GENERAL TERMS & CONDITIONS
Preamble: The Customer wishes to open an Account(s) with Islamic Finance Bank or obtain a Banking Service and upon the Bank approving the same, these terms and conditions shall apply to the Customer Account(s) and any related Banking Services provided to the Customer and shall be construed in accordance with the Memorandum and Articles of Association of the Bank, its by laws and regulations, the UAE Central Bank’s Instructions, the Fatwas issued by the Fatwa and Sharia Supervision Board of the Bank and the provisions of the Internal Shariah Supervision Committee. The Bank is a commercial bank ,conducting its activities in compliance with principles of Islamic Sharia, licensed and regulated by the Central Bank of the UAE. The Customer may contact the Bank for any enquiries, assistance or complaints, at any of its branches or, by visiting its website (www.isfbd.com/contact)
Important notice
The Bank has rights to amend these Terms and Conditions by notice to the Customer in accordance with applicable law. - The Bank also has certain rights to terminate, close, suspend and/or cancel any Account or Banking Service as explained in these Terms and Conditions. This includes where required to do so by applicable law, where the Customer fails to satisfy any of the applicable conditions or where the Customer breaches these Terms and Conditions or any other applicable conditions of the Bank. - Every Account and Banking Service has a different set of terms and features attached to it and in some cases, the Customer may have the right to opt out during a cooling off period, cancel, request a waiver of fees, request an investigation or file a complaint about the Customer’s experience. If in doubt the Customer should contact the Bank. The Customer will be required to pay fees, charges and in some cases penalties all as disclosed in these Terms and Conditions and the Bank Fee Schedule, subject to change. In addition, certain Banking Services such as the use of Cards and cheques can create liabilities and exposure on the Customer. The Customer should understand these before opening an Account or using a Banking Service and always ensure they are used safely within the financial means of the Customer.
The Customer hereby agrees to the below Terms and Conditions: Phrasing/Wording > Words importing only the singular shall include the plural number and vice versa. Where the Account is a Joint Account, reference to single customer shall be reference to both customers. > The words importing any gender shall include all genders, words importing person shall include a sole proprietor, partnership, firm, company, corporation or other entity. The heading of the clauses herein shall not be taken into consideration on the interpretation of these Terms and Conditions.
Reference to these Terms and Conditions shall be understood to be reference to the terms and conditions contained in the Customer’s completed application form of the Account and any terms and conditions stated in any application of any other Services. These Terms and Conditions and their amendments constitute an integral part of the Account opening documents and relevant Banking Service documentations offered by the Bank to the Customer.
Definitions: The following words and expressions shall have, whenever mentioned herein, the meanings shown against each of them:
Bank Fee Schedule: means the schedule of fees, charges and rates of the Bank found at the Banks’ website and it’s branches.
Banking Service: Means any Account or service (including but not limited to Pre-Paid Cards) provided by the Bank to the Customer.
The Bank: Islamic Finance Bank or any of its branches or its successors and assigns. The Customer or "You": The Account holder (Individual or Commercial) or any person who requests banking services from the Bank or its successors and assign. Banking Transactions: Includes the contracts of opening current, savings and investment deposit accounts, as well as all other types of accounts and the banking services customarily provided by Islamic Banks. First -The 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 documents to the satisfaction of the Bank.
2) 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. The customer may carry out all transactions with any branch of the Bank.
3) Specimen Signature: The Customer’s specimen signature registered with the Bank, shall be considered to be the basis for carrying out transactions on Customer accounts and shall remain valid unless changed or cancelled. Any change or cancellation shall only become valid on the next working day following the day of receipt of such instructions by the branch at which the account is maintained.
4) Deposits and Withdrawals: The Bank accepts deposits from Customers in cash or by any banking customary practices. Deposits by third parties into the Customer’s account may be accepted without any responsibility to the Bank. b) Drawing can be made by the Account holder or by an authorised agent who can be appointed after completing the required documents prepared by the Bank. Cash drawings from a Saving account shall be done by using the Bank’ forms or the ATM card. Cash drawings from the Current account shall be done by using the cheques issued by the Bank or the ATM card.
