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Retail BankingAccount Terms and Conditions

First: General Terms and Conditions Applicable to all Accounts

The following terms and conditions apply to all types of accounts in addition to all terms and conditions relating to every specific type of accounts contained in the relevant paragraph, and other terms and conditions laid down in respect of any other services:

  1. The account shall be managed by the account holder (Customer), his representative, legal deputy or attorney. Termination of the capacity of the person who manages the account may not be challenged against the Bank unless the Bank receives a written advice to that effect.
  2. The Customer acknowledges that he is the beneficiary of the account opened in his name, and the co-holders of the joint account acknowledge that they are the beneficiaries thereof. With regard to the account opened on behalf of third parties, the account opener acknowledges that the beneficiary thereof is the person whose name is mentioned in the account opening application form, and his representation on behalf of the beneficiary is valid and true.
  3. The Customer specimen signature at the Bank shall be considered in all the Customer transactions for his accounts, opened at present or to be opened in future at the Bank, including his sub-accounts and additional accounts, and any other account that may be opened, at any time, through Internet Banking Service, unless the Bank receives from the Customer, before opening of any such account, different written instructions acceptable to the Bank in accordance with the regulations in force at the Bank. The Customer acknowledges that any sub-account or additional account opened at any time, including any account opened through Internet Banking Service, shall be subject to the present terms and conditions that govern the accounts and any amendments effected thereto in future.
  4. The Customer address set forth in this application shall be the selected place of domicile of the Customer for any correspondence or notices addressed to him by the Bank, unless the Bank receives a written notice of the change of the Customer address.
  5. The Bank books and records shall be conclusive evidence on the Customer in his dealings with the Bank. The Customer is not entitled to challenge the correctness of such books and records in any manner whatsoever, unless otherwise evidenced by the Customer.
  6. Statement of account details shall be deemed correct unless the Bank receives from the Customer a written objection thereto within fifteen days from the date of sending the statement of account to the Customer by courier or electronic mail. In event the Customer does not receive the statement of account within the agreed period, he must contact the Bank and advise it of the same; otherwise, the Customer shall be deemed to have waived the right to receive the statement of account.
  7. All accounts are subject to the approved & applied Bank tariff list. The Bank is entitled to change, cancel, add, and amend any item in its tariff list which will be in effect immediately after its circulation in the Bank branches.
  8. The Bank shall be entitled to simultaneously debit to the Customer account all expenses included in the Bank Tariff List, as well as any amounts that could have been erroneously credited to the account, and any amounts withdrawn by the Customer exceeding the account credit balance amount. In this case, such amounts shall be deemed debts on the Customer and shall have to be immediately payable. The Customer shall repay to the Bank such debt upon first demand and irrevocably and unconditionally authorizes the Bank, without prior permission from the Customer, to debit such amounts to the account and retain them from any account to the Customer with the Bank.
  9. The Customer accounts at the Bank or its branches, at present or in future, shall be deemed a security to each other, regardless of their nature or titles, and the Bank shall be entitled to make netting between these accounts for settlement of the Customer liabilities to the Bank.
  10. The Customer hereby gives the Bank an irrevocable and unconditional authorization to exchange information on him and his accounts with other banks and entities that participate in the data and information collection system established under the law No. 2 of 2001, and the Central Risk System. The Customer also authorizes the Bank to obtain from the Public Authority for Civil Information (PACI) all details on his place of residence and place of work and any changes that may be effected thereto. The Customer further authorizes the Bank to provide PACI and other concerned entities with this authorization, without any liability on the Bank, PACI or other entities referred to.
  11. The Customer acknowledges that he shall be fully responsible for and is entirely aware of the consequences that may incur to him towards third parties in respect of all deposit transactions made in his account by any person or entity, unless he denies these transactions within fifteen days from the date of receipt of a statement of account showing such transactions or from the date of his knowledge of the depositing by any other means.
  12. If the account is overdrawn for any reason, the Bank shall be entitled to claim the Customer for immediate settlement of the debit balance.
  13. It is agreed that the account shall be deemed dormant if no debit or credit transaction is carried out by the Customer or the authorized party for a period of 12 months, or any period subsequently determined by the Bank. In this case, the Bank shall be entitled to stop issuing the account statements and close the account according to the Bank applicable policy in this regard.
  14. The Bank shall be entitled to set aside all amounts transferred to the Customer account in event such transfer involves suspicious money laundering operations upon the Bank own discretion and without any liability on the part of the Bank.
