Terms & Conditions

DUBAI BANK 'Accounts'

ACCOUNTS, BANKING & BANKING SERVICES GENERAL TERMS & CONDITIONS FOR RETAIL AND CORPORATE CUSTOMERS

The following terms and conditions ("Terms & Conditions") as amended from time to time shall in conjunction with additional specific terms and conditions (where applicable) pertaining to the particular type of Account to be opened or any Financing Facility to be offered, govern the relationship between Dubai Bank (the "Bank") and any Corporate Entity or Individual, which holds an Account with the Bank (the "Customer").

The Customer hereby agrees that these Terms and Conditions shall be construed in accordance with the Memorandum and Articles of Associations of the Bank, its by laws and regulations, the Central Bank's instructions and regulations, the Fatwas issued by the Shari'a Supervisory Board of the Bank and the provisions of Islamic Shari'a.

The Bank shall have the sole discretion to amend, add to, or delete any provision of these Terms and Conditions at any time and to such extent as permitted by law, by displaying a notice to such effect at the branch where the Account is opened and/or maintained, and any other reasonable means of notification of such changes. The Customer shall be deemed to have accepted such changes should the Customer continue transacting in respect of the Account after receipt of such notification.

Main Sections

  1. Requirements for opening an account
  2. Joint Accounts
  3. Opening of Additional Accounts
  4. Statements
  5. Closure of Accounts
  6. Dormant Accounts
  7. Deposits, Credits & Withdrawals
  8. Collections
  9. Telegraphic Transfer, Demand Drafts, Managers Cheques & Transfer
  10. Standing Instructions
  11. Facsimile Instructions
  12. Stop Payment Orders
  13. Securities
  14. Late Payments
  15. Service Fee & Charges
  16. Availability of the Services and Products
  17. Use of the Card
  18. Conditions relating to Corporate Entities
  19. Erroneous Entries
  20. Phone Banking Services
  21. Mobile Teller Service
  22. Hold Mail Service
  23. Current Account
  24. Mudaraba Accounts
  25. Restricted Murabaha Accounts-Commodity Investment Murabaha Account
  26. Grant of Financing Facilities
  27. Death of Customer
  28. Legitimate Funds
  29. Account Identification Number
  30. Client Confidentiality
  31. Obligations of the Bank
  32. Address
  33. Waiver
  34. Amendment
  35. Additional Representations and Warranties under Financing Facilities and related Facility Agreements
  36. Events of Default
  37. Late Payment under Financing Facilities - Corporate and Individual Customers
  38. Conciliation and Set Off
  39. Assignment and Charges
  40. Liability
  41. Governing Law and Jurisdiction
  42. Acceptance of Terms and Conditions
  43. SMS Banking Terms and Conditions


A- DEFINITIONS

  • "AED" means UAE Dirhams.
  • "Account" means any of the Shari'a compliant bank accounts, referred to in these Terms and Conditions, opened and maintained by the Customer with the Bank.
  • "Account Opening Form" means the account opening form in the Bank's prescribed format as is issued by the Bank from time to time and signed by the Customer in relation to opening of an Account.
  • "ATM" means an automated teller machine or any Card operated machine or device whether belonging to the Bank or other participating banks or financial institutions nominated from time to time by the Bank, which accepts the Card.
  • "Card" means a card issued by the Bank in favour of the Customer, to be used by the Customer in designated ATMs to access certain designated Accounts and to complete banking inquiries and fund transfers between such designated Accounts.
  • "Central Bank" means Central Bank of the UAE.
  • "Corporate Entity" means companies, establishments and corporations.
  • "Customer" means the Account holder (Individual or Corporate Entity) or any person who requests banking services from the Bank, and where applicable, includes its successors and permitted assigns.
  • "Event of Default" means any of the events or circumstances described in Clause 36; relating to default by a Customer to whom a Financing Facility has been made, or is to be made, available.
  • "Facility Agreement" means an agreement entered into between the Bank and Customer documenting the terms and conditions on which the Financing Facility is offered to the Customer and includes such annexures, schedules or other documents related to the main agreement.
  • "Financing Facility" means any Shari'a compliant financing facility offered to the Customer by the Bank.
  • "Individual" means a natural person who has reached the age of majority.
  • "Mobile Teller Services" means a service of the Bank, which includes pickup and delivery of cash from the Customer to the Account and vice versa.
  • "Mudaraba Account" means the Mudaraba Account(s) described in Clause 24 hereof.
  • "Murabaha Account" means the Murabaha Account(s) described in Clause 25 hereof.
  • "Phone Banking" means telephone banking services provided by the Bank in accordance with these Terms and Conditions.
  • "PIN" means any personal identification number assigned by the Bank to the Customer for identifying the Customer when using ATM, Phone Banking, and/ or Mobile Teller Services.
  • "UAE" means the United Arab Emirates.
  • "Current Account" means the current account(s) opened and maintained by the Customer with the Bank under which the Customer's funds maintained therein shall be deemed a loan to the Bank on which no return of whatsoever nature is payable.

Interpretation

Unless the context requires otherwise, the following rules shall apply:

  • Where two or more persons constitute the expression the "Customer", all covenants, agreements, undertakings, stipulations, obligations, conditions and other provisions hereof and their liability herein shall be deemed to be made by and be binding and applicable respectively on them jointly and each of them severally and shall also be binding on and applicable to his/its personal representatives, successors and/or assigns jointly and severally.
  • Reference to any person including the Customer, the Bank and/or any other persons and/or any other persons and/or legal entities shall include the personal representatives, successors and/or permitted assigns of the person.
  • Reference to any person shall include any corporation, firm, partnership, society, association, statutory body and agency, whether local or foreign.
  • Reference to a statutory provision includes reference to any modification, consolidation or re-enactment of it for the time being in force, and all statutory instruments or orders made pursuant to it.
  • Words importing the singular meaning shall where the context admits include the plural and vice-versa.
  • Words for a gender include all genders.
  • The clauses and other headings herein are for ease of reference only and shall not affect the interpretation of any provision hereof.
  • Where a word or phrase is defined, its other grammatical forms have a corresponding meaning.
  • References to "month" shall mean references to a Gregorian month.


B - THE ACCOUNTS

1. Requirements for opening an account

  • The Customer may open an Account with the Bank if, in the case of a Corporate Entity, it is validly registered in the UAE or, in the case of an Individual, is a resident of the UAE, in accordance with the laws of the UAE.
  • The Customer shall duly complete and sign the Account Opening Form and submit all documents as are required pursuant to the opening of the Account, following which the Account may be opened subject to fulfilment of such conditions as determined by the Bank from time to time. The Bank may either accept or reject the Customer's application at its sole discretion without giving any reasons therefor.
  • An individual Account can be opened in the name of one Individual or jointly in the name of two or more Individuals.

2. Joint Accounts

To open a joint Account ("Joint Account"), the Individual Customers thereto will be required to duly complete and sign the applicable Account Opening Form/s and other related documents for Joint Account holders. Each Joint Account will be operated on a single mandate basis only. Each Individual Customer will have equal access and equal rights to operate all the Joint Accounts and services which can be operated via a Joint Account. The exception to this is any request made to open or close any additional Account, which must be authorised by both Customers in accordance with these terms and conditions. In addition, the following conditions shall apply in respect of Joint Accounts:

  • These Terms and Conditions shall constitute an agreement between the Joint Account holders, jointly and severally, as well as between the Joint Account holders and the Bank.
  • Instructions in respect of a Joint Account may be given singly by an Individual Customers as specified in the Account Opening Form (including withdrawal in favour of the signatory thereof) and the Joint Account holders hereby accept and ratify all actions carried out by the Bank pursuant to such instructions.
  • Any debit balance arising on the Joint Account for any reason (and any other liability that may be incurred) will be the joint and several responsibility of all the Joint Account holders. Any such liability will not be discharged or otherwise affected by the death or incapacity of any one or more of the Joint Account holders.
  • The Bank shall be authorised to accept for deposit or credit to the Joint Account any cheque, instrument, transfer or payment order in the name of one or more of the Joint Account holders.
  • The Joint Account holders expressly agree and consent that the Bank has and shall have the right, in its discretion and without notice to any of the Joint Account holders, to assert a lien on the Joint Account and apply all credit balance or any part thereof in setting off any (actual, contingent, matured or unmatured) sums that may be owing to the Bank from any or all of the Joint Account holders and to set-off the amount of such indebtedness to the balance of the Joint Account.
  • The Bank may continue to rely upon the information provided in the Account Opening Form until it is notified to the contrary by any one or more of the Joint Account holders and, if it deems necessary, has been able to advise everyone whom it considers to be affected by it.
  • In the event of the demise of a Joint Account holder:
    • the Bank shall be entitled to assume that the deceased Joint Account holder's portion in the credit balance of the Joint Account is proportionate to the number of Joint Account holders operating such Joint Account (the "Customer's Portion") and shall distribute the Customer's Portion in accordance with such valid instructions received by the Bank by such persons authorised by the laws of succession for the time being applicable in the UAE.
    • the surviving Customers shall not be entitled to utilise the deceased Customer's Portion.

3. Opening of Additional Accounts

Subject to any minimum balance, service fee and other requirements determined by the Bank from time to time, the Bank may upon the Customer's request, open additional accounts in its name. Such request may be made by Telephone Banking Service or by any other means acceptable to the Bank. Unless agreed otherwise, such accounts will be governed by the terms and conditions contained herein and will collectively be referred to herein by the term "Account".

