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Terms and Conditions

Millionaire Campaign Terms and Conditions (Download)

 

 


 

Terms & Conditions - Sharjah Islamic Bank Saving Accounts with Profit and Rewards

 

1. Definitions

 

 

 

 


 

 

 

1.        INTRODUCTION:
1.1      SIB Saving Accounts with Profit and Rewards ("Saving Account") is a personal saving account offered by Sharjah Islamic Bank PJSC ("SIB"), as defined in the terms and conditions
1.2     SIB Saving Accounts with Profit and Rewards Account is based on the Islamic Mudaraba principles, wherein SIB (Mudarib) will invest the money of the Accountholder (Rabu Al Maal) in a common investment pool in accordance with the principles of Shari’a as stipulated in the Banking Services Terms and Conditions (BST&C)
1.3     The Accountholder shall share profits and bear losses, if any, as stipulated in the BST&C
1.4    SIB reserves the rights, at its absolute discretion, to vary, delete or add to any of these terms and conditions from time to time, after notifying the Accountholder (“Terms and Conditions”). Such amendments will be effective as per the BST&C 
1.5     At present SIB at its sole discretion provides opportunities to win prizes periodically (as set out below). SIB reserves the right to amend, vary or cancel any prize before doing the draw and announcing the winner in relation with SIB Saving Accounts with Profit and Rewards. These prizes are not an integral part of SIB Saving Accounts with Profit and Rewards and awarding the prizes shall not be construed an obligation on SIB unless the draw has taken place and the winner is announced
2.       DEFINITIONS 
The following terms and expressions shall have the following meanings:
-          "Accountholder" means the customer opening SIB Saving Accounts with Profit and Rewards.
-          "AED" means the lawful currency of the United Arab Emirates
-          “BST&C” means SIB banking service terms and conditions
-          “Saving Accounts with profit and rewards” means SIB Saving Accounts with Profit and Rewards
3.       ACCOUNT OPENING, CURRENCY AND MINIMUM DEPOSIT:
3.1     SIB reserves the right to decline an application for opening SIB Saving Accounts with Profit and Rewards Account for any person at its sole discretion without having to provide any justification
3.2    SIB Saving Accounts with Profit and Rewards Account can be opened only for individuals, with or without salary transfer
3.3   The Debit card shall be used in AED only
3.4    A minimum deposit of AED 10,000 is required to include SIB Saving Accounts with Profit and Rewards’ Account in the draws, if Account balance drop less than AED 10,000 due to direct debit or standing instruction or any charges customer is responsible to monitor and maintain account balance to be eligible for the raffle draw
3.5   The account holder must maintain the required minimum balance in their SIB Saving Account with Profit and Rewards, in accordance with the Savings Account minimum balance policy. If the balance falls below the required amount, a minimum balance fee of AED 25 plus VAT (where applicable) will be charged on a monthly basis. For more information, please refer to our schedule of charges at www.sib.ae/tariff.
3.6    If the Accountholder decides to close SIB Saving Accounts with Profit and Rewards Account before the prize is declared, SIB shall have the right to  exclude the Accountholder
4.       SIB SAVING ACCOUNTS WITH PROFIT AND REWARDS ACCOUNT ON CHANNELS:
4.1    Accountholder can check the accumulated draw entries by logging on Online & Mobile Banking channels
4.2    The Accountholder may contact SIB Call Center (+971 6 5999999) for the latest updates on the draw entries
5.       PROFIT:
5.1     The Accountholder shall earn profit (if any) on SIB Saving Accounts with Profit and Rewards Account deposit balances
5.2    To earn profit on the SIB Saving Account with Profit and Rewards (profits are declared on specified dates throughout the year), the account holder must maintain the required minimum balance in accordance with the Savings Account minimum balance policy.
5.3    The rate of profit is determined by SIB in accordance with the profit distribution mechanism stipulated in the BST&C
6.       PRIZE DRAW:
6.1    Eligible Accountholders shall be entitled to participate in the prize draws to be conducted by SIB
6.2   If the balance of SIB Saving Accounts with Profit and Rewards Account is below AED 10,000 at any time in the month, then the Accountholder will lose all the collected raffle coupons applicable for that month
7.       RAFFLE COUPONS: 
7.1     Raffle Coupons
7.1.1             The Accountholders shall be eligible to receive one raffle coupon for each month they maintain a daily minimum balance of AED 10,000
7.1.2            The Accountholder shall have a chance to win  Grand Prize – Seasonal Occasions prize as specified in clause (8) below
7.1.3            The Accountholder shall have a chance to win every quarter grand cash prize (One prize of AED 01 Million for UAE Nationals & One prize of AED 01 Million for All Customers – Excluding months of Grand Prize – Seasonal Occasions of AED 2 Million) as specified in clause (8) below
7.1.4           SIB shall grant monthly prize of luxury car (1) Accountholder as specified in the clause (8) below
7.1.5            SIB shall grant monthly prizes for five (5) Accountholders amounting to AED 5,000 as specified in the clause (8) below
7.1.6           SIB shall grant fortnightly prizes for ten (10) Accountholders amounting to AED 1,000 as specified in the clause (8) below
7.1.7            SIB shall grant fort nightly prizes for twenty five (25) Accountholders amounting to AED 500 as specified in the clause (8) below
7.1.8           The Accountholder shall be eligible to receive extra draw coupon every month for every AED 10,000 or its multiples available in SIB Saving Accounts with Profit and Rewards (maximum of 1,000 entries per person)
 
