General Terms and Conditions for Accounts

1. Shariah Compliance

1.1 Terms and Conditions have been prepared in line with the Shariah standards, rulings and guidance given by the Bank's Shariah Advisory Board. Both the Bank and the Customer agrees to be bound by the Bank's Shariah Advisory Board's interpretation of the applicable Shariah rules in relation to these Terms and Conditions and the Accounts.

1.2 The Customer and the Bank recognize and agree that the principle of the payment of interest is repugnant to Shariah and accordingly, to the extent that any legal system would impose any obligation to pay interest, the Bank and the Customer hereby irrevocably and unconditionally expressly waive and reject any entitlement to recover interest from each other.

2. Definitions and Interpretation

2.1 The following terms, whenever used herein, shall have the meanings hereby assigned to them, unless the context expressly requires otherwise;

“Account(s)” means the Islamic account(s) opened and maintained by the Customer with the Bank and where the context requires, shall include the accounts identified in Clause 1.1. above;

“Account Opening Form or Application Form” means the account opening form (whether in paper or electronic form) in the Bank's prescribed format as is issued by the Bank from time to time and signed or otherwise confirmed or accepted by the Customer in relation to opening of an Account.

“ATM” means an automated teller machine, cash handling machine, cash and cheque deposit machines 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 and/or dispenses cash and cheques in addition to other banking services.

“Authorized Person” means a person authorized by the Customer (whether in the account opening form or otherwise) to act on behalf of the customer in relation to the Account(s) and any transactions in relation to such Account(s).

“Average Monthly Balance” means the average monthly balance, which is computed as the aggregate of all end of day account balances from the beginning of each month to the end of that month (including the days when the account was not opened and/or when end of day balance was nil) divided by the actual number of days in that month.

“Bank” means Salaam Bank, its branches and offices. Affiliates of the Bank shall have no responsibility or liability in relation to the Account.

“Bank's Shariah Advisory Board” means the highest Shari'ah supervisory body of the Bank established in accordance with the law.

“Business Account” means the account intended to be opened subject to these Terms and Conditions;

“Business Day” means the day (excluding Friday and other public holidays) on which the Bank is open for business.

“Category” means a group of Customers having same maturity classification for their Mudarabah Account or other similar account features for a given currency.

“Cardholder” means a Customer to whom a Card has been issued.

“Cash Withdrawal” means a cash withdrawal from an account maintained with the Bank using teller counters, Agents, ATMs, point of sale and other cash dispensing outlets made available by the Bank.

“Clause” means a clause of these Terms and Conditions;

“Customer” means the legal or natural person in whose name the Account is opened with the Bank;

“Force Majeure Event” means in relation to either Party, an act of God or intervening or supervening regulation or law, provided that no act or event shall be a Force Majeure Event in relation to an affected Party unless it has taken all steps (if any) which it could reasonably be expected to have taken in order to prevent such act or event or the consequences of the same from occurring;

3. Opening, Operating and Closing the Accounts

3.1 The Customer hereby agrees to open and maintain Account(s) with the Bank in accordance with these terms and conditions.

3.2 In the event of the customer withdraws funds via inhouse cheques or withdrawal slip, the bank shall clear the inhouse cheque only in case the Account's available balance suffices and in accordance with these Terms & Conditions. Otherwise, funds shall be withdrawn by way of withdrawal slip from the Customer's account(s).

3.3 The Customer may open an Account with the Bank in Djiboutian Francs or in a range of other currencies offered by the Bank.

3.4 The Customer should maintain credit balance in the Account it to remain active. However, rules governing dormancy of the account will be applied as per the applicable regulatory guidelines prevailing from time to time.

3.5 The Bank, in its sole discretion, reserves the right to decline opening the Account without being under the obligation to explain its reasons for such refusal.

3.6 The Customer may, at any time in accordance with these Terms & Conditions deposit any amount to the credit of the Account using the means of deposit Savings available or which may be introduced in the future. The Customer agrees that any balance available in the Account may be consolidated and aggregated with the Bank's general pool of investments and with other amounts received by the Bank from other customers.

3.7 The Bank will treat cash paid into the Account as received on the same day that it is paid in through one of the Bank's branches or other available channels.

3.8 Any cheques deposited or funds transferred to the Account will not be made available to the Customer until the relevant amount is actually cleared and collected. In accepting items for deposit, the Bank acts as the Customer's collecting agent and assumes no responsibility for realization of the funds.

3.9 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.

3.10 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; or
• such entry is made in error and the Bank 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. Any amendment or correction in the Account records made by the Bank is considered effective and valid.