4. Statements

Monthly consolidated statements of account and advices of transaction will be provided to the Customer at the Customer's last known mailing address as informed by the Customer to the Bank. If no objection is received by the Bank within fifteen (15) days of mailing of statement of account, or the provision or mailing of a transaction advice, then the statement or advice will be deemed to be correct in all respects and the Customer waives any right of contestation concerning the same. The Customer shall be responsible to request the Bank for a copy of the statement or advice in the event of its non-receipt by the Customer.

5. Closure of Accounts

  • The Bank shall have the right at any time in its discretion, and without notice, to close any Account and to request immediate settlement thereof without giving any reason whatsoever and without incurring any liability in so doing.
  • Without prejudice to the Bank's aforesaid right, the Bank shall be entitled to close the Account without notice to the Customer if the Customer issues any cheques with insufficient funds in the Account.
  • Upon closure of the Account, any unused cheques relating to the Account must be returned by the Customer to the Bank. The Bank will discharge its liability to the Customer by issuing and mailing to the Customer a banker's draft in the amount of the credit balance remaining in the Account after deducting any charges, fees and other expenses incurred by the Bank in relation to the closure of the Account. If there is debit balance in the Account, the Customer shall immediately pay the Bank the amount due from the Customer upon receipt of the Bank's advice of the closure of the Account.

6. Dormant Accounts

  • In line with the Bank's policy, in the event that an Account does not reflect any activity (excluding transactions posted by the Bank) for a period of six consecutive calendar months or more, the Bank reserves the right to close the Account and dispose of any credit balance therein in accordance with applicable legislation in force from time to time. In this instance the Bank will notify the Customer of its intention to close the Account not less than one (1) calendar month prior to the envisaged closure. Such notice will be sent to the Customer's last known mailing address as informed by the Customer to the Bank, with delivery deemed to have taken place a maximum of five (5) days thereafter.
  • Upon such closure the Bank will discharge its liability to the Customer by issuing and mailing to the Customer a banker's draft in the amount of the credit balance remaining in the Customer's Account after deducting any charges, fees and other expenses incurred by the Bank in relation to the closure of the Account.. If there is debit balance in the Customer's Account, the Customer shall immediately pay the Bank the amount due from the Customer upon receipt of the Bank's advice of the closure of the Account.

C- ACCOUNT TRANSACTIONS

7. Deposits, Credits & Withdrawals

  • The Bank shall be entitled, in its sole discretion, to refuse any instrument or deposit and / or limit the amount permitted to be deposited and / or return any deposit or any part thereof at any time and from time to time.
  • No deposits shall be made available to the Customer until the Bank has received cash or its equivalent at the branch where the Account is maintained. Proceeds of deposits are not available until cleared funds are received by the Bank. In accepting items for deposit, the Bank shall act as the Customer's collecting agent and assumes no responsibility for realization of such deposits.
  • The Bank may convert all foreign currency deposits or transfers to the Account at the Bank's prevailing rate for such currency.
  • The Bank may, without prior notice to the Customer, reverse any entry made in error and accepts no responsibility for, or liability in respect of, any loss or damage arising out of or relating to such operating errors. In the event the Customer discovers any such error, the Customer shall immediately notify the Bank in writing of such error.
  • Withdrawals from the Account shall be subject to such notice or restrictions as may be applicable from time to time.
  • The Bank may, in its sole discretion, accept instructions allowing a third party to withdraw funds from the Account, but only if such instructions are in a form acceptable to the Bank and on the condition that the Customer shall indemnify the Bank as herein provided or otherwise as required by the Bank.
  • The Bank shall have the right to freeze or suspend operation of the Account and to refuse any and all deposits, credits and withdrawals if the Customer is in breach of any of these Terms and Conditions or if (i) any instructions given to the Bank are ambiguous, conflicting or not acceptable to the Bank; (ii) if the Bank suspects that there may be any fraud or illegality in any transactions (including, without limitation any breach of Central Bank regulations relating to money laundering); or (iii) if the Bank requires any further instructions, information or documentation, in form and content satisfactory to the Bank.
  • While the Bank acknowledges that the funds deposited are at the disposal of the Customer, the Bank may, at its sole discretion, apply the credit balance in the Account in a Shari'a compliant manner in accordance with the guidelines/advice issued by the Bank's Shari'a Supervisory Board and in terms of the specific guidelines and conditions applicable to the relevant type of Account opened by the Customer.

8. Collections

  • Cheques/dividend-warrants/bonds/drafts drawn to the order of the depositor or the 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 operating in the UAE. 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 noncollected items in addition to the Bank's charges, without assuming any responsibility in case of non-collection of such items.
  • The Bank may supply cheques, payment instruments and related materials to the Customer. The Customer shall protect the chequebook(s) issued by the Bank, and the Customer hereby irrevocably agrees that it assumes full and absolute responsibility and liability in respect of the issuance and use of any cheques and shall be responsible in all cases arising out of theft of the chequebook or the misuse thereof or of any of the cheques contained therein, including forgery, regardless of whether the aforementioned misuse was committed by any employee(s) of the Customer or by any other person. The Customer shall sustain all the consequences of the default and indemnify and hold the Bank harmless in all respects. The Customer will promptly notify the Bank in writing of the loss or theft of any cheque or payment instrument and will return to the Bank or destroy any unused cheque, payment instruments and related materials when the relevant Account is closed.
  • As the Customer's collecting agent, the Bank assumes no responsibility whatsoever and shall only permit withdrawals upon clearance of such instruments by the Bank. The Bank reserves the right to:
    • route each item for collection in accordance with the Bank's normal practice.
    • refrain from presenting, demanding collecting or giving notice of non-payment or dishonour on holidays.
    • refuse to accept for collection any item presented by the Customer, without giving any reasons whatsoever.
    • debit the Customer's account for any cheque or instrument credited to it which is not subsequently honoured.
  • The Bank may, without prior notice to and/or consent of the Customer, reverse any entries in the Account where transfers, remittances, cheques or other instruments previously credited to the Account are recalled or returned unpaid for any reason. The Bank shall be entitled to retain unpaid cheques or instruments and to exercise all rights in relation thereto.
  • The Bank shall not be responsible or liable for any act or omission of other banks or third parties in any transaction and, in particular, shall not be liable for any delays or losses, charges or expenses, which may be incurred. The Customer further acknowledges that it may not receive the full value of a draft, cheque or telegraphic transfer as a result of the deduction of any applicable fee, charges or other restrictions in respect thereof.
  • The Bank shall have the right to refuse to honour any cheque, instrument or instruction if the signature thereon or any entry, alteration or endorsement thereon is not acceptable to the Bank or if the funds in the Account are insufficient.
  • In the event the Bank agrees to accept bills, cheques, drafts or instruments drawn on banks outside the UAE (the "Foreign Instruments") for clearing or collection, the Customer irrevocably and unconditionally acknowledges and agrees as follows:
    • The clearing or collection of Foreign Instruments is dependent upon the laws and practices of the country or state in which the drawee bank is located.
    • The Bank may accept Foreign Instruments for, clearing or collection at its absolute discretion and solely as a facility to the Customer at its request from time to time. The Bank reserves the right to refuse any Foreign Instrument at its discretion or to return any Foreign Instruments at any time.
    • The Bank assumes no responsibility for the realization of any Foreign Instrument deposited with it or for the value given by a foreign bank or for any mail or communication delays, loss of mail or courier, operating errors, clearing system delays or losses or for any charge, expense or loss, howsoever caused.
    • In certain countries, the clearing of cheques may be with recourse and, even when funds have been made available, the drawee bank may return the cheque or recall the funds subsequently.

9. Telegraphic Transfer, Demand Drafts, Managers Cheques & Transfer

  • The Customer acknowledges that it may be unable to obtain full value under a demand draft or manager's cheque of telegraphic transfer on account of exchange or other restrictions applicable in the country on payment to the paying bank or charges and fees of the paying bank.
  • Purchase by the Bank of a demand draft or manager's cheque previously issued by it will be at the Bank's sole discretion and transacted at the Bank's buying rate for the currency of the draft or cheque.
  • In the absence of special instructions, the Bank may convert all transfers to the Account into the currency of the Account at the Bank's buying rate for the currency.
  • All transfers requested by the Customer shall be converted by the paying bank into the destination country's local currency at its buying rate.
  • The Bank shall not be liable for any act or omission of any correspondent or paying bank or for any error or delay in transmission. The Customer shall indemnify and hold the Bank harmless against all losses, damages and expenses incurred by the Bank in relation to any demand drafts or manager's cheques issued by the Bank or any telegraphic transfers made by the Bank pursuant to the Customer's instructions.
  • If a manager's cheque or demand draft is lost, stolen or destroyed, the Customer shall indemnify the Bank and hold it free and harmless from all liability with respect to the lost, stolen or destroyed cheque or draft if the Bank agrees to issue a replacement cheque or draft for the same value or refund the amount of the cheque or draft.
  • If the transfer authority is submitted by postal or messenger service or through Phone Banking service (or other than by the Customer in person) the Bank may act upon such authority and may presume that it is genuine and accurately represent the Customer's wishes, even if the instructions are inaccurately compiled or sent in error or by fraud or negligence or altered or amended by someone other than the Customer with or without the Customer's actual knowledge or instructions. The Bank shall have no duty to verify the fact and genuineness of the said instructions. Moreover, the Customer shall hold the Bank harmless and indemnify it against any loss, cost, damage, expense, liability or proceedings, which the Bank may incur or suffer as a result of the Bank acting upon or delaying to act upon or refraining from acting upon the said instructions. The Bank will accept no responsibility for any transfer authority that has been duplicated due to a Customer using multiple means for its submission (even if only to confirm the initial instructions), unless the Customer in any further submission clearly indicated in writing on the transfer authority that it is duplication of a previously submitted authority.