5 ) Account holders who cannot sign their names (blind/illiterate customers) should produce proper identification acceptable to the Bank, to perform the transaction before the concerned Bank official by using finger print and stamp (if any) before drawing any amount (applicable to Individual Account only). To protect the interest of the blind/illiterate customers, the Bank shall not issue Cheque Books, ATM Cards for them except through an authorised agent.
6) 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 a 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.
The Customer, agrees that purchase by the Bank of a Draft (in foreign currency) previously issued by the Bank at the instruction of the Customer, shall be at the discretion of the Bank and at the exchange rate prevailing on the date of purchase after the deduction of the Bank’s fees/charges and commissions as per the Bank Fee Schedule. g) Bank shall credit all the incoming remittances and Drafts of the Customer into the Customer’s accounts in the currency of such accounts unless the Bank receives instructions contrary thereto from the Customer, and the deposit shall be at the exchange rate prevailing on the same day of deposit.
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 with the Bank’s records or for any other reason. All the transfers effected by the Bank according to the Customer’s instructions shall be at the Customer’s expense and responsibility, and the Bank shall not be responsible if the amounts credited to the Customer accounts are reduced due to the charges or decline in value, and the Bank shall not be responsible if the Customer was unable to avail of the funds on account of any restrictions issued by the concerned authorities.
The Bank and its correspondents are not liable for the consequences of any irregularity, delay, mistake, telegraphic error, omission or misinterpretation that may arise, and from and against any loss, which may be incurred through its correspondents failing properly to identify the persons named in the instructions or retaining the funds, should the Bank or its correspondents deem such retention expedient, pending confirmation of the identity of any person or of the above instructions by a letter or otherwise.
Should all or any of these transfers be unpaid and refunded to the Bank, the customer can only claim the value thereof at the buying rate of the day when the refund takes place. The refund cannot be effected until the Bank has received definite advice from its correspondents that the funds are unpaid and that the original instructions have been cancelled.
It is understood that neither the Bank nor its branches or correspondents are responsible for any delay, mistake or omission caused howsoever or mutilation arising in the transmission of cables, telegrams or communication of any kind whatsoever by electronic systems. The Bank will, as part of its regulatory obligations, screen all outward payments to satisfy itself that the payment does not breach any local or international regulations including any regulation in connection with restricted beneficiaries. As part of this obligation, the Bank, its agents and correspondents reserve the right to seek from the customer/ remitter any additional information with respect to the parties involved and purpose of the remittance/payment instruction. Bank reserves the right to perform the screening process at any point during the processing of the payment instruction, even after handing over an intermediary receipt to the customer. Payment instructions may not be completed or processed by the Bank until the additional details called for are provided by the customer. The customer agrees to indemnify the Bank, its agents and correspondents against any loss, cost, damages, expense, liability or proceedings which the Bank may incur or suffer as a result of acting upon, delaying to act upon or refraining from acting upon the said instructions. In no event shall the Bank be liable for any loss of profits or contracts or special, indirect or consequential loss or damages suffered by the customer".
All transfers requested by the customer shall be converted by the paying bank into local currency at its buying rate unless the payee has made special arrangements with the paying bank. Encashment of the remittances is subject to any exchange control or other restrictions, which may be imposed by the rules and regulations of the country where encashment is to be made. Neither the Bank nor its correspondents or agents shall be liable for any loss or delay caused by any such rules and regulations. s) Applications received after such designated cut-off time, will be processed on the next working day. The Customer will be liable to pay to the Bank all accrued fees. If any amount is transferred to the UAE Central Bank, no profit or other return will accrue on that amount and any claim for return of the funds will be submitted to the UAE Central Bank. u) All charges incurred outside UAE are for the account of the beneficiary (unless specified). v) All Applications for remittance or otherwise made on plain paper or on Company letter head shall be automatically subject to the prevailing rules and regulations governing that service.