3.11 The Customer may, at any time, withdraw any amount from the Account, subject to maintaining the minimum balance referred to in these Terms & Conditions. However, withdrawals of large amounts may take up to two Business Days to be processed.

3.12 The Customer shall be obligated to provide the necessary identification document at any Branch that he/she/it may use for transactional purposes. The Bank shall reserve the right to refuse any withdrawal where it is not satisfied that proper identification has been provided by the Customer.

3.13 Notwithstanding the Customer's right to withdraw from the Account, the Bank shall not be liable for its inability to pay any amounts from any of its branches due to restrictions on convertibility or transferability, requisitions, involuntary transfers, acts of war or civil strife or other similar causes beyond the Bank's control. In such event no office, branch, subsidiary or affiliate of the Bank shall be responsible or liable to the Customer.

3.14 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, losses, charges or expenses, which the Customer may incur. 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.

3.15 The Bank has the right to freeze or suspend the Account and to refuse any and all deposits or withdrawals if any instructions given to the Bank are ambiguous, conflicting or not acceptable to the Bank or if the Bank requires any further instructions, information or documentation.

4. Fees and Charges

The Customer acknowledges that the Bank is entitled, and is authorized, to debit the Account with any charges, fees or expenses payable for the services rendered by the Bank and in accordance with the Bank's charges, as amended from time to time at the Bank's discretion.

The Customer understands that the fees and charges related to the Account may be revised from time to time at the Bank's sole discretion. The Bank will announce any change in the fees and/or charges by any reasonable means of announcement used by the Bank.

5. Instructions

5.1 The Customer acknowledges that it is fully aware of the risk associated with instructions communicated via telex, telephone, email or facsimile transmission and hereby authorizes the Bank to rely on, and act upon, all such instructions issued or purported to be issued by the Customer and to accept the same as correct, accurate and duly authorized by the Customer. The Customer hereby indemnifies the Bank against all losses, claims, actions, proceedings, damages, costs and expenses incurred by the Bank as a result of the Bank accepting, relying and acting upon such instructions.

5.2 If any instructions received by the Bank are unclear or if the Bank receives conflicting instructions, the Bank may choose not to act upon them or any of them until the ambiguity or conflict has been resolved to the Bank's satisfaction. The Bank has no obligation to verify that any instructions are genuine.

5.3 The Bank is authorized to act on all instructions given in accordance with the signing instructions provided to and accepted by the Bank. If any instructions are unclear or if the Bank receives conflicting instructions, the Bank may choose not to act upon them or any of them until the ambiguity or conflict has been resolved to the Bank's satisfaction. The Bank has no obligation to verify that any instructions are genuine.

5.4 If the Bank agrees to act upon telex, telephone, facsimile, electronic communication, e-mail, letter or other form of instructions, the Bank shall be authorized to act upon such instructions, purporting to be issued by, or believed by the Bank to be issued by, the Customer or an authorized Person. The Customer acknowledges and assumes all risks associated with communication of instructions by such methods and waives, releases and discharges the Bank from any and all claims, obligations or rights that the Customer has or may have against the Bank in relation to or arising out of such instructions. The Bank shall not be required to obtain confirmation or make enquiry as to the genuineness of the instructions. The Bank may, however, without being obliged to do so and at its sole and absolute discretion, decline to act upon such instructions and / or request verification of instructions by means of a confirming telephone call to the Customer or authorized Person, if any.

5.5 Neither the Bank nor any of its officers, employees or agents shall be under any liability to the Customer or to any other person for any loss or damage caused as a result (including any reason of delay), direct or indirect, of acting upon or refraining from acting upon instructions or in construing or processing such instructions in error, including duplication of transactions through inadvertence or oversight, negligently, or through misdescription or fraud, and the Bank may debit any Account with any amount paid out pursuant to the receipt of such instructions.

5.6 The Customer shall hold harmless and indemnify the Bank, its officers, employees and/or agents, against any loss, cost, damage, expense or liability which they or any of them may incur (direct or indirect) as a result of the Bank or any such officer employee or agent acting upon, delaying or refraining from acting upon instructions of the Customer or purporting to be from the Customer or which the Bank believes to have been issued by or for the Customer.