10. Standing Instructions

Subject to the availability of sufficient clear funds in the Account, the Bank will process any standing instructions issued by the Customer. The Bank is authorized by the Customer to debit the Account(s) for any and all charges and costs charged and/or incurred by the Bank as a result of executing the Customer's instructions. The Bank and its correspondent shall not be responsible for any delay, loss in transit, errors of transmission, theft, or any other errors in conducting any carrying out the Customer's instructions. The Customer shall indemnify the Bank and hold it harmless against all losses, damages and expenses (including legal costs) incurred by the Bank as a result of claims or actions against the bank in relation to any standing instruction issued by the Customer.

11. Facsimile Instructions

  • The Customer shall be entitled to request the Bank to act upon facsimile instructions with regard to the Account(s), including without limitation, funds transfer to, from and within the Bank, breaking of deposits, rollovers and settlements of deposits.
  • The Bank is entitled to consider the instruction as genuine, fully authorized and binding on the Customer and to take such steps in connection with or in reliance on such instruction as it may consider appropriate. Provided however that the Bank has the right, at its sole discretion, to process or refuse any facsimile instructions given by the Customer, including without limitation, if the Bank may incur a liability in carrying out the instruction or any part thereof, or if carrying out of any instruction will result in a breach of any law or regulation or otherwise be prejudicial to the Bank's interests; or if the Bank is prevented or delayed directly or indirectly from acting on the instruction by a reason beyond the Bank's control. The Bank may, at its discretion, decline to act upon such instructions unless and until confirmation has been obtained from the Customer, in form and substance satisfactory to the Bank.
  • The Customer shall indemnify the Bank and hold it free and harmless from and against all loss, damage, cost claims, expenses, (including legal cost) incurred or suffered by the Bank, by reason of the Bank's act or omission arising out of or in connection with the matters relating to the instruction given by the Customer.
  • All facsimile instruction given by the Customer to the Bank shall be in compliance with the laws and regulations applicable in the UAE. The Customer fully acknowledges and understands the risk inherent and associated with communication of the instructions by facsimile and accepts the same.

12. 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 within the UAE and abroad or for any claim of the Bank on the Customer.

13. Securities

All securities and property held by the Bank in the Customer's name, including recurring investment, shall be held as security for the payment of any amounts due to the Bank from the Customer its affiliates, and subsidiaries.

14. Late Payments

At the request of the Customer, the Bank may at its sole discretion provide a financing facility to the Customer. In the event that an Account is overdrawn at any time without such authorisation, the Customer shall immediately deposit into such Account sufficient funds to bring the Account into a credit balance. The Bank may charge a fixed processing fee each time the account is overdrawn, which such fee shall be fixed regardless of the amount overdrawn and the duration for which the Account remains overdrawn. The processing fee shall be applied firstly, to compensate the Bank for its actual direct costs and expenses incurred as a result of any overdrawn Account and secondly, the remaining amount of any processing fees received by the Bank shall be paid to charity on behalf of the Customer in accordance with the guidelines of the Shari'a Supervisory Board of the Bank.

15. Service Fee & Charges

The Customer acknowledges and agrees and accepts the charge schedule fixed by the Bank and displayed at the branch in which the Account is opened or maintained, and understands that the fees and charges therein may be revised from time to time at the Bank's sole discretion. The Bank shall be entitled to debit the Account with any charges, fees or expenses payable for services rendered by the Bank.

16. Availability of the Services and Products

  • The Customer acknowledges and agrees that all services and products offered by the Bank to the Customer are offered at the Bank's sole discretion, and that the Bank is entitled at any time to amend the particulars and terms of any of the services and products, cancel, withdraw and/or terminate any of the services and products without seeking the Customer's prior consent.
  • The Customer further acknowledges and agrees that applying for a specific service or product offered by the Bank shall be subject to the Bank's approval and the Bank is entitled to accept the Customer's request to subscribe for such service and/or product without the need for the Bank to provide the Customer for any justification for rejecting the Customer's request.
  • Moreover, the Customer acknowledges and agrees that certain services and products are restricted to Corporate Entities and may not be availed of by Individual Customers.

17. Use of the Card

  • It is a condition of issue and use of the Card that the Customer maintains a Current Account and/or Mudaraba Savings Account, with a branch of the Bank in the UAE. In the event of the Account being closed for any reason, the Card shall immediately be returned to the Bank by the Customer and its validity shall cease.
  • The Card shall remain the property of the Bank at all times.
  • The Bank may, at its sole discretion and without giving any reasons therefor, cancel the validity of the Card and request its return at any time, in which case the Customer shall immediately comply with such request.
  • The Card is issued entirely at the risk of the Customer who shall indemnify the Bank for all loss or damage howsoever caused resulting from the use of the Card.
  • The Customer undertakes not to disclose his/her PIN to any other person. In the event of the PIN becoming known to someone other than the Customer, that person may be treated by the Bank as an acting agent of the Customer and the Customer shall indemnify the Bank against all loss or damage which may occur as a result of the PIN becoming known.
  • The Customer shall take every possible care to prevent the Card from being lost, mislaid or stolen and shall not pass the Card to any other person.
  • The Customer shall notify the Bank immediately if the Card is lost, mislaid or stolen or if it comes into the hands of a third party or if the PIN is unwittingly or otherwise is disclosed or made available to a third party.
  • Where verbal notice of loss or theft is given, it must be confirmed in writing to the Customer's branch of the Bank.
  • The Customer shall at all times remain liable for any transaction made by the use of the Card and shall indemnify the Bank for all loss/damage howsoever caused by any unauthorised use of the Card or related PIN. The Bank's record of transactions processed by the Card shall be conclusive and binding for all purposes, in particular for the purpose of legal evidence.
  • The amount of any Card transaction in a currency other than AED will be converted into AED at a rate of exchange determined by the Bank for the date when the relevant Card transaction is debited to the Card account. A handling charge may be levied on all transactions from non Dubai Bank ATMs.
  • The Customer accepts all debits made to the Account arising from the use of the Card without limitation (except after written notice of loss has been received and acknowledged by the Bank).
  • The Customer shall ensure sufficient drawing power in the Account to which the Card relates before making any withdrawals. If for any reason the Account is overdrawn by the use of the Card, the Customer shall be responsible for immediately making up the deficit by a direct payment or transfer of funds from any other Account maintained with the Bank. Failure to comply with this condition shall entitle the Bank to cancel the Card and/or make a transfer on the Customer's behalf (if more than one Account is maintained with the Bank).
  • The Bank reserves the right to limit the total cash sum withdrawn by the Customer during any twenty-four (24) hour period and to advise the Customer of such limits from time to time.
  • The Bank's record of any transaction generated electronically or otherwise shall be conclusive evidence of such transaction.
  • The amount stated on the ATM screen or printed ATM enquiry slip shall not be taken as conclusive of the state of the Account with the Bank.
  • The Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Card or the ATM or the temporary insufficiency of funds in such machine, provided this is not the result of the Bank's gross negligence.
  • Any deposit made through the ATM will be subject to verification by the Bank which shall be binding and conclusive for all purposes.
  • In the event the Bank provides utility bill payment facilities to the Customer (whether by Card, Phone Banking, electronic or internet banking services or otherwise) the following terms and conditions shall apply, in addition to any specific terms which may be separately notified:
    • The Bank may at any times at its discretion, suspend, cancel or vary any utility bill payment facilities.
    • The Customer acknowledges that the Bank will act as an intermediary in transferring funds from the Account. The Bank shall not be responsible for and shall not be a party to any dispute or inquiry regarding the correctness of the utility bill, any payment or service.
    • The Customer expressly acknowledges that the payment of utility bills through the Bank will take at least three (3) working days to clear and, therefore, the Customer shall be responsible for ensuring payment is made in a timely manner. The Bank will not be responsible for any suspension or disconnection of any utility services, whether due to insufficient or delayed payment or otherwise and shall not be responsible for the payment of reconnection and other fees related to the suspension or disconnection of such utility services.
  • If the Card is not collected for 4 (four) weeks from the date of issue, the Card shall be cancelled and a replacement issued. A fee shall be levied as per the Bank's Schedule of Service Charges for the replacement Card.

18. Conditions relating to Corporate Entities

  • 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, contract of establishment, by-laws or their equivalent.
  • The owners of Corporate Entities indebted to the Bank in any way undertake jointly and severally to pay all the Bank dues, whether from the assets of the company/ establishment / organization or from their own funds.
  • The Corporate Entity undertakes to inform the Bank promptly of any changes in its memorandum and articles of association, contract of establishment or its by-laws or the change of the legal form or any change in its constitution, board of directors, partners or representatives or 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 as contained in its articles of association, contract of establishment or its by-laws or have acted ultra vires or in excess of their powers.
  • The Corporate Entity authorizes the Bank to pay and debit the Account, whether the Account was in credit or overdrawn, or which subsequently become overdrawn due to such debits, all transactions issued by those authorized to operate the Account. The Corporate Entity shall be liable for any instruction or orders issued to the Bank by those authorized to operate the Account and enter into all the banking and financial transactions including opening documentary letters of credit, money transfer and all transactions including the applications of credit facilities.
  • Such signatories who sign the banking transactions on behalf of the Corporate Entity shall be personally liable to compensate the Bank in full for 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.
  • The Corporate Entity undertakes to furnish the Bank with an audited balance sheet and income statements or any other document required by the Bank at such intervals and as such time as requested by the Bank.
  • The relevant partners/shareholders 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 is name or the loss of legal capacity of any partners or the declaration of his/her the bankruptcy or death or joining or withdrawals of one or more partners, the remaining partners/shareholders shall be fully liable on behalf of the company/establishment/ organization, and the Bank shall have the right to attach all the credit amounts of the company / establishment / organization in favour of the Bank to recover its dues or in favour of any court order or judgment.