Statements of Accounts/Addresses/Details:
1. The Customer shall be provided with the advices and statements of Accounts (as per the Customer’s request or by the decision of the Bank). If the Bank does not receive any objection within thirty (30) days from the date of dispatch of the advice or the statement of Account by mail, and/or by any electronic media, then such statement and advice shall be deemed correct. If the Account holder does not receive a statement of Account for any period, it is the responsibility of the Account holder to demand a statement from the bank within one month of the date on which such statement would normally have been sent to him/them.
2. The statement must be kept secure by the Customer and carefully checked and reviewed by the Customer on receipt, with any error or discrepancy notified in writing to the Bank within thirty days (30 days) of the statement date as it appears in the Bank records. Unless the Customer gives notice in writing, the address set out in the Account Opening Form shall be the approved address for the mailing of all letters, notices, advice, statements of Account or other notifications (legal or otherwise). Customer shall inform the Bank in writing, in case of changes to any of the Customer’s particulars as set out in the Account Opening Form. c) Unless otherwise agreed the Bank sends a statement of Account to the Customer the frequency of which will depend on the Account type as disclosed by the Bank from time to time. The Customer can also request a statement of Account at the Banks branches, via the Internet Banking Service, Phone Banking or through any other channel made available by the Bank. The Bank may stop mailing the advices or statements of Account if they are returned undelivered, consecutively on two or more occasions, till such time the Bank is provided by the customer with an alternative address for mailing the statements. Those statements not mailed to the Account holder may be collected from the Bank premises, after serving sufficient notice for retrieval of the same from the system.
3. The Account holder hereby absolves the Bank from any consequences, losses, damages, claims or other rightful acts, which the Account holder may otherwise have against the Bank, arising either directly or indirectly, of Bank not dispatching the statements of Accounts. Furthermore, the Account holder understands that the Bank will not be responsible in any way, for the Account holder’s inability to verify the correctness or the propriety of the entries in the statements, owing to the Bank withholding the statements, and agrees to indemnify and hold the Bank indemnified against any loss, damage, claims which may arise by virtue of above. The Account holder must immediately inform the Bank in writing of any change in the details given on the Account opening form and any subsequent changes thereto. e) The Customer shall have the right to ask for an additional copy of the statement of account at the Customer’s own expense.
Standing Instructions Service Special Terms:
1. The Customer shall always ensure that there is a sufficient fund in the Account to enable the Bank to meet any standing instruction on the Account on the due date.
2. In the event where the fund is not sufficient on the due date, the Bank will attempt to execute the SI for three (3) more consecutive days. However, the Bank is not obliged to advise the Customer nevertheless the Bank may – at its sole discretion- to remit payment under the standing instruction even if such payment will overdrawn the Customer’s Account, in such case the Customer shall immediately pay the funds remitted to cover the Account overdraft.
3. The Bank reserves the right to determine the priority of any standing instruction against cheques presented or any other existing arrangements made with the Bank. In the event that any standing instruction was not executed or is inactive for two (2) consecutive months or is rejected for insufficient funds in the Account, the Bank may terminate/stop the standing instruction without any advice to the Customer. Some types of Standing Instructions are exempted.
4. The Bank shall terminate/stop any standing instruction as to future payments at any time after being advised by the beneficiary/beneficiaries of that standing instruction that no further payment is required.
5. A nominal charge will be levied for the initial setting up or amendment or cancellation of a standing instruction as set out in the Bank Fee Schedule. This charge does not include the incidental postage, stamp duty and/ or telex/correspondent charges which may also be applicable as per the Bank’s standard tariff of charges in force from time to time.
The Bank may also at its discretion levy a charge on each standing instruction payment not effected for lack of funds or any other reason as set out in the Bank Fee Schedule.
6. Any amendments or cancellations of the standing instructions will not be effective unless received by the Bank at least before ten (10) working days before the next activation or due date of the standing instruction, provided that the standing instructions are revocable and can be cancelled by the Customer only.