5.7 The Customer agrees and acknowledges that, subject to any express written instructions of the Customer:

• any authorized Person(s) appointed by the Customer shall be fully empowered to act on behalf of the Customer in all transactions with the Bank and that the Bank may comply with and act on any instructions given by such authorized Person(s) without limitation,
• the authorized Person(s) is / are authorized to arrange with the Bank advances (by way of financing or otherwise) and any other credit resulting from a Sharia compliant transaction, guarantee or other forms of facilities from time to time and to sign and provide such security as may be required by the Bank,
• the authorized Person(s) may order any transfer to his /their personal account or order, or may charge the credit balance of the Account or any part thereof as security for Sharia compliant facilities granted to such person(s) or third parties,
• the authorized Person may vary, amend, or revise any mandate or instruction previously given to the Bank.

5.8 The Customer agrees and acknowledges that the Bank's Shariah Advisory Board may from time to time amend or establish further guidelines for the Bank in respect of the Account(s) and/ or recommend subsequent changes, modifications or further requirements relating to the Account(s) and/or these Terms and Conditions. The Customer hereby consents to the compliance by the Bank and the Customer with any such amended or further guidelines and to any subsequent changes, modifications or requirements in relation to the Account(s) and/or these Terms and Conditions relating thereto.

5.9 The Customer acknowledges that as at the date of applying for the opening of an Account, the Customer is solvent and has not ceased to make payment of any debts or been adjudged bankrupt.

6. Standing Instructions [SI]

6.1 The Additional Terms and Conditions in this section apply where a Customer subscribes to a “Standing Instruction” using the Bank's standard application and/or through electronic banking channel.

6.2 SI means customer instruction to transfer funds from the account to another party or parties within the bank or outside on a given date & frequency subject to terms & conditions here under.

6.3 That the Bank will be responsible for effecting the standing instruction on the specified date (if it falls on a public holiday then on the next working day) subject to availability of funds in the funding account to meet the SI amount and associated bank charges.

6.4 That the Bank is not obliged to advise me/us if the account has insufficient funds to meet the standing instruction, and that the Bank may cancel this standing instruction, without notice/ advice to me/ us if the Bank is unable to effect it three times consecutively, due to unavailability of funds in my/our account.

6.5 That the Bank reserves the right to determine the priority of this standing instruction against withdrawal slips presented or any other existing arrangements made with the Bank.

6.6 That the standing instruction will remain effective notwithstanding the death or bankruptcy/ liquidation until notice of such incident, or the revocation of this instruction is received by the Bank.

6.7 That any amendment or cancellation of this standing instruction should reach the Bank at least one week before the next successive payment is due.

6.8 That neither the Bank, nor its branches, correspondents or Agents are responsible for any loss, delay, error or omission arising out of any mode of communication used for effecting this standing instruction.

7. Representations and Warranties

7.1 The Customer represents and warrants to the Bank on the date of signing these Terms and Conditions that;

7.2 it has the legal capacity to sign these Terms and Conditions and open the Account(s);

7.3 the execution by it of these Terms and Conditions has been duly authorized;

7.4 these Terms and Conditions and each transaction contemplated by these Terms and Conditions will be binding and enforceable upon the customer and will not violate the terms of any other agreement to which the Customer is a party;

7.5 it has and will at all times maintain all authorizations, approvals, licenses and consents required to enable it lawfully to perform its obligations under these Terms and Conditions.

8. Notices and Change of Address

8.1 All written notices, letters and statements will be sent to the Customer's primary address specified in the Account opening form. Copies may also be sent to the known electronic addresses of the Customer. Any document shall be deemed to be received seven days after they have been sent to the last address given by the Customer / User and in the case of the Bank to the address mentioned in the heading above or immediately upon receipt electronically to the mailbox of either party as per the available email address. If the Customer's primary address is abroad, then the period will be extended to 14 days.

8.2 The Customer must advise the Bank immediately in writing if the personal or business address including the telephone number (and email address if applicable) changes. The Bank will amend its records only upon receiving a letter confirming such changes. The Customer hereby indemnifies the Bank against any costs or expenses the Bank may incur due to the Customer's failure to advise the Bank of the change of its address.

8.3 In addition, the Bank may also publish notices of a general nature which are applicable to all Customer / Users on its website. Such notices will have the same effect as a notice served individually to each Customer / User.

9. Privacy and Data Protection

9.1 The Bank will treat the Customer's personal information as private and confidential (even when it has no longer a relationship with the customer) subject to the applicable laws and regulations in Djibouti.

9.2 The Bank will not reveal the Customer's name, address or any details of the Customer's relationship with the Bank to anyone, other than in the following cases where:

• the Bank releases such information to its personnel, advisors, agents, subsidiaries, affiliates or branches;
• the Bank has to give information by any applicable law or regulation;
• There is a duty to the public to reveal the information;
• the Bank's interests require it to give such information;
• the Customer asks to reveal the information, or gives consent;
• the Bank needs to outsource work to third parties; or
• the Bank transfers or assigns any of its rights or obligations to a third party.

