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Audible Information

KEY FACTS: TAYSEER PLUS

Product description:

Tayseer Plus is a short term loan with a limited amount provided exclusively to specific customers working for specific employers and having salary transferred to Sharjah Islamic Bank, this loan is in the form of Qard Hasan (No profit), as customer can pay it on deferred equal instalments, noting that this product has been approved by the Bank Sharia supervision committee

Terms & Conditions:

1.    This short term Loan (Tayseer Plus) is carried out in compliance with Islamic Sharia rules and principles, and it is based on Qard Hasan

2.    Maximum loan amount will be AED 30,000.

3.    Maximum tenure will be 12 months

4.    Amount will be credited in customer pre-paid card account

5.    An administration fee of AED 499 is charged upon availing the loan, and the fee is deducted from the loan amount

6.    Customer’s salary must be transferred to the bank regularly from the employer

7.    Installments will be deducted from the customer’s salary transferred monthly to SIB

8.    Customer must be regular in paying his other obligations with the bank (If any)

9.    The Bank is entitled, at its absolute discretion, to accept or reject customer’s application

10. If loan application is approved, it will be in accordance with the UAE Central Bank regulations

11. Other Terms & Conditions are to be considered after executing the transaction:

a.    Installments has to be paid in the due date, and if customer fails to pay, the bank may claim the unpaid amount through the legal procedures

b.     If the customer fail to pay the installments in the due date, this may affect customer credit rating, which may limit the customer abilityto another finance in the future from the bank or other banks

c.     In the event of no balance in customer’s account to which the salary is transferred on the due date, the bank has the right to deduct the advance due amount from any other credit account with the bank

d.     As mentioned in the loan description, salary is the main security required to obtain this service, so the customer must transfer to the bank the salary of the month following receiving the product, and in case salary is not transferred and the customer have been terminated from his work or left or changed his work, customer’s end-of-service benefits must be transferred to his account with the bank, noting that theBank is entitled to block the EOSB and any other amounts available in the account in order to pay any overdue amount (s)

e.     The Customer shall have the right to have a Cooling-Off period, of 5 complete business days commencing from the time of signing the contract for the loan, hence if the customer opted to terminate the contract within the cooling off period, the bank has to refund to it any related Fees and direct costs already incurred by the customer. However, if the customer, within the cooling off period, disposed of/acted on the subject of the contract in any manner, its right in the cooling off period will cease. The customer may also waive its right in the cooling off period by its written consent.  For more information, please review the relevant Form issued along with the loan approval.

I hereby declare that I have read and understood the above mentioned facts,  and undertake to comply and observe the same

    Customer Name           :

   Customer signature     :

    Date                         :

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