7. The Bank, its branches, correspondents, or agents shall not be responsible for any loss, delay, error, or omission arising out of any mode of communication used for effecting transfers under standing instructions. Amounts paid by the Bank in respect of variable payments reflect the amount recorded by the Bank's computer system (the Bank's books) as having been entered by the Customer, subject to the maximum limit in force at the time.Standing Orders & Instruction by Fax: a) The Bank accepts requests for the execution of any standing orders from the Customer provided that the Customer shall have sufficient balance in his/her account on the due date(s) for the execution of such orders.
7b. 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.
The Bank’s Rights of Accounts set-off & Securities:
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 any of 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.
The Customer agrees that the Bank, at any time and without giving any prior notice, freeze, set-off or transfer any amounts between the Customer’s accounts whatsoever their types or names, whether individual and/or joint account, in local or foreign currency, so that each account shall be considered as security for the other accounts, individually or jointly, for the purpose of settling any debts of the Customer or the party(s) guaranteed by the Customer towards the Bank.
Bank may attach all the guarantees and properties maintained by the Bank in the name of the Customer for the purpose of settling any amounts due by the Customer to the Bank. d) Islamic Finance Bank (the “Bank”) shall hereby be entitled at any time and without notifying me/us or obtaining my/our approval to withdraw and debit or give instructions to debit/ transfer any credit balance (or any part thereof) available at any time and in any currency in any of my/our accounts opened under my/our name or jointly with any other person with any of bank branches or any of the Bank’s subsidiary companies in order to settle any of my/our financial liabilities towards the Bank (or any part thereof).
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.
These terms and conditions govern the services offered through Self Service Banking and the Call Centre provided by the Islamic Finance bank, These terms & conditions supplement existing terms and conditions applying between the Customer and the Bank with regards to any other products that the Customer has with the Bank.
Definitions Instructions: Means the Instructions given or purported to be given by the Customer to the Bank via the Call Centre or Automated Self Service and also includes any other written or verbal Instruction issued or purported to have been issued by the Customer to the Bank, and the same are irrevocable and binding on the Customer upon receipt by the Bank.
IVR: Interactive Voice Response - This is the machine that the Customer interacts when using the Self Service Banking, It responds to and will accept touchtone evidence Instructions. Self Service Banking: Means any or all of the banking services offered by the Bank, which can be availed by the Customer via a telephone and the Automated Interactive Voice Response Machine. CCID: Call Centre Identification Number Means the 8 digit relationship number, designated by the Bank to the Customer to Identify such a Customer when using Self Service Banking or the Call Centre.
Debit Card: ATM card issued to the Customer by the Bank. The debit card has a 16 digit number embossed on it.
ATM PIN: Means ATM Personal Identification Number issued by the Bank to the Customer to verify the identity of the Customer and for the Customer to authorise transaction via Call center or ATM machine.
Phone PIN: Means Phone Personal Identification Number selected by the Customer to verify the identity of the Customer and for the Customer to authorise transactions via the Call Centre or the Self Service Banking. The Customer hereby authorises the Bank to rely and act, without any liability on the part of the Bank, upon all such Instructions issued or purporting to be issued by the Customer and to accept the same as correct, accurate and duly authorised by the Customer.
