These terms and conditions set out the specific terms and conditions that governs accounts, products and services that Bahrain Islamic Bank B.S.C (the “Bank”) may offer its customers from time to time (“Terms and Conditions”).

In these Terms and Conditions, unless the context requires otherwise, the following expressions shall have the meanings defined to them below:

Definitions

• “AAOIFI” means the Accounting & Auditing Organization for Islamic Financial Institutions.
• “Account” means the account opened with the Bank and used by the Customer or the Authorized Signatory to carry out banking transactions and includes Current Accounts, Investment Saving Account, Tejoori Al Islami and Tejoori Premium Account, Iqra Account, Call Account, Save Plus and any other account that may be introduced by the Bank from time to time.
• “Applicable Laws” means the laws, regulations, and legal requirements that are in effect within the Kingdom of Bahrain, including any decrees, statutes, laws, rules or other legislation, as well as any future amendments or changes to these laws over time.
• “Application” means the form completed by the Customer to open an Account, avail any Banking Services and carry out Banking Services.
• “ATM Card” means the card issued by the Bank to the Customer that allows them to withdraw cash, deposit cash, and make online or in-person payments for goods and services using special devices that accept the ATM Card.  
• “Automated Teller Machine (ATM)” means an electronic machine, whether installed by the Bank or by other recognized banks, that the Customer can use with their ATM Card to withdraw cash or access any other Banking Services authorized by the Bank.
• “Authorized Signatory” means the Customer’s authorized signatory or signatories designated as such in the Application.
• “Bank” means Bahrain Islamic Bank B.S.C
• “Banking Services” means the Shariah compliant banking services and products that the Bank provides to the Customer, in accordance with these Terms and Conditions and any subsequent amendments made to it.  
• “Benefits” means any features, advantageous or benefits provided by the Bank to the Customer in connection with any current or future products, as determined by the Bank from time to time.  
• “Business Day” means any other day (other than Fridays, Saturdays and any public holidays in the Kingdom of Bahrain) on which the Bank is open for business.
• “CBB” means the Central Bank of Bahrain.
• “Call Account” means an account in which the Customer deposits money and authorizes the Bank to invest the Customer’s money for a specified term, subject to certain conditions to be stated hereinafter.
• “Current Account” means an account offered by the Bank to its Customers, structured as a Qard Al Hassan arrangement. Under this arrangement, the Customer allows the Bank to use the funds in a Sharia compliant manner, and the Bank, as a borrower, guarantees the full return of the funds to the Customer. The funds in the Current Account do not earn any investment profit, nor do they bear any risk.
• “Customer” means the Account holder (natural person, corporate, legal entities) or any person seeking Banking Services from the Bank.
• “Digital Banking Platform” means the Bank’s secure electronic platform that enables the Customer to access Banking Services online or through a mobile application.  
• “EFTS” means the electronic funds transfer system of the Benefit Company as applicable from time to time.
• “Fees and Service Charges” means any charges, fees and costs that the Customer is required to pay to the Bank, which can be found on the Bank’s website and at its branches.  
• “Force Majure Event” means any circumstance or event beyond the control of either the Bank or Customer which prevents them from complying with or performing its obligations under these Terms and Conditions, including but not limited to natural disasters, wars, hostilities, rebellions, revolutions, insurrections, civil wars, strikes, intervening or supervening laws or regulations or any other unforeseeable circumstance beyond the control of the affected party, being the Bank or the Customer.
• “Indemnified Persons” means the Bank’s officers, employees, directors, agents, and representatives.
• “Iqra Account” means a saving account created by the Customer, in their name or in the name of their children, who is seeking assistance for saving and investment purposes, in order to provide the necessary costs required by their dependents, as per the Bank’s prevailing policy.