  15. The Customer authorizes the Bank to collect the value of commercial papers and other banking transactions and credit the net proceeds thereof to his account in accordance with the regulations in force at the Bank.
  16. The Bank shall be entitled to close any account at any time without the need to give reasons. The Customer shall, immediately after being notified of the same, surrender to the Bank saving pass book, cheque books, credit cards, ATM cards, etc., deemed to be cancelled, and the Customer shall be responsible to settle the debit balance and all liabilities incurred on the account.
  17. Foreign currency accounts are treated as transfer accounts, in that withdrawal and deposit transactions are processed by transfers. The Bank is entitled to accept or deny cash deposits and withdrawals in these accounts without giving reasons. However, the Bank may, upon its discretion, accept cash withdrawal or deposit but with the application of Tasaruf (exchange) according to the daily exchange rates of currencies, whether the deposit or the withdrawal are made in the account currency or in another currency. Meanwhile, when making withdrawal or depositing in the same account currency through transfer, the Bank shall deposit the same amount in the account or to pay the same amount by transfer without exchange. Collected cheques shall be deposited in the same amount of cheque if they were in the same currency of the account, or at the exchange rate if the collected amount is in a currency different from the account currency and the applicable fees and expenses, if any, shall be charged.
  18. The main currency of the accounts is the Kuwaiti Dinar. The Bank may add other Arab or foreign currencies or suspend transactions in any currency traded on the accounts after the Bank circulates at its branches such suspension of trading on any Arab or foreign currency for the then existing accounts.
  19. The Bank may amend these terms and conditions, as well as the terms and conditions applicable to other accounts, including the minimum balance for opening investment accounts or setting up the minimum limit to be maintained in investment accounts, as well as the terms & conditions for use of ATM cards, at any time after the same are circulated at the Bank branches, and shall apply to the opened accounts with effect from the date of their application.
  20. The Bank may accept online applications for opening accounts and other applications decided by the Bank, provided that the Customer would attend once at least in person to the Bank to apply for opening any account and sign these terms and conditions. The Customer acknowledges also that in event of acceptance by the Bank of an online application for opening an account, he would be bound with the terms and conditions as well as the representations identified in the online application, along with these terms and conditions which he would have signed at first coming to the Bank.
  21. The terms and conditions applicable to current account shall also apply to salary, Edikhar and Al-Amel (labor) account, in that the credit balance in such accounts shall bedeemed a Qardh Hassan loan from the Customer to the Bank and thus shall not receive profits nor shall they be charged with losses, and the Bank shall pay the entire credit balance upon demand.
  22. The interpretation and application of all accounts and settlement of any dispute arises thereupon shall be subject to the applicable laws in the State of Kuwait and Kuwaiti courts shall have jurisdiction to settle any such dispute in conformity with the Islamic Shari’ah provisions.
Second: Terms and Conditions Applicable to Current Accounts and their Equivalents [↑]
  1. The credit balance in the account is deemed to be a Qardh Hasan loan, from the Customer to the Bank, payable upon the Customer demand. No profits are payable to this account nor are losses charged thereto. The Bank may invest the balances of these accounts or any portion thereof to the benefit of the Bank shareholders.
  2. The Customer withdrawals from the account shall be effected by means of cheques provided by the Bank and delivered to the Customer, or by means of any other drawing instrument that satisfies the legal conditions and be acceptable to the Bank. Withdrawals may also be made by means of ATM cards or any credit cards in accordance with the relevant terms and conditions.
  3. The Customer undertakes to maintain the cheque books delivered to him, and shall notify the Bank in the event of loss of any cheque or the entire cheque book. The Customer shall be severally liable for all direct and indirect damages that may arise from the cheque book or any cheque being in the possession of the Customer subordinates or any third party.
  4. The Bank may decline payment of cheques withdrawn against cheques under collection, unless these cheques have already been collected and the amount thereof actually credited to the Customer account at the Bank.
  5. Withdrawal from the current account shall always be within the credit balance. The Customer shall be liable for withdrawing amounts in excess of the credit balance in the account and shall repay to the Bank, upon first demand, the full debit balance.