10. Right of Lien and Setoff

10.1 The Bank may, at any time assert a lien (with the consent of the Customer) over any money, shares, securities, documents or other assets and property of whatever nature which are held in the Customer's name in any Account and / or at any branch of the Bank. The Bank may at any time, apply all or part of the money, shares, securities, documents or other assets and property of whatever nature which are held in the Customer's name in any Account and / or at any branch of the Bank (including, if applicable, before the maturity of a fixed deposit) towards any indebtedness, howsoever incurred and whether actual or contingent, of the Customer to the Bank (or if the Account is a Joint Account, any such indebtedness of any of the Joint Customers to the Bank, whether several or joint or otherwise) and whether in the same currency as the Account or not. The Bank may affect any necessary conversions at the rate of exchange at which the Bank is able to purchase the currency of the Customer's obligations or at the Bank's own prevailing rate of exchange displayed at the Bank's counters, as the Bank may select at its absolute discretion. All costs, incurred by the Bank in respect of the exercise of the said right of lien and set off shall be for the account of the Customer and payable on demand.

11. Closures or Transfer Account

11.1 The Bank shall have the right at any time in its discretion to close any Account and to request immediate settlement thereof without giving any reason whatsoever and without incurring any liability in so doing. In such event, the Bank may mail to the Customer a cheque for the balance in the currency of the Account.

11.2 The Customer consents and agrees that the account may be transferred (whether by assignment, novation or otherwise) by the Bank to a third party (“Assignee”) upon not less than thirty (30) days prior written notice to the Customer. During the said notice period, the Customer may approach the Bank to close the Account in accordance with and subject to these Terms and Conditions. Upon such transfer, the Assignee shall assume all the Bank's rights and obligations vis-à-vis the Customer, the Account and all ancillary matters, including with regard to any liability of the Customer or any collateral security for any liability of the Customer.

11.5 Upon closure of the Account the Bank will discharge its liability to the Customer by refunding 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 to the Customer. If such funds are not collected from the Bank within seven hundred and thirty (730) days from the date notice for collection is sent to the Customer the funds shall be transferred to a charity to be selected by the Bank. However, the Customer shall be paid the amount due to him if he so claims before that time. 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. The Customer shall have no right to claim these funds after the expiry of such hold period. 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.

12. Statement of Account

12.1 The Bank shall provide to the Customer periodic statements of account or as may otherwise be agreed.

12.2 In the case of non-receipt of a statement of account, the Customer shall notify the Bank of such non-receipt within thirty (30) days of the end of the period to which the statement of account relates (where applicable).

12.3 In the case of discrepancy in any entry or balance shown in a statement of account, the Customer shall notify the Bank of such discrepancy within thirty (30) days of the date of the statement.

12.4 The Customer shall be deemed to have received the statement of account and have irrevocably consented to the correctness of the entries and balance shown therein and the Customer waives any right to challenge the transactions, entries or other dealings on the Account unless:

• In the case of non-receipt of the statement of account, the Customer has notified the Bank within thirty (30) days of the end of the period to which the statement of account relates; and
• In the case of discrepancies in any entry or the balance shown in the statement of account, the Customer has notified the Bank within thirty (30) days of the date of the statement and such notification has been agreed and accepted by the Bank.

13. Bank's Books & Records and Customer Information

13.1 The Bank's books, records and accounts shall be conclusive and binding. Any certificate, printout or statement of account issued by the Bank shall be final and conclusive evidences against the Customer of the correctness thereof in any legal proceedings or otherwise.

13.2 The Customer acknowledges and accepts that telephone calls by or to the Bank may be recorded for the protection of the interest of the Customer and the Bank.

13.3 The Customer acknowledges and agrees that the Bank may maintain, transfer, process and store its data, information and records in electronic form, on microfilm or other methods (including in processing centers and databases outside of the Republic of Djibouti and further agrees that the messages, cables, telexes, facsimiles, microfilms, tapes computer printouts and photocopies, which may be exhibited by the Bank as an extract from its files, books, records or accounts shall constitute conclusive evidence of the genuineness of the contents thereof.

13.4 The Customer acknowledges and agrees the Bank may utilize the services of third-party contractors and that any such third party may have access to the Bank's books and records including information regarding the Customer and the Account.