19. Erroneous Entries

In the event that there has been any error in entries posted to the Account by the Bank, the Bank is automatically authorized in its sole discretion to process relevant entries or adjustments to effect necessary corrections. The Customer does not have the right to claim the value of any deposits into the Account posted in error by the Bank. The Customer agrees that the Bank holds the right to unilaterally claim the amounts posted in error, either from the Customer or directly from the Account, and debit the Account accordingly. In the event of such claim/s made, at any point in time since the commission of the error the Customer is obliged to immediately reimburse such claim/s in accordance with the instructions of the Bank if required.

C- SERVICES

20. Phone Banking Services

The Customer, may instruct the Bank over the telephone (either through human interface or an automated voice response system) to provide the Customer with certain banking services ("Phone Banking Services"). The Customer should be identified on the telephone and advice the Bank of the Account number followed by the PIN before requesting any service. It is the Customer's sole responsibility not to allow any unauthorized person to use this facility on Customer's behalf and not to disclose the PIN to any person. The Bank shall not be liable for acting in good faith upon Customer's instructions and the Customer shall indemnify the Bank against any consequences, claims, proceedings or losses that may arise or be incurred by reason of the Bank carrying out the Customer's instructions or instructions purporting to be from the Customer. The Bank may, however at its discretion decline to act upon such instructions unless and until confirmation has been obtained from the Customer, in form and substance satisfactory to the Bank. The Customer further consents to the Bank's recording of all telephone calls between the Bank and the Customer and that such telephone recordings shall remain the sole property of the Bank. The Bank reserves the right to change the range of services provided over the phone from time to time and further reserves the right to decline to act on such instructions at the Bank's sole discretion, which shall be reasonably exercised.

21. Mobile Teller Service

  • The Mobile Teller Service is exclusively available to the Customer as a convenience arranged by the Bank through a security company that may be designated by the Bank from time to time ("the Security Company").
  • Registration in the Mobile Teller Service is made by an application executed by the Customer. The Bank is entitled to refuse registration of any Customer into the Mobile Teller Service without assigning any reasons therefor.
  • The Mobile Teller Service is available only within the city limits of Dubai for transaction in AED only. Requests for picking up and/or delivery of foreign currency is not be offered.
  • The Customer can make requests for the Mobile Teller Service using the Telephone Banking Services provided, however, that the Bank is entitled to request for written confirmation of any request made by the Customer at the Bank's sole discretion without assigning any reasons therefor. The Customer acknowledges and agrees that the recording carried out by the Bank of any verbal request made by the Customer to the Bank shall be conclusive and binding for all purposes and that such recordings shall remain the sole property of the Bank.
  • The Customer shall specify in the request for the Mobile Teller Service the amount of cash to be picked-up or delivered, the Customer's account number with the Bank, the place of delivery and/or deposit of cash, and the time of delivery and/or pick up, provided however, that the Bank is entitled to request for any additional information from the Customer at the time of making the request.
  • The Mobile Teller Service shall only be offered at the Customer's registered office or nominated place of business provided that the addresses are recorded with the Bank at the time of registration.
  • The amount of cash that can be picked-up or delivered through the Mobile Teller Service is subject to minimum and maximum limits set by the Bank, from time to time, without prior notice. Requests for picking up or delivery of cash that does not meet such limits will not be affected.
  • The tariff for Mobile Teller Service shall be determined by the Bank and is subject to change, from time to time, at the Bank's sole discretion. The Customer hereby authorizes the Bank to debit the Customer's account held with the Bank for such tariff.
  • For purposes of these Terms and Conditions, processing the requests by the Bank shall mean taking the Customer's request and passing it through to the Security Company and, as applicable, debiting or crediting the Account.
  • Fulfillment of any request for delivery service is subject to at all times to the availability of funds in the Account. Accordingly, the Account will be debited for the amount of the requested amount and the cash will be dispatched to the Customer through the Security Company.
  • In case of pick-up service, the Customer's account with the Bank shall not be credited for the amount picked-up from the Customer unless and until the Bank receives such amounts.
  • The Customer or the Customer's appointed representative shall be available on the designated time at the place of delivery or pick-up designated by the Customer in the Customer's request. Should the Customer's representative fail to be on time at the place of delivery or pick-up then the transaction, the subject of the request, shall be cancelled and reversed and in such case the reversal of any transaction debited to the Customer's account will be done at any time subsequent to such scheduled visit but in any event before the end of the Bank's following working day.
  • All cash deliveries will be made in denominations of AED 50, AED 100, AED 200, AED 500 and AED 1000 (depending on availability) and only the aforesaid denominations will be accepted for cash pick-ups. The Bank reserves the right to change, from time to time and without prior notice the denominations acceptable by the Bank.
  • Counterfeit currency notes will not be accepted for deposits. The Bank reserves the right to determine the genuineness of the currency notes upon receipt of the same and the decision of the Bank in this regard shall be final and binding upon the Customer.
  • The Customer undertakes and agrees to provide the representative / employee of the Security Company with a secure place, satisfactory to the Security Company, to hand over or collect the cash.
  • The Bank is entitled at any time and without prior notice to the Customer, to terminate, suspend or cancel the Mobile Teller Service or cancel or vary its features and benefits. The Bank is also entitled to vary, add and/or delete any of these Terms and Conditions and/or change the operating procedures and/or discontinue the use of the Mobile Teller Service with respect to any facility at any time without assigning any reasons and without any liability whatsoever towards the Bank.
  • Without any liability or responsibility whatsoever, the Bank may also act upon request(s) made by the Customer through its authorized representative and may presume that such request(s) are genuine and accurately represent the Customer's wishes, even if the request(s) are actually made in error or by fraud or negligence or altered or amended by someone other than the Customer with or without the Customer's actual knowledge or instructions. Provided, however, that the Bank may, at its sole discretion, refrain to act or accept a request made by the Customer's authorized representative without assigning any reasons whatsoever.
  • The Mobile Teller Service is provided as a convenience by the Bank to its Customers only and the Bank shall not be responsible or liable for any harm, loss, consequential loss suffered and/or incurred by the Customer due to availing of this service including but not limited to delay and/or non-availability of the Mobile Teller Service or any of the facilities available thereunder for whatever reasons.
  • The Customer hereby confirms to attach no responsibility whatsoever to the Bank and agrees that the Bank shall not be responsible for any delay, mistake or omission caused by the Security Company or to hold the Bank liable if the cash which is the subject of the delivery or pick-up service is lost, stolen or handed over to an unauthorized individual. The Customer is wary of the risks involved in using the Mobile Teller Service and agrees to subscribe to this facility at its own risk. Further, the Customer hereby agrees to hold the Bank indemnified in respect of all losses, damages or expenses (including legal costs) incurred by the Bank as a result of any claims or actions against the Bank arising from or related to the provision of the Mobile Teller Service.
  • The Customer's signing of the Mobile Teller Service application form shall constitute a token of acceptance of the aforesaid Terms and Conditions. The Customer further acknowledges that in the event of any changes being communicated to the Customer to these Terms and Conditions, the Bank is not obliged to re-obtain the Customer's signature for receipt and acceptance of such communication.

22. Hold Mail Service

Upon the Customer's request for this service, the Bank agrees to hold all mail including correspondence, notices and statements addressed to the Customer. Until the Customer collect the mail, the Bank shall hold the mail at the specific Bank's branch premises requested by the Customer. If the held mails are not collected for more than three (3) months, the Bank shall at its discretion have the right to mail them on the address provided by the Customer. In case the Customer has not provided the Bank with a forwarding address, the Bank shall have the right to destroy all mail, which remains uncollected for three (3) months. The Customer may terminate the mandate given by the Customer to the Bank for holding mail at any time by written notice to the Bank or by using the Phone Banking Services and advise the Bank of the address at which the Customer's mail should be forwarded. The Customer agrees that:
  • notwithstanding the mandate given by the Customer to hold mail, the Bank may forward such mail to the Customer which the Bank considers necessary.
  • the Bank may take such action as it may consider appropriate in response to any mail.
  • all mail shall be deemed to have been received by the Customer immediately upon delivery of the mail to the relevant branch for safekeeping.
  • all statements issued by the Bank shall be deemed to be correct if the Customer does not notify the Bank of any errors within the period stated on the statement or in any case within fifteen (15) days from date of the respective statement.
  • the Bank shall not be liable for any loss or damage incurred by the Customer as a result of the mail holding mandate or from any act delay in acting or omission of the Bank in respect thereof.
  • the Customer shall indemnify the Bank and hold it harmless against all losses, damages and expenses incurred by the Bank in relation to the mail holding mandate.
  • the Bank may terminate and/or suspend this service at any time by giving the Customer a thirty (30) days prior written notice.