  6. The Customer acknowledges his absolute and conclusive consent to comply with the Central Bank of Kuwait regulations in connection with closing the Customer cheque accounts and inserting his name on the list of Customers whose accounts have been closed, if three cheques withdrawn by him, or by persons he authorized, have been returned within a maximum period of one year due to insufficiency of balance, or for other reasons in accordance with any future regulations passed by the Central Bank of Kuwait. The Customer also acknowledges his prior consent to any other measures that may be taken by the Bank in this regard. The Bank may, at its absolute discretion, open another account to the Customer without cheques in lieu of the account that has been so closed, and may debit to such new account the banking facilities that were previously given on the closed account, if any. The Customer shall bear legal liabilities resulting from his issuing of such cheques without having the right to recourse against the Bank for closing his account or listing his name on the aforesaid list or any other measures the Bank may take in this regard.
  7. Withdrawal by cheques is allowed from current accounts only or other accounts equivalent in nature to the current account in terms of the contractual relation with the Customer.
  8. The Customer authorizes the Bank to debit his account with any sum he may have obtained from the Bank in the form of banking facilities of whatsoever kind, and the Customer authorizes the Bank to transfer the same to the cash margin account against the banking facilities, as security for repayment of the Customer liabilities in favor of the Bank, along with any other expenses; provided such sums shall be retained by the Bank until all obligations on the Customer toward the Bank shall be discharged. If the Customer fails to discharge these obligations upon first demand by the Bank, the Customer authorizes the Bank to offset these obligations against cash retained sums in the cash margin account against banking facilities, without reference to the Customer, and without the need to serve any notice or initiate advance actions. This authorization by the Customer is final and irrevocable unless with the Bank written consent.
Third: Terms and Conditions Applicable to Unrestricted Mudaraba-Based Investment Accounts [↑]
  1. With regard to investment accounts where the Bank invests Customers funds according to the terms and conditions of each account, the account opening application form signed by the Customer is the unrestricted Mudaraba contract with the Bank, where the Bank is the Mudareb partner and the Customer is the capital owner.
  2. The balance allocated for investment in investment accounts is the Customer capital under the Mudaraba Contract with the Bank, whereby the Customer authorizes the Bank by virtue of such contract to invest the entire account balance or part thereof in investment deals, as deemed appropriate by the Bank for the benefit of both parties (the Bank and the Customer). The Bank is entitled to receive a portion of the net realized profit, being its share as a Mudaraba partner. In case a loss is incurred in the investments, the Customer shall bear his share of the loss in proportion to his invested capital in the Mudaraba transactions.
  3. Participation in investment by cash deposits or cheques in foreign currency shall take effect after one business day from the date of deposit or the cheque collection, and for foreign currency transfers, Musharaka shall take effect after one business day from the date of posting the amount of transfer in the account.
  4. The Bank may retain a portion of the profits accrued to holders of these accounts to create the following reserves:
    • Profit rate reserve: to be retained before the Bank obtains its share as a Mudareb Partner.
    • Investment risk reserve: to be retained after the Bank obtains its share as a Mudareb Partner. The Customer herein discharges the Bank of any claim for the retained amounts in case of closure of his account with the Bank . The Bank shall severally be entitled to dispose of such amounts upon its entire discretion.
  5. The non-invested portion of the investment accounts shall be deemed current account and shall not be subject to the investment Mudaraba regulations.
Fourth: Terms and Conditions Applicable to Unrestricted Mudaraba-Based Investment Saving Accounts [↑]
  1. The minimum limit for opening investment saving accounts, the basis for computing of the credit balance, and the ratio of invested funds for computing of the profit in these investment accounts, shall be as shown in the following table:

  2. Investment Saving Accounts Particulars
    Sl Investment Saving Account Min. Bal. for Opening the Account Basis for Calculation of the A/C Balance
    1 Al-Safa Annual A/C KD 100 For the min. credit balance during the month
    2 Al-Safa Quarterly A/C KD 250 For the min. credit balance during the month
    3 Al-Tharwa Quarterly A/C KD 500 For the average monthly credit balance calculated on the daily balance during the month
    4 Al-Safa Annual FC A/C US$ 1000 or the equivalent in major foreign currency For the min. credit balance during the month
  3. Investment saving accounts shall be invested based on unrestricted Mudaraba by 60% of the account balance, and the remaining portion of the account shall be subject to the current account regulations.
  4. The Bank shall collect 40% of the net profit realized from the investment saving account in consideration of its share as a Mudareb partner, excluding Al-Safa Annual Account of which the Bank shall collect 20% of the net profit realized therefrom in consideration of its share as a Mudareb partner.
  5. The Bank may deny or accept investment deposits in the investment saving accounts and to place limits for amounts that can be deposited for investment in any of the investment accounts.