The use of the Debit Card Number or with the correct ATM PIN or Phone PIN shall constitute confirmation of identity of the Customer and the Bank may, but is not obliged to, further confirm the identity. The Customer hereby also agrees and authorises the Bank to record such contents of any phone call to the “Phone Banking” Call Centre or be logged under IVR as may be deemed appropriate by the Bank and such recorded conversation may be produced as evidence, if and when required. The Bank may utilise other means of confirming the Instructions. The Bank reserves the right to refuse to execute any or all of the instructions if there is a failure on the part of the Customer to confirm the Instructions, in the event the Bank is in doubt as to the identity of the caller, or the bonafide of any Instruction. In the event of unauthorised disclosure of the ATM PIN or Phone PIN, the Customer shall immediately notify the Bank. The time at which the Bank received the aforementioned information or Instructions will be determined and certified solely by the Bank and such determination shall be binding and conclusive on the Customer. The Bank reserves the right to ask for written confirmation. The Customer shall be solely responsible for ensuring that the Debit Card Number or CCID and the ATM PIN or Phone PIN and any other Information that may be communicated to the Customer in this regard by the Bank is fully secured and is not disclosed to any unauthorised persons or third parties. The Customer Service Representatives are NOT authorised to receive the details of any Customer’s Phone PIN or ATM PIN. The ATM PIN or Phone PIN will only need to be disclosed via touch-tone telephone while using the automated IVR. 5) The Bank reserves the right to deactivate and return debit/ATM Card to user from the ATM in the event of the PIN not entered correctly, exceeding the permissible attempts. However, to reactivate, customers shall require access to the call centre through IVR (Interactive voice response).
In the event of stolen or lost Debit/Credit Card, the Customer shall immediately notify the Bank to block his/her debit/credit card access. However, the emergency line on the IVR for blocked cards is still accessible. The Bank reserves the right to ask for written confirmation. The Customer understands and agrees that the Bank will not be liable for any misuse by another person in such an event and for failure of the Customer to inform the Bank to block IVR access. 7) In addition to the general terms and condition that are applicable to use of the Call Centre and the Self Service Banking options, the following further provisions will also apply: i The customer shall provide the Bank with a list of third parties account numbers to which a transfer of funds may be made via Self Service Banking and/or Call Centre. The Bank shall not effect any Instructions requiring it to transfer funds to the account of a third party if the number of the account is not contained in the list provided by the Customer. ii The Customer acknowledges that Self Service Banking that may be provided by the Bank at its discretion involves inherent risks, including, but not limited to, risks associated with fraud and unintended/erroneous instructions, which the Bank cannot eliminate. The customer hereby indemnifies the Bank of all liabilities and responsibilities and accepts any and all risks associated with the use of the Self Service Banking.
All transactions are charged at the normal banking rates. For details please refer to the fees and charges schedule pertaining to the different products offered by our Bank. iv The Bank reserves the right to amend, add or delete any of these terms and conditions at any time without prior notice. The use by you of this service shall be treated as acceptance by you of any change If you do not accept any proposed change, you may terminate this agreement.
Applicable Laws & Jurisdiction: These Terms, Conditions, Customer’s accounts and all relating matters are subject to the provision of the Noble Islamic Shari’a, advisory opinions (Fatwas) made by Internal Shari’ah Supervision Committee of the Bank and the Articles of Association of the Bank as well as the laws of the UAE to the extent that it does not conflict with the principles of Noble Islamic Shari’a.
Anti Money Laundering: The Customer undertakes and warrants to comply with all applicable laws, rules, regulations and disclosures as required by the Anti Money Laundering laws of the United Arab Emirates and to any Anti Money Laundering monitoring and procedures prescribed by the Bank from time to time. The Customer confirms that the monies deposited for the opening of this account with the branch and all credits thereafter deposited in this account are from legitimate source(s) and in no way do they constitute or are in breach of UAE Anti Money Laundering laws and Central Bank Regulation.