D- SPECIFIC TERMS AND CONDITIONS RELATING TO ACCOUNT TYPES

23. Current Account

  • The credit balance in the Current Account is deposited by the Customer as a loan to the Bank, on which no profit or other form of return is payable. The Bank undertakes to pay any amounts outstanding in the Current Account in full, subject to the Customer's compliance with these Terms and Conditions. No returns of whatsoever nature (including profit) is paid out on the Current Account.
  • Any Individual or Corporate Entity has the right to open a Current Account, subject to the controls, rules and instructions of the Central Bank.
  • Drawings from the Current Account shall be made through cheques issued by the Bank, written instructions or the Card. Deposits in the Current 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/cash deposit machines only. Transfers between Accounts may be performed if permitted by the Bank.
  • The Customer is required to maintain an average minimum credit balance at all times during the period the Current Account is maintained with the Bank as will be notified to the Customer from time to time.
  • The Bank shall have the right to refuse to pay any payment orders or cheques written on forms other than the Bank's prescribed forms, without any responsibility whatsoever on the part of the Bank.
  • The Customer shall draw cheques in Arabic or English languages, the Bank shall not accept cheques written in any other languages.
  • The Bank shall have the right to honour the value of cheque or other negotiable instruments, drawn on the Current Account even if this were to cause the Current Account to be overdrawn, and the Customer undertakes to repay all such overdrawn amounts immediately upon request by the Bank.
  • The Bank shall have the right to refuse to pay the value of the cheques, drawings and payment orders drawn on the Current Account if the credit 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 the Customer's Accounts with the Bank.
  • The Bank may accept from the Customer any stop payment of cheques in case it is lost, or in other circumstance as shall be allowed by law or otherwise agreed by the Bank. However, the Customer shall compensate the Bank for any loss, damage and costs incurred or sustained by the Bank (including legal cost) due to this.
  • The Bank has the right to refuse issuing a cheque book to the Customer, without giving any reason.
  • According to the instructions of the Central Bank, the Customer's account will be closed and added to the blacklist in case 4 cheques returned unpaid within one year due to insufficient balance.
  • The Bank does not accept any responsibility in the event of a postdated cheque being inadvertently or otherwise honoured before the due date.
  • The total amount of cheques drawn on the Current Account but not yet presented for payment must not, at any time, exceed the credit balances on the Current Account and available for withdrawal. The Bank is not obliged to honour cheques drawn against unrealised or uncleared payments into the Current Account. The Bank will levy a charge for any cheque that is returned unpaid for lack of funds.

24. Mudaraba Accounts

  • Mudaraba Accounts
    • Mudaraba Accounts comprise:
      • Unrestricted investment Accounts: These include savings, short term investment (value, twin and call ) and recurring investment (fixed deposits) Accounts.
      • Restricted Investment Accounts: This includes the Commodity Investment mudaraba account.
    • Under a Mudaraba Account, the Customer (being the owner of funds or "Rab ul Maal") authorizes the Bank (being the "Mudarib" or fund manager) to invest the Customer's funds in the Mudaraba Account according to the principles of Islamic Shari'a in such manner as the Bank, in its absolute discretion, deems fit.
    • The Mudaraba Accounts shall be subject to the minimum balance requirements as prescribed by the Bank from time to time and advised to the Customer.
      If the credit balance in the Mudaraba Account, on any day during the month, falls below this average balance requirement then the entire balance in the Mudaraba Account shall not participate in the investment during the month.
    • With the exception of the value and twin Accounts, the Bank shall not issue a cheque book to Mudaraba Account holders, and the Customer shall not be entitled to issue payment orders on the Mudaraba Account.
  • Withdrawals
    • The Bank may issue a Card to the Mudaraba Account holders for specific type of Mudaraba Accounts only. In all other cases, the standard cash withdrawal slips available at the Bank must be used in making all withdrawals from the Mudaraba Account.
    • The Bank may at its discretion restrict/limit the number of withdrawals permissible during a calendar month from the Mudaraba Account, and in case the number of withdrawals exceeds the number of transactions specified by the Bank, then the Bank may levy a service charge for each transaction exceeding such limit.
  • Investment
    • The Mudaraba Funds shall be placed in a joint investment pool with deposits from other depositors of the same category of investors, and shall be managed and invested by the Bank on an unrestricted basis in accordance with the principles of the Islamic Shari'a.
    • The net profits accruing from the investments shall be distributed between the various depositors within the same category of investors in proportion to their respective contributions to such joint investment pool.
    • The Bank as Mudarib shall be entitled to a pre determined percentage of the realized net profit arising from the investments of the Mudaraba Funds as the Bank's management fee. The percentage of the realized net profit which the Bank shall be entitled to shall be 80% (eighty percent) of the net profit accruing on the Mudaraba Funds. Such percentage may be amended from time to time at the discretion of the Bank to take effect at the beginning of each investment term and such amendments shall be notified/displayed at the Bank's head office and its branches as appropriate.
  • Profits
    • Profits (or losses) for the unrestricted investment Mudaraba Accounts, with the specific exception of the savings Account shall be calculated at the end of every calendar month on the basis of weighted average balances and shall be credited to the relevant Mudaraba Account in accordance with the specific features of such Account.
    • Profits (or losses) for the savings Accounts will be calculated utilizing the lowest daily balance during a calendar month as the basis. Profits to be distributed to the savings and value Mudaraba Accounts will be paid at the end of every calendar month/quarter, while profits accruing to recurring investment (fixed deposits) Mudaraba Accounts will be paid upon maturity of the deposit (being the Mudaraba term period as elected by the Customer prior to depositing the funds in the Mudaraba Account).
    • The Customer authorizes the Bank to reinvest the realized profits accruing from the Mudaraba Funds on the same terms and conditions as those governing the original Mudaraba Account from which such profits were realised.
    • The weighting basis (as referred to in clause 24 (d) (i) and (ii) above) utilized in order to determine attributable profit (or loss) accruing to a respective Mudaraba Account will take into account the following factors, namely the days the balance was outstanding for, size of the deposit, tenor of the deposit and the frequency with which profit is distributed on the respective Mudaraba Account.
  • The Depositor as Rab ul Maal permits the Bank to deduct, if required, a certain percentage of the net profit from the share of the depositors in the joint investment pool for purpose of stabilization of profits. Such funds shall be deducted, held and disbursed in accordance with the guidelines of the Shari'a Supervisory Board of the Bank. The Bank undertakes to provide the Customer upon request with all required information in the event of the aforementioned.

25. Restricted Murabaha Accounts-Commodity Investment Murabaha Account ("Commodity Investment Murabaha Account")

  • In the case of a Commodity Investment Murabaha Account, the Customer shall enter into a Murabaha on the terms and conditions stipulated in the commodity investment murabaha agreement (the "Murabaha Agreement") to be provided if such Account is required by the Customer. Together with the Murabaha Agreement the following additional conditions shall apply:
    • the Customer shall select a fixed term of one, three, six or twelve months or any other terms as shall be specified by the Customer in the Agreement and Account Opening Form (the "Murabaha Term Period"), provided that the minimum fixed term shall be one calendar month.
    • the profit on the Commodity Investment Murabaha Account shall be calculated at the end of each calendar month on an accrual basis. No withdrawals shall be permitted prior to the end of each calendar month.
    • unless otherwise instructed to the Bank by the Customer, the Bank shall no later than 4 working days prior to the expiry of the Murabaha Term Period notify the Customer by telephone and/ or in writing of the maturity of the deposit and submit to the Customer the relevant documentation, (including but not limited the schedules of the Murabaha Agreement) to effect renewal of the deposit on terms and conditions as to be disclosed in the aforesaid documentation, and as agreed between the Customer and the Bank.
    • in the event that the Customer is not available to respond to any such request for renewal in terms of the abovementioned clause 25 (iii) or no response is received from the Customer to such request for renewal from the Bank for whatsoever reason, the Bank will automatically transfer all amounts accrued in the Commodity Investment Murabaha Account to a Current Account, where the funds will be retained on behalf of the Customer without generating any returns.
  • The minimum limit for accepting the murabaha funds equivalent to that in other currencies shall be defined by the Bank from time to time. Except for the investment term of deposits in AED, the Bank is not bound to repay deposits in the same currency deposited, but undertakes payment by issuing a demand draft or transfer of the same currency deposited at the exchange rate prevailing as on the day of repayment of the said deposit.
  • These terms and conditions are subject at all times and are to be read in conjunction with the Murabaha Agreement.

E- GENERAL PROVISIONS GOVERNING BANK ACCOUNTS & FINANCING FACILITIES

26. Grant of Financing Facilities

  • At the Bank's sole discretion and subject to the satisfaction of the Bank's requirements and criteria, Customers may obtain Financing Facilities (which expression shall include Istisna, Murabaha, Ijara and Mudaraba Financing Facilities, Letters of Credit, Letters of Guarantees, Foreign Exchange and all other forms of Shari'a compliant financial accommodation) in AED, US$ or multi-currency up to such limit as the Bank shall from time to time determine at its absolute discretion.
  • In the event that the Bank grants any Financing Facility to the Customer, such Financing Facility will be granted by the Bank on such terms and subject to such conditions precedent and securities as are acceptable to the Bank and in accordance with the terms and conditions of the relevant agreement provided thereto including the requirements under all schedules appended to or other such documents related to the agreement (collectively, the "Facility Agreement").
  • The Customer shall from time to time execute and sign and/or cause any third party to execute and sign all documents, which the Bank may require for the purposes hereof and do all such acts and things as may be necessary or expedient in connection herewith.
  • The Financing Facilities may be availed by Corporate Entities and Individuals, subject to the approval by the Bank.

27. Death of Customer

In case of death of the Customer no activity on the Account will be undertaken without fresh instructions from the legitimate heirs (approved by a legal and valid succession) of the Customer in form and content satisfactory to the Bank.