  6. Withdrawal from these accounts shall be made by using withdrawal vouchers for this purpose or by ATM cards.
  7. Cheques may not be issued on these accounts.
Fifth: Terms and Conditions Applicable to Unrestricted Investment Mudaraba Deposits [↑]
  1. The minimum limit for opening investment Mudaraba-based KD deposits, the basis for computing the account balance, and ratio of invested funds for the purpose of computing profit in these deposits, shall be as shown in the following table:

  2. Investment Mudaraba-Based KD Deposits
    Sl Investment Mudaraba Deposit Min. Bal. for Opening the Investment Deposit Ratio of Invested Funds from the Principal Amount of the Investment Deposit Mudareb Partner Share in the Profit
    1 Basha‘er Al-Dhoha One-Month Investment Deposit KD 10,000 60% 40%
    2 Basha‘er Al-Dhoha Three-Month Investment Deposit (Trinal) KD 5000 62% 40%
    3 Basha‘er Al-Dhoha Six-Month Investment Deposit (Hexade) KD 3000 65% 40%
    4 Basha‘er Al-Yosre One-Year Investment Deposit (Annual) KD 1000 70% 20%
    5 Basha‘er Al-Yosre One-Year Investment Deposit (Al-Yosre+) KD 5000 90% 20%
    6 Basha‘er Al-Yosre One-Year Investment Deposit, with the Advantage of Monthly Cash Payments on Account . KD 10,000 70% 40%
  3. The minimum limit for opening investment Mudaraba-based foreign currency deposits, the basis for computing the account balance, and ratio of invested funds for the purpose of computing profit in these deposits, shall be as shown in the following table:

  4. Investment Mudaraba-Based Foreign Currency Deposits
    Sl Investment Mudaraba Deposit Min. Bal. for Opening the Investment Deposit Ratio of Invested Funds from the Principal Investment Deposit Bank Share in the Net Realized Profit
    1 Three-Month Investment Deposit (Trinal)



    US $ 10,000 or the equivalent in major foreign currency determined by the Bank
    60% of the principal amount of the investment deposit 35%
    2 Six-Month Investment Deposit (Hexade) 65% of the principal amount of the investment deposit 30%
    3 Nine-Month-Investment Deposit 70% of the principal amount of the investment deposit 25%
    4 One-Year Investment Deposit 80% of the principal amount of the investment deposit 20%
  5. The Customer may not withdraw his investment deposit before the agreed maturity date. If the Customer so desires, upon the Bank consent, the following rules shall apply for computing the profit:
    • KD Investment deposits: Rules for computing the profit for the KD investment saving account (Al-Safa Quarterly Account) shall apply.
    • Foreign currency investment deposit: Rules for computing the profit for the foreign currency investment account (Al-Safa Foreign Currency Annual Account) shall apply.
  6. The Bank shall act upon its discretion to realize the mutual benefit, including the determination of aspects and approaches of investment.
  7. The investment deposit shall be spontaneously renewed for similar term/terms without notice, unless the Bank receives different written instructions from the Customer prior to five business days at least of the deposit maturity date, excluding Al-Yousr(+) deposit wherein the Customer is to notify the Bank in writing in case he does not desire to renew it for similar term prior one month at least of the agreed maturity date.
  8. Particulars of the deposit printed on the face of the receipt issued by the Bank shall be deemed correct unless the contrary is notified in writing to the Bank or the Customer within fifteen days from the date of the receipt.
  9. Crediting the amount of the investment deposit and the profit thereon to the Customer account shall discharge the Bank liability towards the Customer. As such, the receipt previously issued to the Customer in respect thereof shall be disregarded.
  10. Withdrawing from the investment deposit account by cheque is not allowed, and no Credit or ATM card may be issued on the account. However, investment deposit may be used as a security against any service offered by the Bank to the Customer, by way of blocking such deposit.
  11. In event where credit facilities are granted against the security to the investment deposit, pledge of such deposit shall remain in favor of the Bank even in case where the term of the deposit is renewed for one or more terms, or in event where its volume, currency or amount is changed.

Sixth: Terms and Conditions Applicable to Wakala-Based Unrestricted Investment Accounts[↑]
A. General Conditions:
  1. The Customer authorizes the Bank to take every disposition it deems appropriate upon its discretion to realize the mutual benefit to both parties, including the determination of the investment aspects and approaches and lines, as well as identification of the proper investment portfolio, mix the funds of these accounts with third parties funds or the Bank funds.