13.5 Subject to the law prevailing in Djibouti, the Customer irrevocably consents to the disclosure and reporting by the Bank, its officers, employees and/or agents, in any whatsoever, of any information relating to the Customer and its account relationship with the Bank (including without limitation, credit balances and deposits with the Bank, account history and other Customer related information) as the Bank, its employees, and/or agents may in their absolute discretion think fit to:

• the Bank's head office, any of its representative offices, subsidiaries, affiliates and branch in any jurisdiction and any related corporations of the Bank;
• service providers including persons to whom the Bank has outsourced any operational functions which may be engaged by the Bank to carry out any of the Bank's businesses or operations (including without limitation, ATM, credit card or other network providers) within or outside of the Republic of Djibouti and are under a duty of confidentiality to the Bank;

14. Joint Accounts

14.1 If the Account is opened in the name of one or more Customers (the “Joint Customers”), this Clause shall constitute an agreement between the Joint Customers, jointly and severally, as well as between the Joint Customers and the Bank and shall be applicable in addition to the other provisions of these Terms and Conditions.

14.2 Instructions in respect of a joint Account (the “Joint Account”) may be given by such of the Customers as are specified in the account opening form (including withdrawal in favor of the signatory thereof and the Allocation of the credit balance in the case of the demise of a Customer) and the Joint Customers hereby accept and ratify all actions carried out by the Bank pursuant to such instructions. Any debit balance arising on the Account for any reason (and any other liability that may be incurred) will be the joint and several responsibilities of all the Joint Customers. Any such liability will not be discharged or otherwise affected by the death or incapacity of any one or more of the Joint Customers.

14.3 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 Customers and, if it deems necessary, has been able to advise everyone whom it considers to be affected by it.

14.4 The Joint Customers acknowledge that the authorized Person or signatory to the Account may order any transfer of the credit balance of Account or any part thereof to his own personal account or order, and may charge the credit balance of this Account or any part thereof as security for credit facilities granted to such person or to third parties.

14.5 In the event of the demise of a joint Customer, the Bank may, in its sole discretion:

• the Bank shall be entitled to assume that the deceased Customer's portion in the credit balance of the Account is proportionate to the number of Customers 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 authorized by the laws of succession for the time being applicable in the Republic of Djibouti;
• freeze or suspend operation of the joint Account and refuse any and all deposits, credits and withdrawals until the Bank has received, in a form acceptable to the Bank in all respects, valid information, evidence or instructions in relation to the deceased joint Customer's portion in the credit balance of the joint Account (the “Customer's Portion”); and
• the other individual(s) will immediately, (but in any event not later than ten (10) days after such death or legal disability), notify the Bank of such death or legal disability. In the absence of such written notice the survivor(s) will be liable to any claim by the Bank arising from continuation of the Account and the Bank will not be liable for allowing operations in the Account. On receipt of the notice, the Account will be frozen until the legal successor(s) to the deceased or the relevant Court or department or authority appoints a legally enabled individual.
• calculate and determine the Customer's Portion in the credit balance of the joint Account in accordance with any mandate or agreement signed by the joint Customers and the Bank 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 Djibouti. The surviving Customers shall not be entitled to utilise the deceased Customer's Portion.

15. Cards and Other Services (Personal Accounts)

15.1 In the event the Bank issues an automated teller machine (ATM) or debit card (the “Card”) the following terms and conditions shall apply to the use of the Card, in addition to any specific terms which may be separately notified:

• The Card is issued at the discretion of the Bank and will at all times remain the property of the Bank. The Customer shall surrender the Card upon closure of the Account or upon demand by the Bank.
• The Bank may, from time to time, amend the nature and scope of the services provided in relation to the Card and may discontinue any services at any time.
• The Customer shall keep the personal identification number (the “PIN”) confidential at all times. Any use of the Card or PIN shall be deemed to have been made by the Customer. The Customer will immediately notify the Bank in the event of loss or theft of the Card or of an unauthorized acquisition of the PIN. The Customer shall remain responsible for all Card transactions, effected by use of the Card, Card number or PIN until such time as the Bank confirms that it has received notice of loss or theft from the Customer.
• The Bank's records of all Card transactions shall be conclusive and binding on the Customer. The amount stated on any ATM screen or printed receipt or slip should not be conclusive of the state of the Account with the Bank.
• The Bank shall not be liable if the Card is not honored or accepted in any manner or if there is any mechanical defect in or malfunction of or insufficiency of funds in the ATM.
• Without prejudice to any of the Clauses, the Bank shall debit the customer's account with the amount of any withdrawal /transfer, payment of telephone, water, electricity bills / payment for goods and services at point of sale (POS) terminals and all such payments as effected by the use of the debit Card, along with the related bank charges.