• “Investment Risk Reserve” means the amount set aside by the Bank from the profits of Investment Account holders, after deducting the Mudarib’s (Bank’s) share, for the purpose of safeguarding against potential future losses that may be incurred by the Investment Account holders. This reserve is established to address unforeseen market risks and mitigate potential investment losses. It is allocated only after the Bank, in its capacity as Mudarib, has received its entitled share of profits. The reserve remains the property of the investors (depositors), and the Bank may participate in it solely in its capacity as an investor, not as a Mudarib.
  “Joint Account” means an Account opened jointly for two or more persons giving them equal rights and obligations unless stated otherwise in the Application.
• “PIN” means the personal identification number issued by the Bank to the Customer for the Card.
• “Privacy Notice” means the privacy notice of the Bank which can be found at https://www.bisb.com/en/security-and-privacy
• “Profit Rate Reserve” means the amount set aside by the Bank from the Mudarabah income before the Mudarib’s (the Bank’s) share is deducted, with the aim of maintaining a certain level of return on investment for investment Account Holders and enhancing the equity of the shareholders. This reserve is jointly owned by both parties (the Bank in its capacity as Mudarib and the investing depositor), and amounts are allocated to this reserve before the Mudarib’s share of profits is deducted.
• “Save Plus” means an Investment Mudharaba Account that enables Customers to save through monthly contribution plans. The funds deposited into the Save Plus Account are invested based on the principles of Unrestricted Mudaraba, with profit distribution occurring in accordance with the Bank’s prevailing policies.
• “Tejoori Al Islami” means a Shariah compliant savings account offered by the Bank, enabling Account holders to save and invest, as well as qualify for prize draws based on the amount maintained in the Account and obtaining the profits achieved, in accordance with the Bank’s policies.
• “Tejoori Premium” means a fixed deposit account made available by the Bank to the Accountholder as amended by the Bank from time to time, whereby the Accountholder will be eligible to qualify to enter into the Tejoori Premium raffle draws and win special prizes and be entitled to applicable profits as announced from time to time. Tejoori Premium includes, but is not limited to, Tejoori Premium Lite, Tejoori Saver and Tejoori Saver Lite, as well as any additional categories introduced by the Bank from time to time.
• “Tejoori Loyalty” means a feature of the Tejoori and Tejoori Premium Accounts where the number of raffle chances per BHD 50 deposited is increased based on the number of days with no debit transactions performed on the Account.
• “Unrestricted Mudarabah” means an investment contract where the Customer provides capital to the Bank for the purpose of investment by the Bank (whether directly or through any of its authorized agents/managers) without any restrictions as part of the common Mudaraba pool in order to generate profit which is shared between the Bank and the Customer based on pre-agreed ratio/percentage, while any loss is borne by the Customer unless there is a willful misconduct, fraud, gross negligence or breach of the Terms and Conditions by the Bank.
• “Wakalah Fee” means the fee agreed upon between the Bank and the Account holder, which the Bank charges for acting as the Account holder’s agent in managing and investing funds under a Wakala arrangement.
• “Wakalah Investment Deposit Account” means an Account where the Customer, acting as the principal, deposits funds and appoints the Bank to serve as their agent. The Bank then invests these deposits, either directly or through authorized agents/managers, in Shariah compliant investments and/or the Bank’s treasury pool. In return for its management, the Bank is entitled to receive a Wakalah Fee.
• “Vevo Account” means a Shariah compliant youth savings account offered by the Bank, designed for Customers aged 15 to 24, enabling them to save, invest and manage their finances in accordance with the Bank’s policies and terms.
• In these Terms and Conditions unless the context otherwise requires:
  • words importing the singular shall include the plural and words importing one gender shall include the other gender and the personal pronoun ‘it’ shall, where the context so permits, include an individual;
  • where a word or phrase is given a particular meaning, other part of speech and grammatical forms of that word or phrase have corresponding meanings;
  • headings to clauses are for convenience only and do not affect the interpretation of these Terms and Conditions;
  • reference to years, months, and days shall constitute reference to the Gregorian calendar; and
  • reference to the Terms and Conditions shall constitute reference to all the clauses, annexes, schedules, acknowledgements and applications, including any amendments or additions thereto.