If a Customer has appointed two or more persons (other than him/herself) to operate the Account jointly and one of such joint authorized signatories should die, no activity on the Account will be undertaken without new instructions from the Customer.

28. 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 to 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, the Financing Facilities 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.

29. Account Identification Number

The Bank has full ownership right and interests with respect to account identification numbers. The Bank also has the right and privilege to modify or altogether change identification number, at any time and without prior notice to the Customer.

30. Client Confidentiality

  • All information regarding any Financial Facilities offered to the Customer in terms of Section E of these terms together with information relating to the Account(s) including the transaction therein, the amount of funds in the Account(s), and the creditability of the Customer (the "Financial Information") will be treated as confidential information. No Financial Information will be released to any person, entity or business without the Customer's express written consent.
  • However, without prejudice to other provisions of these Terms and Conditions, the Customer's consent is not required:
    • for release of the Financial Information to the Bank's subsidiaries, affiliates, branches in the UAE or abroad or to other banks or financial institutions, whether in UAE or abroad.
    • the release of the Financial Information to the Bank's personnel, advisors and agents, who need the Financial Information to discharge the Bank's duties and obligations towards the Customer and to secure the Bank's interests and rights.
    • to release the Financial Information at any proceedings brought by the Bank against the Customer and/or any third party in an action related to the Account(s), the Financing Facilities and/or the Customer's transactions with the Bank.
    • in any proceeding brought by any third party against the Bank in respect of the Account and/or the Customer's transactions with the Bank.
    • where a court or other government official entity demands Financial Information pursuant to a valid subpoena or other court order.
      Accordingly, the Customer authorizes the Bank to release the Financial Information in the cases mentioned above without the need for the Bank to notify the Customer or seek the Customer's prior approval in any way whatsoever.
  • When considering the Customer's applications and where appropriate from time to time during the Customer's relationship with the Bank, the Bank may make searches about the Customer at external agencies who (if the product or service may involve the Customer utilising a Financing Facility) will supply the Bank with information, for use in the assessment of applications for credit products and services and for all products and services other information which may include information from any government agency, or employer, for the purpose of verifying the Customer's identity. The Bank may use credit-scoring methods to assess applications and to verify the Customer's identity and may also carry out other identity checks. Any of this information may also be used for identification purposes, debt tracing and the prevention of money laundering as well as the management of the Account(s). To prevent or detect fraud and to assist in verifying the Customer's identity, the Bank may exchange information with other organisations and make searches of records held at fraud prevention agencies who will supply the Bank with information.
  • The Bank may also pass information to financial and other organisations involved in fraud prevention to protect it and its other Customers from theft and fraud. Any false or inaccurate information provided by the Customer to the Bank will be recorded. The information held by these fraud prevention agencies may be used by the Bank, and other organisations when making decisions about the Customer or others at the Customer's address(es) on credit or credit-related services or motor, household, credit, life or any other insurance facilities.

31. Obligations of the Bank

  • The Bank shall not be liable for non-availability of sums due to restrictions on convertibility or transferability, requisitions, involuntary transfer, acts of war or civil strife or other similar causes beyond the Bank's control and in such circumstances no other office, branch, parent, subsidiary or affiliate of the Bank, shall be responsible to the Customer's behalf or to the Customer then such amount(s) shall be limited to sum(s) deposited in the Account only.
  • The Customer acknowledges and agrees that the Bank's obligations toward the Customer and all services and products offered by the Bank to the Customer shall be at all times subject to the applicable laws and regulations of the UAE and the order and decisions of the Central Bank.

32. Address

The address indicated in the Account Opening Form shall be the registered address for mailing any notice, statement or summons to the Customer unless it notifies the Bank of a change of the said address either in writing or by using Phone Banking Service. For notices to be delivered by the Customer in terms of any Financing Facility offered to the Customer in terms of this Clause 32 shall be that provided in the Facility Agreement provided thereto or advised by the Bank thereto.

33. Waiver

The Bank may at its discretion waive compliance with any of these Terms and Conditions or the provisions of any Facility Agreement entered into between the Bank and the Customer pursuant to the Financing Facilities, but such waiver shall be without prejudice to the Bank's rights, including its right to enforce these Terms and Conditions at a future date.

34. Amendment

The Bank may at its sole discretion amend these Terms and Conditions or the provisions of any Facility Agreement entered into between the Bank and the Customer pursuant to the Financing Facilities, at any time by notifying the Customer of such amendment either by mail or general notice in the branch where the Account is maintained and the Customer shall thereafter by bound by such amendment.

35. Additional Representations and Warranties under Financing Facilities and related Facility Agreements:

  • As a condition of qualifying for and pursuant to entering into any Facility Agreement with the Bank, the Customer (if a Corporate Entity) will in conjunction with complying with the terms and conditions of any Facility Agreement:
    • obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the applicable laws and regulations to enable it to lawfully enter into and perform its obligations under any Facility Agreement to which it is a party or to ensure the legality, validity, enforceability or admissibility in evidence in the jurisdiction they reside.
    • ensure that at all times the claims of the Bank against it under a Facility Agreement to which it is a party rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any personal bankruptcy or other similar laws of general application.
    • comply in all material respects with all applicable laws.
    • not accelerate repayment of any existing debt to anyone before its stated maturity date except (with the prior approval of the Bank) unless such repayment/prepayment does not have the affect of materially prejudicing the Customer's ability to perform its obligations under the Facility Agreement.
    • provide the Bank on request, and in any event within [ten (10)] business days of request, with any information relating to its financial condition and affairs as the Bank may reasonably request.
    • pay or keep paid up all taxes, dues, rents, rates and charges of any governmental or municipal authority or other competent authority.
    • give the Bank prompt notice of any litigation, arbitration or administrative proceedings affecting it or any of its property.
    • execute all documents and do all acts and things as are stated in the Facility Agreement or as the Bank may reasonably require in terms of this or any other agreement between the Customer and the Bank.
    • enter into supplementary agreement(s) with the Bank (which shall be deemed to be part of these Terms and Conditions and relevant Facility Agreement entered into with the Bank) if at any time pursuant to the directives of the Central Bank, any provision of these Terms and Conditions is required to be altered or some new conditions are required to be incorporated.
    • execute all documents and do all acts and things as are stated in these Terms and Conditions, the Facility Agreement or as the Bank may reasonably require in terms of this or any other agreement between the Parties.
    • borrow any monies in any manner or form or raise any form of finance from any third party financial institution.
  • The Customer, if a Corporate Entity, shall as a condition of qualifying for and pursuant to entering into any Facility Agreement represent:
    • that the Customer is a duly incorporated, validly existing corporation under the laws of the place of its incorporation.
    • that the Customer has full power and authority to enter into each Facility Agreement (including to which is or will be a party and that the execution of each Facility Agreement and the exercise of the Customer's rights and performance of its obligations thereunder have been duly authorised by all necessary corporate and other action.
    • that all relevant consents, approvals or authorisations of the concerned governmental authority, local or federal ministry or department required in connection with the execution, validity or enforceability of each Facility Agreement have been obtained and are valid and subsisting.
    • that all governmental, municipal and other licenses, permits, consents and registration which are legally or administratively required for the carrying on of its business are obtained and each such license, consent and registration will be kept in full force and effect and that all the terms and conditions thereof will be complied with and the duties, fees and payments due or which become due from time to time will be settled.
    • that the Customer has taken all necessary actions to authorise the execution, delivery and performance of each Facility Agreement which constitutes a valid and legally binding obligation of the Customer enforceable in accordance with its terms.
    • that under the laws of the jurisdiction of its incorporation in force at the date hereof, it is not necessary that any Facility Agreement be filed, recorded or enrolled with any court or other authority in such jurisdiction or that any stamp, registration or similar tax be paid on or in relation to any Facility Agreement.
    • that the claims of the Bank against the Customer under each Facility Agreement will rank at least pari passu with the claims of all its other unsecured creditors save for the claims which are preferred solely by any bankruptcy, insolvency, liquidation or other similar laws or regulations of general application in the UAE.
    • that no encumbrance exists over all or any of its present or future assets.
    • that in any proceedings taken in its jurisdiction of incorporation in relation to each Facility Agreement, the Customer will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process.
    • that all acts, conditions and things required to be done, fulfilled and performed in order (i) to enable the Customer lawfully to enter into, exercise its rights under and perform and comply with the obligations expressed to be assumed by the Customer under each Facility Agreement and (ii) to ensure that the obligations expressed to be assumed by the Customer under each Facility Agreement are legal, valid and binding.
    • that the carrying out of the other transactions contemplated by each Facility Agreement does not infringe any existing applicable law or regulation in the UAE.
    • that it has not taken any action and no legal proceedings have been initiated or threatened against it for its winding-up, dissolution, administration, bankruptcy or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or of all or any material part of its assets or revenues.
    • that no Event of Default (as defined in Clause 36 below) has occurred, or shall occur as a result of entering into each Facility Agreement that will result in a change in its business, assets, affairs or financial condition which would materially and adversely affects its ability to perform its obligations under each Facility Agreement.
    • that since the date of its most recent financial statements, no event has occurred which might (i) materially jeopardise or imperil (or may materially jeopardise or imperil) the rights conferred on the Bank by each Facility Agreement; or (ii) result in a change in its business, assets, affairs or financial condition which materially and adversely affects its ability to perform its obligations under each Facility Agreement.
    • that its execution of each Facility Agreement and the exercise of its rights and performance of its obligations hereunder shall not:
      • constitute or give rise to any breach of or default under any other agreement by which the Customer is bound.
      • conflict with any obligation to which it is a party or which is binding upon it or any of its assets.
      • conflict with its constitutive documents and internal rules and regulations.
      • conflict with any applicable judicial order.
    • that to its best knowledge and belief, all information supplied by it to the Bank in connection with each Facility Agreement is true, complete and accurate in all material respects and it is not aware of any material facts or circumstances that have not been disclosed to the Bank.
    • that it is not in breach of or in default under any agreement to which it is a party or which is binding on it or any of its assets and which breach or default could be reasonably likely to have a material adverse effect, as determined by the Bank, on its business, condition (financial or otherwise) of the results of its operations or its ability to perform its obligations under each Facility Agreement.
    • that no investigation or action or administrative proceeding of or before any court or agency has been started which (i) could be reasonably likely to have a material adverse effect on its business, condition (financial or otherwise) or the results of its operations or its ability to perform its obligations under the Facility Agreements or (ii) purports to affect the legality, validity or enforceability of any Facility Agreement.
    • as at the date as of which the Financial Statements were prepared, it did not have any liabilities (contingent or otherwise) which were not disclosed thereby (or by the notes thereto) or reserved against therein nor any unrealised or anticipated losses arising from commitments entered into by it which were not so disclosed or reserved against.
    • its execution of each Facility Agreement and exercise of its rights and performance of its obligations thereunder do not and will not:
      • conflict with any agreement, mortgage, bond or other instrument or treaty to which it is a party or which is binding upon it or any of its assets.
      • conflict with its constitutive documents and rules and regulations.
      • conflict with any applicable law, regulation or official or judicial order.
  • The Customer shall:
    • promptly inform the Bank of the occurrence of any Event of Default or potential Event of Default and, upon receipt of a written request to that effect from the Bank, confirm to the Bank that, save as previously notified to the Bank or as notified in such confirmation, no Event of Default or Potential Event of Default has occurred.
    • ensure that at all times the claims of the Bank against it under the Facility Agreements to which it is a party rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation or other similar laws of general application.
    • comply in all material respects with all applicable laws (including, without limitation, environmental laws).
    • ensure that no substantial change is made to the general nature of its business from that carried on at the date of this Agreement.
    • not enter into any amalgamation, demerger, merger or corporate reconstruction.
    • not disclose to any third party that it is acting as an agent for the Bank where such agency is envisaged under a Facility Agreement.
    • The Customer further undertakes that from the date of this Agreement until all the monies, obligations and liabilities under this Agreement (and any renewals thereof) have been satisfied and discharged in full, the Customer shall not amend or terminate this Agreement.