Islamic Finance Online & Mobile Banking Terms and Conditions
1. Online & Mobile Banking Terms and Conditions (Terms and Conditions) shall constitute an integral and indivisible part of Islamic Finance Bank (Personal Banking Terms and Conditions). In the event of any conflict or inconsistency between the provisions of these Terms and Conditions and the Retail Terms and Conditions with respect to Service (as defined below), these Terms and Conditions shall prevail. By completing and submitting the relevant application form, the Customer (as defined below) acknowledges that they have read and understood these Terms and Conditions and the Retail Terms and Conditions (together the Terms) and agrees to be bound by them. The Customer must read the Terms before using the Service. If the Customer has any queries relating to the Service, the Customer may contact Islamic Finance customer centre. The Customer acknowledges and agrees that Online & Mobile Banking is offered and provided at the Customer’s own risk and responsibility, the Bank will not be responsible for any loss or damages arising directly or indirectly from the use of Online & Mobile Banking by the Customer. Despite the security measures which will be in place, communications through electronic banking means may not be secure and confidential and any use of these channels is at the Customer’s own risk. If the Customer loses possession, control or functionality of the electronic device, or believes it is being accessed by another person the Customer should immediately notify the Bank so that it can be blocked. Until the Bank is notified, the Bank will assume all instructions are from the Customer. This is important as transactions may not be able to be reversed. The Customer also needs to be aware that electronic banking services may give rise to virus attacks, errors, losses, damages and claims and that the Customer uses it at the Customer’s own risk and responsibility.
2. Definitions Words and expressions defined in the Personal Banking Terms and Conditions shall, unless defined otherwise in these Terms and Conditions, or the context otherwise required, have the same meaning in these Terms and Conditions. In these Terms and Conditions, the following words and phrases shall have the following meaning: “Bank” means Islamic Finance Bank, Dubai, United Arab Emirates, its successors and assigns. “Customer” means an individual account holder with the Bank who uses the Service.
2a. "Mobile Banking: means the service made available by the Bank to the Customer through the smart phone devices.
2b. “Online Banking” means: the Service made available by the Bank through the internet.
2c. ”Online Banking Website” means the website of Islamic Finance Bank.
2d. “Password” means the secret and unique word composed of alphanumeric characters to be determined by the Customer at the time of registration with Online Banking.
2e. “Service” means the online/mobile banking services, transactions, and facilities provided by the Bank through online/mobile banking to its Customers from time to time, and which includes without limitation: fund transfers between the Customer's linked accounts or to a third party account either in or outside the United Arab Emirates.
2f.“Third Party Transfer Payment” means a payment that the Customer wishes to make from their account held with the Bank to another party's account held with the Bank, any other bank or financial institution, either in or outside the United Arab Emirates. “Username” means the name by which the Customer is identified and used in conjunction with the Password to provide authentication when logging onto Online Banking.
2g. “OTP” means One Time Password is a transaction authorization method which ensures more security and convenience for customer's Online or Mobile banking transactions. By using OTP, customers do not need to wait for SMS authentication code anymore in order to authorize the transactions. OTP enables customers to authorize your transactions with PIN or token, which customer defines in the activation process.
3. The Customer will be registered to Online/Mobile Banking service while opening an account, or shall personally register for Online / Mobile Banking by the self-registration option or by logging into the Mobile Banking application from the relevant site on his/her smartphone device or by completing and executing the Online Banking application form.
4. The Bank shall use its reasonable endeavours to ensure that all Services, except for Third Party Transfer Payments, are immediately available to the Customer upon the Bank’s acceptance of the Customer's application form. The Bank shall use its reasonable endeavours to enable Third Party Transfer Payments once: (a) the Customer has requested access to Third Party Transfer Payments; (b) the Bank accepts the application under sub-Clause of these Terms and Conditions; and (c) the Customer completes all other steps and processes as required by the Bank in its sole discretion.
Online & Mobile Banking Access Security
1. The Customer shall be responsible for keeping their Username and Password strictly confidential and shall not disclose their Username or Password to any person. The Customer agrees that any person who provides the Bank with the Customer’s Username and Password may be allowed: (a) access to the Customer's accounts through Online & Mobile Banking; and (b)to effect transactions on the Customer’s accounts through Online & Mobile Banking.
2. The Customer shall notify the Bank immediately in case of loss, disclosure or misuse of their Username and/or Password. 3.4 The Customer shall assume full responsibility for any and all transactions effected on any of their accounts arising as a result of the Customer’s Username and/Password being lost, disclosed or misused.
3. The Bank may at its sole discretion cancel the Customer's Username and/or Password at any time if the Bank suspects that such Username and/or Password has been lost or is being misused.
