stop the customer’s mobile service.

2. By subscribing, you consent to receiving, from time to time, further text messages from the Bank which may include offers and promotions.

3. The customer needs to notify the bank immediately in case He/She changed his/her mobile number or the mobile is lost and He/She shall bear the risk for any loss or damage due to the customer failure to notify the bank.

4. The bank, without referring to the customer, may debit the customer’s accounts with any charges, expenses or commission payable against SMS rendered in accordance with the banking charges and commissions approved and announced by the bank.

5. Service providers will charge the customer directly for receiving SMS messages by the bank if the customer uses this service outside the UAE and the foreign operator charges for SMS messages.

6. Transmitting SMS is subject to changes applied by service providers.

7. The customer shall exercise all possible care to ensure proper usage of this service and should not disclose the PIN to any party in order to prevent misuse of the service.

8. Joint account holders shall agree and acknowledge to be jointly and severally responsible for all transactions retrieved through the SMS.

9. You represent that you are the owner or authorized user of the mobile number you use to subscribe for the service, and that you are authorized to approve the applicable charges.

10. The service is available only for the United Arab Emirates network operators.

11. The customer agrees that Bank will not be responsible for any failure, instability or interruption of service due to any malfunction of the equipment, power supply system’s and/or communication lines or networks supplied, provided, operated and/or maintained by third parties. The customer further agrees that Bank will not be responsible for any losses incurred by the customer in relation to his/her use of the service (including losses caused by wrongful acts or omissions of third parties), unless such losses are directly caused by wrongful acts or omissions of Sharjah Islamic Bank acting willfully, grossly or negligently.

12. You shall not damage, impair, interfere with or disrupt the service or its functionality.

13. The Bank reserves the right to change the set of services provided to the customer by means of Tawasul SMS or completely discontinue the service with or without prior notice to the customer, at any time at its sole discretion.

14. The Bank may at any time change these terms and conditions without prior notice.

Safe Deposit Locker

a) The Bank rents to the customer the Safe Deposit Locker as per the signed agreement in Safe Deposit Locker Form between the customer and the Bank detailed in schedule (2) of this agreement.

b) The customer desires to hire the locker from the Bank in accordance with the terms of this agreement :

1. The Bank hereby lets the customer accepts on hire the locker for a period of one year (hereinafter called “Rental Period”) which expression shall when the context so requires include any period for which this Agreement is extended.

2. Detailed in schedule 3 of this agreement shall be the consideration payable by the customer to the Bank for the use of the locker for the Rental Period and shall be payable in advance. This agreement shall be renewed upon the expiry of the initial or any renewed Rental Period for an additional period of one year and the rent payable for such renewal period shall be notified by the Bank to the customer before the expiry of any rental period provided always that either party may terminate this agreement by giving to the party 15 days notice of termination and a pro rata refund of the rent paid by the customer shall be made only if this agreement is terminated by the Bank.

3. The customer shall place with the Bank by way of deposit for any loss of or damage to the locker or the lock or the key caused by the customer the amount as is set out in Schedule 4 of this agreement .This amount shall be applied by the Bank towards the repair or replacement of the locker or the lock or the key

4. If the customer wishes another person to have access to the locker such authority shall be given only in writing on a form to be supplied by the Bank and duly executed by the customer and evidence satisfactory to the Bank of the identity of such person shall be provided .This authority stands null and void on the demise of the customer.
5. The liability of the Bank under the terms of the agreement is limited solely to the exercise of reasonable diligence and the observation of the terms, conditions and stipulations contained in this agreement and the Bank shall not be liable to the customer for any loss of or damage to contents of the locker or any part thereof .It is also understood by the customer that the Bank is not informed of the value of the contents in the locker and that no claims can be made against the Bank under the terms of this agreement 6. It is also understood by the customer that the contents of the locker are not insured by the Bank for fire or burglary and acts of God and no claims will be made against the Bank in this respect.

7. Any notice, demand or communication required in terms of this agreement shall be made in writing and executed by a duly authorized officer of the Bank or the customer as the case may be.

8. In the event of death of the customer, the Legal heirs will be permitted to take possession of the articles deposited in the locker on production of the Original Court Order/will/Probate / Succession Certificate, along with the key to the locker the contents of the locker.

9. The Bank reserves the right to cease the locker operations for the customer or his/her authorized representative and/or apply legal and regulatory measures including break-opening of the locker, in case the rent is not paid by the customer.

Stop Payment Orders

The Customer shall indemnify the Bank and hold it harmless against any damages incurred by the Bank in respect of any amount, which is blocked in compliance with legal requirements or under instruction from the Central Bank or any other competent authority or for any claim of the Bank on the Customer

Shari’ah Principles

The Customer acknowledges and agrees that these Terms and Conditions shall be subject to the principles of the Noble Islamic Shari’ah as applied and interpreted by the Bank’s Fatwa and Shari’ah Supervisory Board from time to time.

Legitimate Funds

The Bank shall be entitled to freeze any funds in the Account or take other action necessary if the Bank believes the funds have been obtained other than through lawful means or arising from an unlawful transaction. The Bank’s judgment in this respect shall be conclusive. The Bank may also report any money laundering, illegal and/or suspicious transactions in the Account to the authorities within the UAE or abroad. The Bank shall comply with all anti-money laundering laws and regulations in force and applicable to it from time to time and may at its discretion call for additional details or information on the Customer and/or the Accounts and provide the same to regulatory authorities involved in the said operations. The Bank will not take any responsibility for delayed execution of transactions if the information called for is not provided by the Customers in time.

Prevailing Language

These Terms and Conditions have been drafted in Arabic, and then translated into English. In case of any shortage, discrepancy, contradiction or difference between the Arabic language and the English language in these Terms and Conditions, the Arabic language shall prevail and shall be considered the dominant language and the reference for interpreting the intention of the parties and the terms of the contract.

Application Laws & Jurisdiction

These Terms, Conditions, Customer’s accounts and all relating matters are subject to the provision of the Noble Islamic Shari’a, Advisory opinions (Fatwa’s) made by Shari’a and Fatwa supervisory Board of the bank and the article of association of the bank as well as the Laws of the U.A.E. to the extent that it does not conflict with the principle of Islamic Shari’a.

Audible Information

Terms and Conditions of Banking Services

Preamble:

Definitions:

General Terms and Conditions:

Other Services:

Sharjah Islamic Bank

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