36. Events of Default

Corporate Entity

  • An Event of Default constitutes one or more of the following events in the case of a Corporate Entity where:
    • the Customer fails to pay any sum due from it under the Facility Agreements on its due date.
    • any representation, warranty, declaration or statement made or deemed to be made in any Facility Agreement or in any notice or other document, certificate or statement delivered by it pursuant hereto or in connection herewith is or proves to have been incorrect or misleading in any material respect, as determined by the Bank, when made or deemed to have been made.
    • the Customer fails duly to perform or comply with any of the obligations (other than those referred to in paragraph (a) above) expressed to be assumed by it in any Facility Agreement and either such breach is in the reasonable opinion of the Bank not capable or remedy or such breach is in the reasonable opinion of the Bank capable of remedy and is not remedied within [14] days after the earlier of the date of notice by the Bank requiring such remedy or the date on which the Customer first becomes aware of the breach.
    • the Customer is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or makes a general assignment for the benefit of or a composition with its creditors or a moratorium is declared in respect of any indebtedness of the Customer.
    • the Customer takes any corporate action or other steps are taken or legal proceedings are started for its winding-up, dissolution, administration or reconstruction (except for the purpose of a solvent administration or reconstruction on terms and conditions which shall have first been approved by the Bank) or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or of any or all of its revenues and assets or, in each case, any analogous action, step, or proceeding is taken in any jurisdiction.
    • any property or asset of the Customer shall have been attached or assigned or in any manner transferred or delivered to or taken over by any receiver, assignee, liquidator or any other person or body whether appointed by the Customer or a court of law or any government authority under any law, regulation in any jurisdiction.
    • the Customer fails to pay any final judgment or court order when due.
    • any execution or distress is levied against the Customer, or an encumbrancer takes possession of the whole or any part of, the property, undertaking or assets of the Customer.
    • the Customer changes or threatens to change the nature or scope of its business or suspends or threatens to suspend a substantial part of the present business which it now conducts.
    • at any time any act, condition or thing required to be done, fulfilled or performed in order (i) to enable the Customer to lawfully enter into, exercise its rights under and perform the obligations expressed to be assumed by the Customer in each Facility Agreement to which it is a party, (ii) to ensure that the obligations expressed to be assumed by the Customer in each Facility Agreement to which it is a party are legal, valid and binding or (iii) to make each Facility Agreement admissible in evidence in the UAE or in the jurisdiction of its incorporation is not done, fulfilled or performed.
    • at any time it is or becomes unlawful for the Customer to perform or comply with any or all of its obligations under the Facility Agreements to which it is a party or any of the obligations of the Customer thereunder are not or cease to be legal, valid and binding.
    • any person or group of persons acting in concert which does not, as at the date of this Agreement have direct or indirect control over the Customer (whether by the ownership of share capital, the possession of voting power, rights under a contract any or otherwise), gains direct or indirect control of the Customer.
    • the Customer enters into any merger, amalgamation or reorganization that reflects a materially adverse change in the corporate status of the Customer.
    • an extraordinary situation shall have arisen as a consequence of an action or inaction by the Customer which would have a material adverse effect on the ability of the Customer to perform its obligations under this Agreement or any other agreement or arrangement with the Bank.
    • any permission, consent or license necessary for the business or to carry on the undertaking and operations of the Customer or to enable the Customer to perform its obligations under this Agreement or any other agreement or arrangement with the Bank is revoked, withdrawn, or modified in any material respect.
    • any other event or series of events occurs which in the reasonable opinion of the Bank may have a materially adverse effect on the business, condition (financial or otherwise) or results or operations of the Customer or on the ability of the Customer to comply with any of its obligations under the Facility Agreements.
    • the Customer or any other person commences proceedings or takes any other action challenging the validity of any of its obligations or any of the Bank 's rights under the Facility Agreements.
    then, and in any such case and at any time thereafter, the Bank may by written notice to the Customer declare all or any unpaid amounts due under this Facility Agreement, to be immediately due and payable (whereupon the same shall become so payable together with any other sums then owed by the Customer hereunder) or declare that all or any unpaid amounts under this Agreement be due and payable on demand of the Bank.

    Individual Customer

  • An Event of Default constitutes in the case of an Individual Customer, the occurrence of one or more of any of the following events:
    • the Customer breaches any of the terms of the Facility Agreement or these Terms and Conditions, whether such breach may be considered material or not.
    • any information or document provided in the Account Opening Form or Financing Facility application form is or becomes incorrect or misleading.
    • the Customer or a Customer's guarantor (if any), goes into bankruptcy, insolvency or liquidation, is declared mentally incapable or dies, or the Customer or its guarantor (if any) applies for bankruptcy, or bankruptcy proceedings are initiated against any one of them.
    • the Customer is involved directly or indirectly in any mis-statement of facts or any alleged illegal, fraudulent, money-laundering activities, or any alleged attempt thereto.
    • the salary payments by the Customer's employer are delayed or withheld, there is an impending bankruptcy/closure of the employer or large scale terminations by such employer, or such other circumstances occur that may affect the regularity and/or continuity of the Customer's monthly salary.
    • a court or central bank attachment is ordered on any of the Customer's or his guarantor's (if applicable) accounts with the Bank, whether held solely or jointly.
    • the Customer's contract of employment with his employer is terminated or the Customer's work permit or residence visa is terminated, cancelled or revoked.
    • a material adverse change has occurred or is likely to occur in the Customer's financial position which is likely, in the Bank's sole opinion, to adversely affect the ability of the Customer to comply with his obligations under this Agreement, in the event that any such Event of Default occurs as stated above, the Bank may, in its sole discretion and in addition to any other rights it may have in law or otherwise (i) block or restrict access of the Customer to the Account in the event of change /loss of employment till any new documents pertaining to the new employment are provided end of service benefits are released by the Customer's existing employer (ii) declare that all amounts owing pursuant to any Financing Facility shall immediately become due and payable by the Customer and/or guarantor/s (if any); (iii) initiate legal action and remedies available to the Bank to recover any amounts owing under the aforesaid point (ii) ; and/or (iv) apply any balance standing to the credit of any of the accounts of the Customer with the Bank (whether such accounts are maintained singly or jointly), against all amounts due and payable under this Agreement. In the event of such set-off, if any amount to the credit of the Customer's accounts with the Bank is not expressed in the same currency as the Facility, the Bank shall be authorised to effect any necessary conversions at the applicable prevailing rate of exchange as determined by the Bank in its sole discretion.
  • In the event the Customer's contract of employment with his employer is terminated or notice to do so has been given (either by the Customer or the employer), the Customer may request the Bank for a temporary waiver or postponement of the exercise of its right to accelerate all outstanding amounts due to become immediately due and payable in terms of Clause 36 (b) above. Without prejudice to its rights under Clause 36 (b), the Bank may, in its sole discretion and after considering the identity and business of the prospective new employer of the Customer and the proposed salary/ income of the Customer grant a temporary waiver or postponement upon such terms as it deems fit, including (but not limited to) the provision of a letter from the Customer's prospective new employer irrevocably agreeing to deposit the Customer's salary, end of service benefits and any other income received by the Customer into the Account. The Bank shall be entitled in its sole discretion and without giving any reasons to the Customer, to revoke such temporary waiver or postponement of the exercise of its rights in terms of Clause 36 (b) above.
  • The Customer shall pay, reimburse and indemnify the Bank for all costs, losses and expenses required, incurred or sustained by the Bank in respect of any default under, or enforcement of any Facility Agreement. The Bank shall have the right at any time to debit the Account with costs and expenses accrued pursuant to this Clause.
  • The Customer may at any time pay all or part of amounts owing to the Bank pursuant to any Financing Facility provided, provided that:
    • all payments received by the Bank shall be applied by the Bank in or towards payment of the Financing Facility in the inverse order of maturity.
    • where the Financing Facility is to be prepaid in full, the amount to be prepaid shall include net outstanding principal on the date of the payment, all outstanding and all costs and fees accrued in respect of the Financing Facility.