4. The Customer shall be responsible for complying with any and all security warnings and recommended actions (communicated or posted on the Online Banking Website from time to time) to safeguard the Customer’s electronic communication devices, including but not limited to, computers, mobile devices, or any other device used to access Online Banking against risks including, but not limited to, viruses, device hacking, unlawful access and online fraud in connection with the Customer, the Customer’s accounts, any other customer of the Bank or any other accounts held by the Bank.
5. The Bank shall protect and secure the financial and the personal information of the Customer in accordance with the laws of the United Arab Emirates.
The Bank uses certain encryption technologies to protect Customers’ accounts and transactions. The use of such encryption technologies may be illegal in certain jurisdictions. The Customer is responsible for ensuring that the Customer is permitted to use Online Banking lawfully under the jurisdiction in which the Customer accesses Online Banking, and if not, the Customer shall refrain from using Online Banking. Due to the nature of the Internet and communications networks, the Bank is unable to guarantee complete security of a Customer's accounts or transactions from hacking, unauthorised access, viruses or other attempts by third parties to access a Customer’s accounts.
6b. The Customer shall ensure: (a) that it has installed and maintains anti-virus software which may prevent unauthorised access and viruses being downloaded on to the Customer’s device used to access Online Banking; (b)it has installed and uses a personal firewall with “spam-ware” and “anti-phishing” features which can block malicious attempts by unwanted users to connect to the Customer’s device (used to access Online Banking) or use the Customer's information; and (c) that the operating software used on the Customer’s device (used to access Online Banking) is at all times up-to-date and used under a valid licence from the owner of the intellectual property rights in such software.
7c. The Customer undertakes and agrees not to respond to any emails (whether seemingly originating from the Bank or otherwise) asking for secure or confidential information. The Customer agrees that any and all transactions between accounts of the Customer held with the Bank, and any Third Party Transfer Payments, shall be limited to a maximum daily limit determined by the Bank. In the case of foreign currency transactions through Internet Banking Service, the overall maximum transferable amount is currently limited to the equivalent of AED 60,000 per Business Day (and may be subject to change from time to time) at the specific rate provided in the Internet Banking Service website or the Bank website, or such other limits agreed between the Bank and the Customer.
8. The Customer agrees that the Bank may at it sole discretion delay executing any instruction or ask for more information from the Customer before acting on any such request or instruction, and may refuse to execute any such request or instruction if a transaction exceeds the limits determined by the Bank.
If the Bank has requests or instructions for more than one payment from a Customer account held with the Bank on the same day, the Bank shall determine the order of priority in which the payments are made.
9. The Customer agrees that any transaction on any account in the name of that Customer made pursuant to Online & Mobile Banking shall be deemed to have originated from and shall be binding on the Customer, and the Customer shall be liable and bear all costs relating to such transactions. If the Bank receives notice from the Customer to cancel their Username and Password, the Bank shall use its reasonable endeavours to cancel such Username and Password as soon as possible.
10. The Bank shall not be liable, at any time, to the Customer: (a) if the amount credited or transferred to any of the Customer’s accounts is reduced as a result of banking fees or currency exchange rates; or (b)for any loss, costs or expenses, if the Customer is unable to receive their funds due to reasons beyond the Bank's control, including without limitation, restrictions or regulations imposed by the competent authorities regulating such transfers in any jurisdiction. The Customer agrees that it shall be the Customer's ongoing responsibility to verify the correctness of the transactions on their accounts held with the Bank.
If the Customer does not raise any query in relation to a transaction on their account held with the Bank within thirty (30) days of the date the Customer accessed their account history or statement of account through Online & Mobile Banking, such transactions shall be deemed correct and accurate.