  2. The Bank may mix funds belonging to these accounts and invest them within its investments compliant with such line of investment.
  3. The Customer authorizes the Bank to invest the entire balance of these accounts , but the Bank may authorize a third party to implement all or part of the tasks entrusted to it.
  4. The Bank shall invest the funds of these accounts in investments where their expected return shall not be less than the expected return agreed with the Customer.The Bank shall receive excess amounts above the expected return in its favor, deemed as an incentive to the Bank, along with the wakala fees identified in the Bank certified tariff list.
  5. The Bank does not guarantee the principal of the invested amount and the profit actually realized, unless in case of breach and serious negligence or violation of the unrestricted wakala terms and conditions with regard to the principal invested amount, wherein the Bank shall be deemed custodian on the invested funds.
B. Special Conditions Applicable to Investment Saving Account Based on Unrestricted Wakala Investment (Al-Hassad Al-Islami)
  1. The account opening application signed by the Customer is deemed the wakala-based contract for investment with the Bank, where the Bank shall be deemed the investment wakeel and the Customer is the Muwakil to the Bank for investment of his funds in accordance with the terms and conditions herein contained.
  2. The floor for opening this type of account is KD 100/-. The Bank shall retain this amount upon opening the account and shall be deemed the initial investment amount. The Bank is entitled to adjust this limit at any time afterwards, after announcement of the same at the Bank branches. The Bank is also entitled to setup limits acceptable for investment in this account.
  3. The Customer authorizes the Bank to invest the entire daily balance in this account. The Bank may entrust a third party for implementing all or part of the tasks entrusted to it.
  4. Depositing transactions in this account are deemed participation (Musharaka) in the investment transactions in proportion with the funds deposited by the Customer. Each withdrawal transaction is deemed a partial buyout from the investment transactions.
  5. Net profit shall be distributed to this account at the end of the financial year of the Bank. Crediting the profits realized in the Customer account is deemed a discharge to the Bank against the Customer.
  6. The Customer acknowledges that he is aware of the expected return agreed with him upon opening the account. The expected return of such account shall be announced later at the beginning of each new financial year inside the Bank branches or by any other means. This announcement shall be deemed sufficient notification to the Customer on the expected return on his account, which will be valid for the new investment period.
  7. The Customer is entitled to request the closure of his account upon the Bank consent. In this case, the Customer shall be entitled to the expected return agreed with the Bank, if realized, and shall bear his share of any realized loss calculated on the basis of the average balance of funds invested for the period.
C. Special Conditions Applicable to Unrestricted Wakala-Based Investment Deposits (Al-Khair Investment Deposit).
  1. The Customer may not withdraw his investment deposit based on wakala investment contract before its maturity date agreed with the Bank. Should the Customer wish to withdraw his deposit before its maturity date agreed with the Bank, and the Bank so consents, the following rules for calculation of profit shall be applied:
    • Unrestricted Wakala-Based KD Investment Deposit shall be subject to the terms for calculation of profits on saving accounts on the basis of investment Wakala (Hassadi)
    • Unrestricted Wakala-Based Investment Deposits in foreign currency shall be subject to the rules for calculation of profits applied to investment saving account in foreign currency – Al-Safa Annual Account in foreign currency. The Customer shall be deemed to have waived in favor of the Bank the difference between the profit realized on his investment deposit and the profit distributed to him, and the Customer shall be charged with the loss incurred during the participation of his investment deposit from the date of its creation to date of its withdrawal before its maturity date.
  2. The Bank is entitled to accept or deny the Customer application for withdrawal of his deposit invested as per wakala-based unrestricted in before its maturity date agreed with the Bank.
  3. The investment wakala deposit term shall be spontaneously extended for similar term or terms according to the announced rates at the Bank at that date without notice or warning, whereby the invested amount can be reinvested with or without profits for similar term upon the Customer desire and upon approval of the Bank, unless the Bank received written instructions from the Customer for non-renewal of the deposit before five business days at least of its maturity date.
Seventh: Special Conditions Applicable to Investment Accounts which Include Cash Advance to the Customer on Account of the Profit[↑]

It is agreed with the Customer that the amount credited to his account in advance are deemed cash advance on account of the profit, if any. In case where profit is not realized, or the realized profit is less than the cash paid to him up front, the Bank shall be entitled to make the necessary setoff and reconciliation between the cash paid to the Customer in advance and the actual outcome of the investment out of the principal investment amount.