15.2 In the event the Bank provides utility bill payment facilities to the Customer (whether by Card, telephone, 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 time 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.

15.3 The Bank will facilitate the generation of a PIN and TPIN to be used in conjunction with the Card when effecting a transaction at an ATM or by Phone Banking that must comply with the minimum-security requirements established by the Bank. The Cardholder must ensure that:

• all Cards are immediately signed using a ballpoint pen on receipt by the appropriate Cardholder;
• all Cards are kept secure at all times;
• the PIN and TPIN are not made known to any other person;
• when the Cardholder changes the PIN/TPIN, these numbers should not include any four numbers in sequence from the numbers printed on the front or reverse of the Card; and
• Cards are not used before or after the validity period stated on the Card after any notification of cancellation or withdrawal of the Card by the Bank or its Agent.

15.4 The Bank's record of any transaction effected in conjunction with a PIN or TPIN shall be binding on the Cardholder as to its consequence.

15.5 The Bank reserves the right at all times and without notice to the Cardholder to:

• refuse to authorise any Purchase or Cash Withdrawal;
• cancel or suspend the right to use any Card, PIN or TPIN in respect of all or specific functions or transactions; and
• refuse to renew or replace any Card.

15.6 The Bank shall not be liable to the Cardholder for any loss or damage arising from, or as a result of, the Bank exercising any of its rights under these Terms and Conditions.

15.7 If the card is lost, stolen, misplaced or damaged the cardholder must immediately report to the Bank on telephone number is reported to the bank, and later confirm the incident in writing to the Bank.

15.8 If the card is lost or stolen the Bank will not be liable for any transactions happening between the time the card is lost and the time the card was blocked.

15.9 The Bank will not guarantee goods or services purchased through the card, and shall not entertain any discrepancy or dispute arising out thereof between the cardholder and any other third party.

15.10 The Bank may issue a PIN and/or TPIN for the Cardholder to be used in conjunction with the Card when effecting a transaction at an ATM or by Phone banking, and the Cardholder agrees that the PIN or TPIN may be sent by the Bank, by post, to the assigned address at the Cardholder's risk.

15.11 The Cardholder shall use all reasonable precautions to prevent the loss or theft of the Card, and shall not disclose the PIN or TPIN to any party.

15.12 If any Card is lost or stolen, or if the PIN or TPIN becomes known to any person other than the Cardholder or Supplementary Nominee, or the Card or the PIN or TPIN is for any other reason liable to be misused, the Cardholder must, as soon as possible, notify the Bank without delay and subsequently file a report to police. In such circumstances, the Bank shall be entitled to temporarily suspend the use of the Card until further notice to the Cardholder. If a Card is subsequently found, it must not be used; and instead, must be returned to the Bank immediately, cut in two across the magnetic stripe.

15.13 Without prejudice to the Cardholders' obligation to report the lost, stolen or misused Card, the Cardholder is required to notify the Bank in writing or through Phone banking of any loss or theft of the Card, TPIN or PIN immediately following such loss or theft. The Bank shall, in good faith, take the necessary measures to prevent use of a Card on receipt of such notification. However, the Bank shall assume no responsibility if such written notice is nor received.

15.14 The Bank may, at its absolute discretion, after getting the applicable fees, issue a replacement for any lost or stolen Card, or require the Cardholder to set-up a new PIN or TPIN on these Terms and Conditions or such other terms and conditions that the Bank may deem fit.

15.15 The Cardholder shall be liable for any losses arising from the use of any Card, TPIN or PIN by any unauthorised person before the Bank receives notification of loss or theft of a Card, TPIN or PIN in accordance with this Clause. The Cardholder shall be liable for all losses to the Bank arising from the use of any Card by any person obtaining possession of that Card with the Cardholder's consent, or where a Cardholder has been negligent.

15.16 The Cardholder shall assist, the Bank or its Agent, in the investigation of the loss, theft or possible misuse of a Card, or the disclosure of the PIN or TPIN and the recovery of a Card. The Cardholder consents to the disclosure to Agents of any relevant information concerning the Account in connection with such investigation or recovery.

15.17 The Customer acknowledges that the Card and other services referred to herein are provided by the Bank at the Customer's request. The Customer acknowledges and assumes all risks associated with the use of the Card, ATM, PIN and other services provided hereunder and waives, releases and discharges the Bank from any and all claims, obligations or rights that the Customer has or may have against the Bank in relation to or arising out of such services. The Customer will indemnify the Bank and keep it indemnified, for any loss, damage, costs (including legal costs), claims or demands:

• arising in connection with the use, loss or theft of any Card or PIN issued to the Customer or
• arising as a result of any fraudulent or unauthorized act of any person or;
• Howsoever arising in relation to the services provided by the Bank.