11. The Bank may refuse access to Online & Mobile Banking or refuse to execute any instructions, services or requests made by the Customer using Online Banking if the Customer: (a) is dead, bankrupt or lacks requisite legal or mental capacity; (b)fails to comply with any part of the Terms; (c) provides incorrect information; or (d) violates any applicable laws or regulations of the United Arab Emirates. The Bank may refuse to permit access to Online & Mobile Banking or refuse to execute any instructions, services or requests made by the Customer using Online & Mobile if the Bank suspects: (a) fraud; (b) any activity that is not compliant with the Terms; (c) that the Customer has provided incorrect information; (d)that the Customer has violated laws or regulations of the United Arab Emirates; (e) that the instruction, Service or request made by the Customer may or does violate laws or regulations of the United Arab Emirates; or (f) that by executing the instruction, Service or request, it may prejudice the good name and reputation of the Bank.
12. The Customer undertakes, at all times, to comply with the provisions of the Federal Law No. 1 of 2006 concerning Electronic Transactions and Commerce Law (as amended or replaced) as applicable to the Customer. The Customer shall not do anything to damage or adversely impact another Customer's access or use of Online & Mobile Banking: The Bank reserves the absolute right to amend or remove any of the Services by notice to the Customer in accordance with applicable law. The Bank is entitled at its sole discretion to amend these Terms and Conditions at any time by notice to the Customer in accordance with applicable law. Such amendments shall be advised to the Customer on the Online Banking Website or through an online notification.
13. The Customer agrees that the Bank’s record of any transaction processed by the use of the Service shall be conclusive evidence of such transaction and binding on the Customer for all purposes. Unless the Customer notifies the Bank in writing, the mailing address stated in the Customer’s registration application shall be considered as the approved address for all communication(s) including but not limited to delivering notices, advices, statements of account, notifications or any documents by mail or courier to the Customer.
13b. The Bank is entitled to record and monitor all of the Customer's transactions while accessing or using Online & Mobile Banking. The Customer hereby consents to such recording and monitoring. If such monitoring or recording reveal possible fraudulent or any potential or actual illegal activity, the Bank may act as it sees fit to protect the Bank, its Customers and the Bank's reputation including without limitation initiating legal proceedings against the Customer in accordance with the laws of the United Arab Emirates.
The Customer shall ensure that Online & Mobile Banking is only accessed through an electronic communication device connected with to authorised communications service provider (Service Provider) in accordance with the applicable laws, rules and regulations. The Bank makes no representation or gives no warranty with respect to the availability and quality of the service provided by the Service Provider. The Bank may withdraw Online & Mobile Banking (in whole or part) at any time after providing the Customer with reasonable notice.
In the event of closure of any or all of the Customer’s accounts held with the Bank for any reason, including but not limited to, the Customer’s violation of United Arab Emirates laws and regulations or a breach of any the Terms, the Bank shall terminate and cancel the Services relating to the Customer without notice and without any liability to the Bank. The Bank shall permit Customers holding joint accounts to use Online Banking only if said customers are authorised to manage such accounts individually.
Electronic Statements: If pursuant to Online Banking the Customer selects to receive electronic account statements, the Customer agrees to receive such statements through unsecured email. The Customer accepts any and all risks and responsibility relating to or connected with the delivery of the Customer's electronic statements through unsecured email.
Intellectual Property Rights: The Customer shall not copy, use, or reproduce any texts, images, trademarks, logos, brands, and/or any other information accessible on or through Online Banking.
Indemnities
The Customer shall unconditionally and irrevocably indemnify the Bank (and its directors, officers, employees and agents) to the fullest extent permitted by law, and, at all times, hold the Bank harmless, against any and all claims, demands, actions, suits, damages and liabilities of whatsoever nature ("Claim") incurred or suffered by the Bank, where such Claim in any way whatsoever relates to or arises out of the subject matter of these Terms and Conditions or the arrangements and transactions contemplated by these Terms and Conditions.
The Customer shall indemnify the Bank in respect of all costs and expenses (including legal costs and expenses) incurred by the Bank in the preservation and enforcement of its rights under these Terms and Conditions whether arising out of the Customer’s acts, omissions, negligence or breach of any provision of these terms.