Eighth: Terms and Conditions Applicable to Joint Accounts[↑]

The following terms and conditions apply to all joint accounts; be they current, investment saving, investment deposit or other accounts, in addition to the terms and conditions pertinent to each type of account as well as the general provisions listed under item (First) above:

  1. The account shall be managed by the person or persons authorized to that effect upon its opening or thereafter.
  2. Amounts deposited in the joint account, irrespective of the depositor, shall be equally owned by the account holders, unless otherwise agreed or evidenced.
  3. The account holders shall be jointly and severally held liable for the settlement of any liabilities or claims to the Bank created on the account regardless of their reasons. The Bank may recover such liabilities from the credit balance of any other individual account in the name of any of the joint account holders. In addition, the share of such individual account holder shall be considered as a security for his indebtedness of the individual account or the other joint accounts in which he is involved. The Bank may make setoff between the credit and debit balances on these accounts as mentioned above.
  4. The Bank may cease the withdrawal from the joint account and distribute the credit balance to independent accounts for the account holders, each in proportion to his share in the account, without notice or warning, if:
    • Any of the holders notifies the Bank of a serious dispute or request closure of the account or its liquidation.
    • A lien imposed by the Bank upon any of the holders on whatsoever grounds or reasons.
    • The death of any account holder or declared bankrupt or has been incapacitated; hence, the account of the deceased, bankrupt, interdict, or the incapacitated person, as applicable, shall be frozen until distribution of the credit balance among the legally entitled persons.
  5. The Bank may cease withdrawals from the joint account and distribute the credit balance among the account holders according to their respective shares without the need to serve notice or warning.
Ninth: Terms and Conditions of Using the ATM Card[↑]
  1. The Bank shall provide holders of current/investment saving accounts with Automated Teller Machine (ATM) card and its PIN for use inside and outside the State of Kuwait.
  2. The Bank may recover the ATM card from its holder or deactivate it at any time. It shall also be entitled to change the conditions for the card use upon its discretion without prior notice.
  3. The ATM card is not transferable and may only be used by the person to whom it is issued. The holder may not disclose his PIN to any other person for any reason whatsoever, and shall be liable for any damages that may result from the card or the PIN being in the possession of any other person.
  4. The cardholder shall immediately notify the Bank through the banking channels available around the clock, of the loss or theft of the card. He must also report the same in writing to the Bank and shall remain liable for amounts withdrawn by the card until the time of its deactivation as if it was used by him personally.
  5. The Bank shall debit the cardholder account with any amounts withdrawn or transfers/uses made by use of the card. The cardholder shall in all events be entirely liable for all obligations that may arise from the use of the card. The Bank shall be entitled to recover such amounts out of any credit balance in any of the cardholder accounts with the Bank. The Bank shall not be held liable for goods, services or other liabilities whose prices are paid by the card and any dispute arises in connection with the goods or services rendered shall be settled directly with the service provider/goods vendor.
  6. The cardholder shall bear all charges applied by K-Net, or any other intermediary entity for use of the ATM card at the other ATMs belonging to other participating banks.
  7. Without prejudice to the provisions of Article Nine, item (6) of these conditions, the cardholder authorizes the Bank, without obtaining the cardholder’s prior consent, to debit his account with any fees, exchange commissions or transfer expenses made to international companies to which ATMs networks or Point-of-Sale machines belong as well as any other extra expenses.
  8. The ATM cardholder shall observe the maximum daily withdrawal limit specified by the Bank or by the policies of the country where the cardholder is present.
  9. The ATM cardholder undertakes not to use the card in any transaction other than for withdrawing funds through ATMs or to buy through electronic points-of-sale devices all over the world. The Bank may cancel the ATM card in event the cardholder commits any breach to the Islamic rules and regulations in use of the ATM card or if he is incapacitated.
  10. In event a difference exists between the amount drawn in cash according to the declaration of the ATM cardholder and the amount shown by the records of the Bank, the latter shall prevail and be binding upon the cardholder.
  11. The cardholder shall immediately report to the Bank the following events:
    • Failure to collect the amount withdrawn from the ATM despite a sufficient balance exists for the amount required to be withdrawn.
    • The card is retained by the ATM.
    • A mistake is discovered in recording the entries in the account as a result of use of the ATM card.
  12. The ATM cardholder shall notify any of the Bank branches in writing, the Banking Cards Section, or the Tele-Banking Service or through the Bank website online in event of any change in his address.