7.2    Minimum Required Coupons
7.2.1            The Accountholder should at least have one raffle coupon in order to enter the monthly draw and get the chance to win the monthly prize as specified in the schedule in the clause (8) below
7.2.2           The Accountholder should at least have one raffle coupons to enter the grand draw and get the chance to win the grand prize as specified in the schedule in the clause (8) below  
 
8.       PRIZES 
8.1    Subject to the applicable Terms and Conditions, all prizes granted to the Account Holders shall be exclusively from the Bank’s shareholders funds at the sole discretion of the Bank, and awarding them or recurring awarding them, unless the draw has taken place and the winner is announced..
8.2   The Prizes are in cash and shall be credited to SIB Saving Accounts with Profit and Rewards Accounts only for Cash Prize including Grand Prize. Car Prize will be registered on name
8.3   All cash prizes will be granted in AED only
8.4   The prizes are non-transferable and cannot be paid, remitted or deposited to a person or account other than the winner
8.5   SIB's decision and records regarding the prizes will be final and legally binding
 
8.6   Types of Prizes:
8.6.1           Grand Prize – Seasonal Occasions:
-          Grand Prize – Seasonal Occasions Draw with a prize amount of AED 2 million (1 winner)
-          Frequency of Grand Prize – Seasonal Occasions Draw will be decided by the Bank and will be announced accordingly
8.6.2          Grand Cash Prize:
-          Quarterly Grand Cash Prize of AED 2 Million (One prize of AED 01 Million for UAE Nationals & One prize of AED 01 Million for All Customers; including UAE Nationals)
-          Excluding the Month of Grand Prize – Seasonal Occasions as stated above in 8.6.1
8.6.3          Luxury Car Prize:
-          Monthly Luxury Car prize - 1 winner
-          Excluding Months of Grand Cash Prize as stated above in 8.6.2
8.6.4         Monthly Prize:
-          Monthly cash prizes of AED 5,000 each – 05 winners
-          Monthly cash prizes of AED 1,000 each – 10 winners
-          Monthly cash prizes of AED 500 each – 25 winners
 
8.7   Prize Draw Mechanism:
8.7.1           The winners will be decided randomly by an automated prize draw system in the presence of a representative from the Ministry of Economy of the Emirate where the draw takes place or as required by the rules and regulations of the Emirate
8.7.2          SIB may contact the prize winners at the address provided in SIB's records
8.7.3          The results of the prize draw shall be announced on www.SIB.ae 
8.7.4          SIB may, at its sole discretion, announce the results of the prize draw through any other means of communication
9.       GENERAL 
-          Sharjah Islamic Bank is entitled to change the form or amount of the prize and/or the method in which the prize is awarded to the wining Customer at any time at its sole discretion
-          The winning Customer will bear any and all actual charges, actual costs and actual expenses relating to or connected with the Draw, the prize, and/or the disbursement or receipt of the prize
-          Sharjah Islamic Bank reserves the right to disqualify a Customer at any time from the Draw at its sole discretion and without notice
-          All charges, commissions and fees are exclusive of Value Added Tax or any other similar sales tax (VAT). The Customer hereby agrees to pay an amount in respect of any applicable VAT
-          By opening a Saving Account, the Customer acknowledges and agrees that in the event they are declared the winner of a Draw, their names (as recorded with Sharjah Islamic Bank) and pictures may be released to the media and/or the general public
-          The Bank shall not be liable for any harm, loss, cost or expense of any kind, including legal fees, incurred or suffered by the winning Customer because of such release
-          Account holder will not be eligible for the monthly draw if the account is closed during the month
-          Aggregate accounts balances are not included to calculate the number of entries. Only account level balance is included to calculate the entry if customers maintain more than one savings account
-          Sharjah Islamic Bank system exchange rate will apply to convert the non-AED balance in the foreign currency savings account
-          New account opened by an existing or new customer will be considered for the draw in the following next month based on the eligibility criteria
-          Any provisions not stipulated in these Terms and Conditions shall be subject to the provisions of the GENERAL  TERMS AND CONDITIONS FOR ACCOUNTS AND ISLAMIC BANKING SERVICES
These Terms and Conditions shall be governed by and construed in accordance with the federal laws of the UAE as applied by UAE courts to the extent that they do not contradict with the rules and principles of Shari’a as set out in the Shari'a Standards of the Accounting and Auditing Organization For Islamic Financial Institutions as interpreted by the Internal Shari’a Supervisory Committee of the Bank
-          Sharjah courts shall have exclusive jurisdiction over any matters or disputes arising out of or in connection with these Terms and Conditions. Notwithstanding the foregoing, the Bank shall have the right to take proceedings in whatsoever jurisdiction it deems fit, taking proceedings in any one or more jurisdictions shall not preclude the taking of proceedings in any other jurisdiction, whether concurrently or not
 

 

 


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