General Terms and Conditions for Digital and Non-Digital Products

The Applicant acknowledges that he/she reviewed the terms of this Application form and fully understand the implications associated with its signature and confirms that he/she has the opportunity to seek independent professional advice before signing this application form.
The Applicant declares that the information that he/she has submitted in this application form is true and correct and in the event of any changes, he/she agrees to notify Bahrain Islamic Bank B.S.C (the Bank) of any change. The Applicant hereby authorizes the Bank to contact other sources to obtain and/or verify information related to the Applicant. The Applicant shall be responsible for any discrepancy or false information.
The Applicant authorizes the Bank to deduct in lump sum or in installments any due amount irrespective to its type or source from the Applicant deposits or any accounts that were opened by him/her, including digital accounts of all types, under his/her name or other names but owned and managed by him/her. If the Applicant’s accounts with the Bank are not sufficient for settlement of his/her obligations and the Bank was compelled to overdraw the Applicant’s account, the Applicant undertakes to cover the short fall immediately upon receiving a notice of such action from the Bank.
The Applicant accepts and agrees that the Bank reserves the right to decline this application and retain the paper/digital application form as per the CBB rules and requirements.
The Bank has the right to share the paper/digital application form and the related documents with any party. The Applicant authorizes the Bank to enquire all necessary information related to his/her financial position from any bank/official authorities. In addition, the Applicant authorizes the Bank to share his/her information with Benefit Company or any other authority as per Law No. 30 of 2018 (the Personal Data Protection Law).
After transfer of ownership to the Bank within the finance process, the Applicant irrevocably undertakes to buy/lease from the Bank, at value determined by the Bank, the commodity/property, the subject of finance as specified in the buyer’s invoice. The Applicant also undertakes to complete the finance process including the signature of the finance, whether in paper or digital form, and any other related documents.
The applicant, upon the Bank’s request shall be obliged to sign all paper/digital applications/forms as requested by the Bank from time to time for the purpose of opening the account, including the provision of deferred cheques (in case of non-digital accounts) where the date of each shall correspond to the related installment date, provided that each cheque is drawn on any other bank or Bahrain Islamic Bank, as determined by the Bank at its sole discretion. The applicant authorizes the Bank to cancel these cheques and to dispose of them in the manner it deems appropriate after payment of all finance amount, unless the applicant requests to receive such cheques within 15 days from the date of payment of the finance amount.
The Applicant undertakes to indemnify the Bank against any damage, losses, expense, fees or any other claims that may arise as a result of the Applicant’s breach of any undertaking or obligation set forth in this application form.
The Applicant agrees to deal with the Bank pursuant to its Articles of Association and its internal policies and procedures and in compliance with Sharia principles as interpreted by the Bank’s Sharia Advisory Board.
The Applicant agrees to pay the administrative fees determined by the Bank against the administrative procedures related to the financing process. For this purpose, the Applicant authorizes the Bank to deduct the administrative fees from any of its accounts with the Bank unless he/she specifies a specific account. The Applicant acknowledges the Bank's right to deduct administrative fees if the financing is canceled due to any cause attributed to the Applicant.
The Finance Application is conditional upon fully satisfying the required conditions, documents, security(s) and other requirements for opening a digital/non-digital account within (30) days from the date of the Applicant’s signature on this application or the electronic acceptance thereof, in a manner acceptable to the Bank otherwise this application shall be deemed cancelled without notifying the Applicant.
The Bank reserves the right to cancel or amend these terms and conditions at any time as per the Bank’s sole discretion by giving a minimum of 30 days’ notice. Any amendments to the terms and conditions will be notified to the customer by way of an SMS.
The Bank assumes no responsibility of any potential losses to the customer or whatsoever if the customer fails to provide or update his/her contact details with the Bank in a timely manner.
The Bank reserves the right to apply a hold on the monthly installment amount related to this financing application once his/her salary is credited to any of his/her accounts with the Bank.
The customer can apply for postponement of one or more installments by filling the postponement application form, however, the Bank reserves the full right to accept or reject the postponement application at its own discretion.
The Bank has the right to debit the Applicant’s accounts with any amounts levied by the relevant authorities in the event of VAT, Tax or any other levies as applicable.
The Applicant acknowledges that from time to time the Bank uses services of third parties (service providers) for processing certain transactions which entails transmitting certain customer’s information. For this purpose, the applicant hereby irrevocably and unconditionally authorizes and provides his/her full consent to the Bank to transmit his/her information to such service providers.
The customer has the right to request the Bank’s customer complaint procedure to submit an official complaint in the event of any unsatisfactory service.
The Applicant acknowledges that he/she has accepted this application form voluntarily and with his free will after full knowledge of its contents.
These Terms and Conditions have been issued in English and Arabic languages. Should any discrepancy exist, the Arabic version shall prevail.