  13. In event where the account is a joint account, the Bank may issue a separate ATM card for each partner upon written request of all account holders, and they shall all be jointly and severally liable toward the Bank for all financial obligations that may arise from using these ATM cards.
  14. The ATM cardholder acknowledges that the ATM card is a debit card and not a credit card. The Bank shall not be held liable towards the cardholder or third parties in event the balance is insufficient to cover any transaction sought to be carried out by using the card. In event other amounts erroneously paid and were found to be in excess of the actual balance of the Customer account, the Bank shall be entitled to debit such amounts to the Customer card account or any other account to the Customer at the Bank, and the Customer acknowledges to immediately repay such excess paid amounts to the Bank.
  15. The Bank shall not be liable for any loss or damage that may arise directly or indirectly from a malfunction or breakdown of the ATMs or the rejection of the card by ATM or any of the points-of-sale or ATMs belonging to other banks.
Tenth: Terms and Conditions for Electronic Banking Services[↑]
  1. Electronic Banking services encompass all operations carried out by a customer through electronic channels including land line, mobile telephone, digital assistant, and / or any stand alone or laptop computer used by a customer to access the Internet or any other electronic devices developed in future, under the condition that these devices should be compatible and satisfy the service requirements.
  2. In event a customer desires to benefit from the use of electronic Banking services, then the customer by signing this application form, is bound by all the terms and conditions set up by the Bank for use of any existing or future service made available by the Bank to its customers. The customer shall also observe all technical requirements in the guidelines to these services before commencement of use, and undertakes to sign disclaimers and documents requested by the Bank for this purpose.
  3. The customer is severally responsible for all transactions carried out through the Bank electronic services, and is liable for any direct or indirect damages and the impacts that may arise from the use of the electronic Banking services, the customer hereby, irrevocably and unconditionally, authorizes the Bank to perform any transaction based on the instructions received from the Customer and discharges the Bank from any obligation to verify any instructions.
  4. The Bank reserves the right to change from time to time the terms and conditions that govern the use of the electronic Banking services, without liability for any risks that may result from such action, provided that the Bank shall by prior notice inform users of these services through appropriate channels.
  5. Electronic Banking services are subject to the then applicable terms and conditions by the Bank to all accounts.
  6. Minors are not allowed to use the Services and the use of the Services with respect to the minors’ Accounts shall be made available to guardians, custodian or any person who is legally authorized to act on behalf of the concerned minor within the limits specified in the relevant laws.
  7. For joint Account(s), access is granted to Services subject to the terms and conditions of the joint Account signed by account holders. As per the terms of the joint Account the Username, Password, Identification Code and/or Memorable Data (as appropriate) may be provided to individual account holders or shared by all relevant holders of a joint Account.
  8. The Bank’s duty shall be restricted at all times to the extent of verifying the Password, Username, Identification Code and / or Memorable Data as applicable.
  9. The Customer shall keep the Username, Password, Identification Code and / or Memorable Data in strict confidence and not to disclose the same to anyone else;
  10. The Customer shall promptly inform the Bank if the Username, Password, Identification Code and / or Memorable Data becomes known to somebody else by calling 1812000 or +965 22467711; the Bank will suspend using the relevant Service until the said data is changed.
  11. The Customer undertakes to exempt the bank from any liability for damages to the client as a result of the use of this service, unless there is fraud or serious error.
  12. The client shall indemnify the bank fully from all claims, suits, judgments, losses, expenses (including attorneys’ fees) that may result directly or indirectly from use of customer services.
  13. The Bank at its sole discretion may refuse to execute any instructions/transactions for any reason without being subject to any obligation. The Bank shall notify the Customer in the event of refusal.
  14. The Bank shall treat all information provided by the Customer as strictly confidential. However, this shall not hinder the Bank from disclosing any information, clarification or questions that might be received officially from judicial bodies. The Bank also, at its sole discretion, may disclose any information to the concerned agencies and connected with this Service for the purpose of developing or enhancing its services and reveal any deficiencies in such Service.
  15. To ensure adequate protection, the Customer agrees that all telephone calls with the Bank shall be recorded to retrieve when necessary.