37. Late Payment under Financing Facilities - Corporate and Individual Customers

In the event of a default in the payment of the installment(s) due under any Financing Facility or any part thereof, the Customer hereby undertakes to pay to the Bank an amount as will be disclosed to the Customer by the Bank at the time of offering the Financing Facility to the Customer, as late payment charges for the amount of the payment due or part thereof outstanding for each day of delay beyond the relevant payment date by which the amount due or any part thereof remains unpaid. The late payment charges shall be applied firstly, to compensate the Bank for its actual direct costs and expenses incurred as a result of any late payment and secondly, the remaining amount of any late payment charges received by the Bank shall be paid to charity on behalf of the Customer in accordance with the guidelines of the Shari'a Supervisory Board of the Bank.

38. Conciliation and Set Off

The Customer authorizes the Bank, without prior notice to the Customer to (i) combine or consolidate any of the Account(s) held with the bank and apply any amount standing to the credit thereof in or towards repayment of any and all amounts owed by the Customer to the Bank and/or (ii) to set off the whole or any part of any amounts owed by the Customer to the Bank in such manner as the Bank may select against any amount from time to time standing to the credit of any of the Account(s) at any branch of the Bank anywhere in the world and in any currency and/or against the net proceeds of sale of any securities and/or other property held in the Customer's name by the Bank and/or against any other amounts due to the Customer from the Bank (whether or not matured), regardless of the currency, place of payment or booking office of such amount obligation.

39. Assignment and Charges

  • Amounts deposited by the Customer with the Bank, or held in the Customer's name with the Bank, cannot be assigned or charged by the Customer to any third party by way of security without prior written approval of the Bank.
  • The Bank shall within the limits of the Shari'a have the right at anytime during the term of these Terms and Conditions, upon notice to the Customer but without the need to obtain consent to assign, sublet or otherwise transfer all or any part of its rights, benefits and obligations hereunder to any third party, provided that (a) such assignment shall only become valid and binding as from the date of such notice; and (b) such an assignment or transfer does not create or increase indemnity liabilities of the Customer which would not have been payable or incurred by the Customer for such transfer or assignment.
  • The Bank shall, within the limits of the Shari'a have the right at any time during the term of this agreement to assign, sub-sell or otherwise transfer all or any part of its rights, benefits and obligations hereunder to any third party (the "Assignee"), provided that:
    • it shall give written notice to that effect to the Customer.
    • such assignment shall only become valid and binding as from the date of such notice.
    • such assignment or transfer does not create or increase indemnity liabilities of the Customer which would not have been payable or incurred by the Customer but for such transfer or assignment. the Assignee shall have the same rights against and obligations towards the Customer as if it had been a signatory party hereto.
  • The Customer undertakes to execute all such documents and agreements as may be required to enable the Bank to effect a transfer and/or assignment of any of its rights hereunder as contemplated under this Clause.
  • The Bank may disclose to a potential Assignee or to any person who may otherwise enter into contractual relations with the Bank in relation to this agreement, such information about the Customer, and/or any transaction document as the Bank shall consider appropriate, provided that such potential Assignee or any other person entitled hereunder to such information about the Customer shall agree to maintain such information as confidential and not to disclose such information to any third party.

40. Liability

  • All transactions undertaken by the Bank pursuant to the instructions of the Customer shall be at the Customer's cost and risk. The Bank shall not be liable to the Customer if the value of the funds credited to the Account diminishes due to taxes, fees or depreciation. The Bank shall also not be held liable if the Customer is unable to obtain payment due to restrictions of any character or any other cause beyond the Bank's control.
  • The Customer shall, upon demand by the Bank, fully indemnify the Bank, (and its directors, officers, employees and agents) (together the "Other Parties") to the fullest extent permitted by law, and, at all times throughout the term of the Customer's relationship with the Bank and hold the Bank and the Other Parties 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 these Terms and Conditions and any agreement entered into between the Bank and the Customer or any of the arrangements and transactions contemplated between the Customer and the Bank.
  • The Customer shall promptly give the Bank notice upon becoming aware of any matter which could give rise to a Claim and shall provide the Bank (and its legal advisers) with all relevant information and documentation relating to such potential Claim.
  • The Customer shall indemnify the Bank and the Other Parties in respect of all costs and expenses (including legal fees) incurred by the Bank (or any of the Other Parties) in the preservation and enforcement of its (or their) rights under this Agreement and any related documents.
  • The indemnities given under this Clause will survive the termination of these Terms and Conditions provided that the indemnities relate to claims arising prior to the termination of these Terms and Condition or an other agreement entered into between the Customer and the Bank, whichever is later.

41. Governing Law and Jurisdiction

  • These Terms and Conditions and the construction, performance and validity hereof and thereof shall be governed by and construed in all respects in accordance with the laws of the UAE so far as these do not violate the principles of Shari'a.
  • The Customer irrevocably agrees for the benefit of the Bank that the courts of the UAE shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes which may arise out of or in connection with this Agreement made hereunder and, for such purposes, irrevocably submits to the jurisdiction of such courts.
  • The Customer irrevocably waives any objection which it might now or hereafter have to the courts referred to in this Clause 41 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 these Terms and Conditions made hereunder and agrees not to claim that any such court is not a convenient or appropriate forum.
  • Submission to the jurisdiction of the courts referred to in this Clause 41 shall not limit the right of the Bank to take proceedings against the Customer in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not.

42. Acceptance of Terms and Conditions

The Customer has signed the application form that denotes the Customer's acceptance of the aforesaid Terms and Conditions and confirms that in the event of any changes being communicated to the Customer, the Bank is not obliged to obtain any acknowledgment for receipt of such communication.

SMS Banking Terms and Conditions

  1. Dubai Bank retains the right to modify from time to time the scope and features of SMS Push and Pull services, hereafter termed as SMS Service.
  2. The Customer agrees to use the SMS Service at his/her own risk and Dubai Bank will not be held liable for any loss, direct or indirect damages caused due to:
    • any breakdown, maintenance, or disruptions in service caused by various telecommunication networks and service providers;
    • the SMS service unavailable for any reasons whatsoever;
    • any incorrect, unauthorised or unlawful instruction from the customer or any other person;
    • the authorised or unauthorised access by another person to the SMS Service including but not limited to the information transmitted via the SMS Service; being forwarded to third parties by the customer.
  3. Dubai Bank may suspend or terminate the SMS service at any time without prior notice to Customer for any reason including but not limited to the reasons indicated in clause 2. The SMS Service may be terminated at any time by notice from the customer to us in a form acceptable to Dubai Bank. Any such termination shall be effective within [2] business days of receipt of termination notice by us.
  4. The Customer acknowledges that any information received by him/her under the SMS Service is for information only, and shall not be taken as conclusive evidence of the matter to which it relates.
  5. The customer agrees to promptly notify the bank of any changes in information provided to Dubai Bank related to or for the purpose of SMS Service and to immediately inform Dubai Bank of any loss/theft of mobile phone by calling 8005555 (within the UAE) and (+9714) 3365555 (outside the UAE). Dubai Bank shall not be liable for any loss or claim resulting from the relaying of any information pursuant to the SMS Service to the designated mobile phone number prior to receipt of any notification of loss/theft.
  6. Dubai Bank shall not assume any liability or responsibility for any failure or delay in transmitting information to the customer or any error in such information, unless this results from negligence or willful default on the bank's part. The Customer herein undertakes to indemnify and hold Dubai Bank harmless against all actions, claims, demands, liabilities, losses, damages, costs and expenses of whatever nature that may result or which may be sustained, suffered or incurred as a result of the provision of the SMS Service.
  7. Any notice from the bank to the customer may be made in such manner and by such means of communication as the bank shall deem fit, including, without limitation, use of direct mailing material, advertisement, branch display, electronic communications such as email or via the SMS Alert Service. Any notice from the customer (apart from notification provided under clause 5 above) to the bank shall be in writing to any one of our branches.
  8. The Bank reserves the right at all times to vary or amend the forgoing Terms & Conditions or to introduce new Terms & Conditions. Any such variations or amendments shall become effective and binding on the customer. If the customer is unwilling to accept such variations or amendments, customer may terminate the SMS Service by providing written notice thereof.
  9. These Terms & Conditions shall be governed by and construed in accordance with the laws of United Arab Emirates as applied in the Courts of the Emirate of Dubai, and the customer hereby irrevocably submits to non-exclusive jurisdiction of the courts of the Emirate of Dubai.



Click on the icon below to download Terms and Conditions document in Adobe Acrobat format.


Download Terms and Conditions (size:143KB)



Get Adobe Reader


Backtop

Dubai Bank Online Login to Dubai Bank Online Register to Dubai Bank Online