16. Dormant Accounts

16.1 An Account will be considered dormant if there is no Customer initiated financial transaction for such period as stipulated by the Financial Institutions Act or such regulation in force in Djibouti. The Bank reserves the right to close any Dormant Account and transfer any credit balance in accordance with the provisions of the Financial Institutions Act, 2004. Prior to closing of the account(s) the Bank shall follow all the procedures laid out in the said law.

17. Legitimate Funds

17.1 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 Djibouti. 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 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.

18. Common Reporting Standards

18.1 Customer hereby declares and provides consent to and authorize Bank or any of its affiliates (the Bank) to disclose, furnish or share information pertaining to their tax residency status with overseas regulators and local tax authorities under Common Reporting Standards.

18.2 Customer undertakes to inform the bank in case of changes in tax status, which would change the information already provided on Common Reporting Standards as per the timelines given on the Common Reporting Standards related forms already signed off.

18.3 Customer acknowledges that as a financial institution, Bank is not allowed to give tax advice. If customers have any queries about Common Reporting Standards forms, they may refer to their tax advisers or domestic tax authority.

18.4 Customer shall indemnify and hold the Bank harmless against any claim, damages, costs, expenses and other direct and /or indirect consequences of the Bank disclosing, furnishing and sharing any information pertaining to their bank account with any domestic or overseas regulators or tax authorities pertaining to Common Reporting Standards.

19. General

19.1 The Customer hereby agrees to indemnify and hold the Bank harmless against all liabilities, costs, claims, losses, damages or expenses which the Bank may suffer or incur as a result of acting upon any instructions received under the signature of the Customer.

19.2 The Customer acknowledges that as at the date of applying for the opening of the Account, the Customer is solvent and has not ceased to make payment of any debts within the meaning of Bankruptcy and Insolvency laws Savings in force in Djibouti.

19.3 The Customer 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 the Customer's directors, partners, managers or representatives has violated the provisions as contained in its articles of association, contract of establishment or its by-laws or has acted beyond their legal capacity or in excess of their powers.

19.4 The Bank will not be liable to the Customer for any loss it might suffer where the performance of the Bank's obligations is impaired by any industrial action, riot, war, terrorist activity, natural disaster, failure of equipment or any other event which is beyond the Bank's control.

19.5 The Bank's books, records and accounts shall be conclusive and binding. Any certificate, printout or statement of Account issued by the Bank shall be final and conclusive evidences against the Customer of the correctness thereof in any legal proceedings or otherwise.

19.6 To help the Bank improve its services, the Bank may record or monitor phone calls. These recordings shall be and remain the Bank's sole property.

19.7 The Bank shall, within the limits of the Shariah, have the right at any time to assign or transfer all or any part of its rights, benefits or obligations hereunder to any third party. The Customer acknowledges that such third party may have access to the Bank's books and records including information regarding the Customer and the Account.

19.8 The Customer hereby acknowledges that it shall be solely responsible for paying any Zakat due on the balance in the Account.

19.9 The Bank may at its discretion waive compliance with any of these Terms and Conditions, 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.

19.10 If, at any time, any provision of these Terms and Conditions is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

19.11 The Customer gives his/her unconditional consent (i.e. opt-in) for the Bank to send any marketing /promotional messages via SMS to the Customer's mobile number registered with the Bank between 7.00 AM to 9.00 PM. The Customer agrees that they shall contact the Bank, in case the Customer requires the Bank to remove/ opt-out their mobile number from the database for receiving any marketing /promotional messages via SMS to the Customer's mobile number registered with the Bank, if they wish to do so.

19.12 The Bank may post all Alerts via SMS to the Mobile Device of an Authorised Person. The Customer acknowledges that in the future, the Bank may send Alerts via additional mediums of communication. The Bank may from time to time, change the features of any Alert. It is the Customer's responsibility to check all available Alerts, which will be notified by the Bank on the website and/or to an Authorised Person's Mobile Phone. The Bank may from time to time, add, delete, and/or modify the Alerts based on Customer or Authorised Person requests.

19.13 The Customer and each Authorised Person unconditionally consents to the Bank sending marketing and/or promotional messages or greetings via calling or SMS to the Mobile Number between 7.00 AM to 9.00 PM. If any Authorised Person elects to stop receiving such marketing and/or promotional messages via SMS, they shall advise the Bank in writing and request the removal of their Mobile Number from the database for such messages. The Customer and each Authorised Person irrevocably and unconditionally agrees that such calls or messages made by the Bank and or its agents shall not be construed as a breach of the privacy of the Customer or any Authorised Person and no complaint or proceedings shall be made or brought in relation to them.