Preamble

• By requesting to open an Account with the Bank, the Customer acknowledges that they have read, understood, and accepted these Terms and Conditions. The Bank may, at its sole discretion, accept or reject the Customer’s request without providing any reasons or incurring liability.
• By submitting the Application Form to the Bank, whether in person at a branch or electronically via the Bank’s Digital Banking Platform, the Customer acknowledges and agrees to be bound by these Terms and Conditions governing the Account and any related Banking Services. Such acceptance shall also be deemed valid and binding for the opening of any future accounts with the Bank by the Customer, without the need to re-sign or re-confirm acceptance of these Terms and Conditions.

Information of the Account and the Customer

• Account Eligibility & Opening Requirements
  • It is permissible for any natural or legal person to open Accounts (either in person or digitally) with the Bank in Bahraini Dinars or any other currencies offered by the Bank, subject to observing the specific requirements relating to each Account type.
  • Customers must be 18 years of age to open any Account offered by the Bank, except for (1) Current Account, which requires the Customer to be 21 years of age or older; and (2) Vevo Account, which may be opened by Customers who are 15 years of age or older.
  • All GCC nationals residing in GCC countries aged 18 and above are entitled to open an Account with the Bank, either digitally or by visiting by one of the Bank’s branches, provided that they meet the conditions stipulated by the Bank.
  • GCC nationals are excluded from carrying out the following:  1) opening an Iqraa account; (2) opening a Save Plus account; (3) access or use e-cheque services; (4) PayPal services; (5) apply for finance and credit card applications; (6) access any services related to open banking. The Account holder understands that these exceptions apply for GCC customers, and that the Bank reserves the right to maintain and enforce these limitations at its sole discretion.
  • The Account holder agrees to provide the Bank with a completed Application Form, as well as all necessary information and supporting documents to the Bank, including valid identification, proof of legal capacity, and any other documents required under the Applicable Laws and the CBB.  The Customer confirms that all information provided to the Bank is accurate, complete and up-to date.
  • The Account holder acknowledges that they  have opened the Account themselves. In case the Account is opened by a third party, a duly notarized power of attorney must be submitted by the attorney evidencing their authority to open the Account on behalf of the Account holder. If the Account holder is a company, a board (or shareholder resolution, where no such board has been formed) resolution must be submitted to establish the authority of the person requesting the opening of the account on behalf of the company (Account holder).
• Documentation & Information Updates
  • The Account holder shall be committed to providing any documents or additional information that may be requested upon opening the Account
  • The Bank shall have the right to refuse to open an Account if the Applicant fails to provide any information or documents requested for this purpose. The Bank shall also be entitled, pursuant to duly served notification to the nonresident Account holders, limit or restrict the services provided to the nonresident Account holder, under the Applicable Laws. Such restrictions include, but is not limited to, granting of credit or other facilities, credit cards and cheque books.
  • The Customer agrees to submit updated Know Your Customer (KYC) documents to the Bank upon their expiration. The Customer also agrees to provide the Bank with updated copies of their identification documents if they expire or if there are any changes. If the Customer fails to provide these updated documents, the Bank may suspend and/or restrict the operation of all the Accounts until the required documents are provided. The Bank may close all the Accounts if the Customer fails to submit the necessary documents.  
• Notification of Changes
  • The Customer must notify the Bank of any changes to the information provided to the Bank. This includes, but is not limited to, changes in the form of the commercial business, changes in liability or responsibility within the commercial business, changes or termination of authority for any authorized signatories, or any other changes that may affect the Bank. However, such changes, amendments, or terminations will only be binding on the Bank after the supporting documents have been properly submitted and registered in the Bank’s records.
  • For Account holders who are legal entities (except public shareholding companies), notification of any changes to the Memorandum of Association, Articles of Association, Board of Directors, or the legal entity in general, must be immediately notified to the Bank. The Bank must also be notified of any partner’s death.
• Usage & Compliance Obligations
  • The personal Account shall be used solely for personal purposes and not for commercial activities. If the Account is used for any purpose other than personal use, the Bank reserves the right to take necessary actions including account closure. The business account shall be used exclusively for business    purposes and not for personal transactions. Any misuse of the account, including personal use, may result in the Bank taking necessary actions, including account closure.
  • The Account holder acknowledges their obligation to provide the Bank with their most recent information, such as that relating to their personal address and any substantial changes that may affect the reason for which the Account was opened and the status of reporting the Account to the tax authorities, under the Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standards (CRS), or any other laws or reporting standards that may be issued in future.
• Access to Documentation & Record Retention
  • The Account holder has the right to obtain a copy of all documents related to their Account. The Bank reserves the right to retain the Account holder’s records, including those sufficient to produce financial statements and to maintain a complete record of the business undertaken by the Bank, for a period of ten (10) years upon closure of the Account.  Transactional records shall be retained for a period of five (5) years from the transaction date, unless the Applicable laws require a longer retention period.
• Sanctions
  • The Customer, the Customer’s directors, officers, agents or employees must not:
    • be a person, that is, or is owned, or controlled by persons that are: 
      • the target of any sanctions (a “Sanctioned Person”); or
      • located, organised or resident in a country or territory that is, or whose government is, the subject of sanctions broadly prohibiting dealings with such government, country, or territory (a “Sanctioned Country”);
    • will directly or indirectly use the proceeds of any facility or finance, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or any other person:
      • to fund any activities or business of or with any person, or in any country or territory, that, at the time of such funding, is a Sanctioned Person or Sanctioned Country; or
      • in any other manner that would result in a violation of sanctions by any person (including any person party to the finance hereunder, whether as underwriter, advisor, investor, financer, hedge provider, facility or security agent or otherwise).
    • Should the Customer become a Sanctioned Person or subject to any sanctions that may prevent the Bank from providing or continuing to provide any of the Bank's services to the Customer, the Bank has the right to stop the provision of any such services to the Customer and the Customer hereby indemnifies the Bank from any losses or liability that the Bank may incur and the Customer hereby releases the Bank from any claims in relation to or arising from the cessation of providing any Services to the Customer.