Eleventh: Terms and Conditions for Money Transfer and Payment Instructions[↑]
  1. The Customer agrees that the Bank shall not be held liable for: (i) any delay, abstention or incompletion of the transfer as a result of insufficient funds, error or missing information in the transfer application, (ii) imposition of any restrictions on transfers, (iii) the amount is withheld or confiscated by local authorities or authorities in other countries or, (iv) if there is any suspicion that the transfer is involved in money laundering operations, or for any other reason beyond the Bank control. The Customer acknowledges also that the transfer transactions are carried out by the Bank to the beneficiary’s account number and the Bank shall not be held liable for matching the beneficiary’s name with the account number to which the transfer is made. In event amounts transferred to the Customer account erroneously in excess of the amounts required to be transferred to the Bank Customer, the Bank shall be entitled to debit such excess amount to any account belonging to the Customer at the Bank, and the Customer acknowledges to immediately repay such excess amount to the Bank.
  2. In event the Customer agrees to pay fees to correspondent banks, the Bank shall calculate estimated fees for such banks according to the customary practices, and the Customer shall be bound to pay any other extra fees claimed by correspondent banks.
  3. In event the transfer amount is not paid, it shall be refunded to the Customer at the average purchase price of the currency applied by the Bank on the day the transfer is returned to the Customer account. The Customer shall not be entitled to claim return the transfer amount unless he returns to the Bank the documents issued by the Bank, and after the Bank receives a final notification from its correspondent bank that the amount of the transfer has not been paid and that the original instructions relating thereto have been cancelled.
  4. It is hereby agreed that the Bank and its correspondent banks are discharged of any responsibility for any consequences resulting from any conflict, delay, omission, technical or telegraphic error in conveying instructions. The Customer agrees also that the Bank and its correspondent banks are not held liable whatsoever if the payment of the amount is delayed in order to obtain the required confirmation for evidencing the correctness of names and statements included in the transfer order or payment instructions. In all events, the Bank shall not be held liable for any loss resulting from execution of the transfer or from any error or negligence on the part of any correspondent bank.
Twelfth: General Conditions[↑]
  1. The Customer agrees that the Bank shall not be held liable for: (i) any delay, abstention or incompletion of the transfer as a result of insufficient funds, error or missing information in the transfer application, (ii) imposition of any restrictions on transfers, (iii) the amount is withheld or confiscated by local authorities or authorities in other countries or, (iv) if there is any suspicion that the transfer is involved in money laundering operations, or for any other reason beyond the Bank control. The Customer acknowledges also that the transfer transactions are carried out by the Bank to the beneficiary’s account number and the Bank shall not be held liable for matching the beneficiary’s name with the account number to which the transfer is made. In event amounts transferred to the Customer account erroneously in excess of the amounts required to be transferred to the Bank Customer, the Bank shall be entitled to debit such excess amount to any account belonging to the Customer at the Bank, and the Customer acknowledges to immediately repay such excess amount to the Bank.
  2. In event the Customer agrees to pay fees to correspondent banks, the Bank shall calculate estimated fees for such banks according to the customary practices, and the Customer shall be bound to pay any other extra fees claimed by correspondent banks.
  3. In event the transfer amount is not paid, it shall be refunded to the Customer at the average purchase price of the currency applied by the Bank on the day the transfer is returned to the Customer account. The Customer shall not be entitled to claim return the transfer amount unless he returns to the Bank the documents issued by the Bank, and after the Bank receives a final notification from its correspondent bank that the amount of the transfer has not been paid and that the original instructions relating thereto have been cancelled.
  4. It is hereby agreed that the Bank and its correspondent banks are discharged of any responsibility for any consequences resulting from any conflict, delay, omission, technical or telegraphic error in conveying instructions. The Customer agrees also that the Bank and its correspondent banks are not held liable whatsoever if the payment of the amount is delayed in order to obtain the required confirmation for evidencing the correctness of names and statements included in the transfer order or payment instructions. In all events, the Bank shall not be held liable for any loss resulting from execution of the transfer or from any error or negligence on the part of any correspondent bank.

I/we agree to the foregoing and have perused and read these terms and conditions and explicitly agree to observe them. I/we confirm that the information provided by me/us to the Bank and signed by me/us are true, accurate and complete.

  1. The Customer acknowledges that (i) the Bank has advised him of all information concerning the product/service rendered to him/her, (ii) he has perused all terms and conditions relevant to the product/service and has entirely satisfied himself / herself of its conditions, (iii) he is well cognizant of the financial impacts and the contractual obligations relevant thereto, including advantages, risks and details of prices and commissions and the fees relevant to the product / service. (v) he possesses the legal capacity to abide by the aforementioned obligations.
  2. The Customer acknowledges that he/she has received the final signed copy of the document relating to the product / service, and any annexes relating thereto.