19.14 The payments, charges, fees or any other consideration for Products, Facilities and Services provided by the Bank are exclusive of any taxes, duties, levies including the Value Added Tax (VAT) (hereinafter collectively referred as “taxes”). If any such taxes become applicable, the Customer shall pay the Bank such taxes on demand in addition to the payments, charges, fees or any other consideration. All such taxes are subject to any applicable local laws or regulations in force in the Republic of Djibouti so far as this does not conflict with the Islamic Sharia.

20. Liability and Indemnity

20.1 All banking services are provided at the sole discretion of the Bank and the Bank may choose to modify, amend, suspend, withdraw, cancel, terminate or discontinue the banking services at any time. The Bank shall not be responsible or liable in the event of such modification, amendment, suspension, withdrawal, cancellation, termination or discontinuance of the banking services at any time. Further, the Bank gives no warranty or representation to the Customer as to the availability of the banking services, and any such warranty or representation is expressly excluded.

20.2 The Bank shall have no liability to the Customer whatsoever for any loss or damage, whether direct or indirect, in respect of any inaccuracy, incompleteness or misinformation contained in information retrieved using any of the banking services; (a) the Bank requiring fresh Instructions by one or more signatories of an Account; (b) any action in good faith or reliance upon any Instructions or communications which purport to have been dispatched by any Authorised Person or signatory or any delays in transmission or non-receipt of Instructions, notwithstanding that such Instructions may have been initiated or transmitted in error or from any unauthorised individual(s), fraudulently altered, misunderstood or distorted in the lines of communication or transmission; (c) the Bank having refrained from acting in accordance with instructions for any reason whatsoever including without limitation, by reason of failure of actual transmission thereof to the Bank or receipt by the Bank for whatsoever reason, whether connected with fault, failure, mechanical defect, or insufficiency of funds or malfunctions of the sending or receiving machines; (d) for any acts, delays, loss in transit, errors of transmission, delay caused by the clearing system of the country in which the payment is to be made, misinterpretation of a message when received or omissions or any circumstanced beyond the control of the Bank, by other banks/financial institutions or other provider of any account, including and without limitation to any modification, interruption act of default or negligence by the Beneficiary's bank in collecting the remittance or discontinuance of any account by such banks/ financial institutions; (e) the Bank's reliance on the information, instruction, license and/or authorisation provided by the Customer under or pursuant to these Terms and Conditions, the Customer's violation of the Terms and Conditions or his/her infringement, or infringement by any other user of the Customer's Accounts, of any Intellectual Property or other right of any person or entity, usage of the Banking Services, the Bank acting on the Instructions, any damage to the system of the Customer or any third party and/ or the Customer's misuse/improper use / access of the banking services and Security Codes as granted by the Bank, for failure to provide any or all of the facilities available under the Banking Services attributable, either wholly or partly, to reasons beyond the Bank's control, including any technical malfunction/ breakdown;

20.3 If as a result of generating, delivering, managing, errors, viruses, disruption, delays, unauthorised alteration, unauthorised usage/ access, inaccuracy, interruption, interception, unavailability of E-statement, banking services, communication failure, electrical or network failure or other equipment failure, such as the Customer's Mobile Phone switched off, lost or stolen, that may result in Banking Services or Bank documents provided being incomplete or unavailable; (a) any incorrect funds transfers or Instructions due to the Customer's error; (b) any loss or damage arising from the issuance of the debit card, howsoever caused; (c) delivery of any banking services, bank documents or message to a party other than the Customer if the Mobile Phone or electronic mail ID is not in the possession or control of the Customer; (d) any difficulties or consequences associated with downloading software from third party sites; and (e) the use of or the inability to use banking services, any inaccuracy of any information or amount retrieved by the Bank from the Account(s), any breach of security caused by a third party and / or any transactions entered into based on the Internet Banking, Mobile Banking or Phone Banking.

21. Governing Law and Jurisdiction

21.1 These Terms and Conditions shall be governed by and construed, interpreted and applied in accordance with the laws of the Republic of Djibouti to the extent not contradicting with the principles and rules of the Islamic Shariah as interpreted by the Bank's Shariah Advisory Board, where the latter shall supersede in the event of contradiction.

21.2 The Customer and the Bank hereby submit to the jurisdiction of courts of the Republic of Djibouti for the purpose of any proceedings arising out of or in connection with these Terms and Conditions.