Minimum Balance Requirements and Fees & Service Charges

• Minimum Balance & Fee Responsibilities
  • The Bank shall, at its sole discretion, set a minimum balance requirement for any Account, whether denominated in Bahraini Dinar or any other currency, as specified in the Fees and Service Charges. The Account holder acknowledges that if the balance of any Account falls below the prescribed minimum balance requirement, the Bank is entitled to deduct a monthly fee in accordance with the prevailing Fees and Service Charges.
  • The Account holder confirms that they have viewed the information about the Account minimum balance requirements and Fees and Service Charges, as well as any exemptions which are published on the Bank’s website and available at its branches.
  • The Account holder acknowledges that the Bank reserves the right to amend the Fees and Service Charges as deemed necessary. If changes are made, the Bank will notify the Account holder at least thirty (30) days before the changes take effect and these details are accessible on the Bank’s website and its branches.  
  • The Account holder is responsible for any charges arising from failure to maintain the minimum balance. The Account holder further acknowledges that Fees and Service Charges will continue to apply even if the Account balance is zero. In such cases, the Bank reserves the right to place a hold on the Account to reflect the outstanding fees, and any subsequent deposits made to the Account will first be applied toward clearing such outstanding amounts before being available for withdrawal or any other transaction.
• Authorization for Debit & Foreign Transactions
  • The Account holder agrees that the Bank is authorized to debit the Account holder’s Accounts for any fees, services or charges owed to the Bank, in accordance with the approved Fees and Service Charges.
  • The Bank may, to the extent permitted by the Applicable Law, debit any of the Account holder’s Accounts for the amount of any and all actual losses, claims, damages, expenses, or other amounts that the Bank may suffer, sustain or incur as a consequence of acting upon the Account holder’s instructions.  
  • Purchases and withdrawals made outside the Kingdom of Bahrain will be valued based on the prevailing exchange rate on the day the transaction is recorded on the Account. Additionally, the prescribed fees for each such purchase or cash withdrawal will be added.
  • In addition to the payment of any Fees and Service Charges, the Account holder is solely liable for any VAT or any other tax of a similar nature chargeable by Applicable Laws on any payment the Account holder is required to make to the Bank. If the Bank is required by law to collect and make payments in respect of such tax, the Account holder will indemnify the Bank against such payments. The Account holder hereby irrevocably and unconditionally authorizes and instructs the Bank to debit the Account for, or withhold, any applicable taxes that the Bank is legally required to charge or deduct in accordance with Applicable Laws.

Signature Specimen 

• The specimen signature that the Customer has on record with the Bank is considered essential for any transactions on the Customer’s Account. This signature remains valid unless it is changed or cancelled. Any change or cancellation of the signature only becomes valid on the Business Day following the day the Bank receives a written request from Customer to make the change or cancellation.  
• The Customer provides their unconditional consent to the Bank to accept their electronic signature provided during the onboarding process as a genuine signature for all banking instructions.
• The Customer hereby irrevocably and unconditionally:
  • authorizes the Bank to accept and rely on any document, agreements, applications, transactions and/or instructions, electronically executed and submitted via the Bank’s Digital Banking Platform or any reputable third-party service provider acceptable to the Bank, as if such documents, applications and/or instructions have been executed by a handwritten signature and physically submitted in person or by mail (“Electronic Records”);
  • acknowledges that all Electronic Records and submissions through the Bank’s Digital Banking Platform (“Electronic Submissions”) are fully enforceable and carry the same legal validity, admissibility, and effect as those made with an original handwritten signature or physically submitted to the Bank, and shall be conclusive evidence of the Applicant’s intention to be legally bound;
  • undertakes upon the Bank’s request, to promptly provide a handwritten signature on any relevant document, in the event that an Electronic Record or Submissions are, for any reason whatsoever, not recognised by any relevant person, entity or authority in any applicable jurisdiction, or if the physical submission is required by law or regulation;
  • agrees that the Bank shall not be responsible for any fraudulent activities or unauthorized use of the Customer’s Electronic Records and/or Electronic Submissions; and
  • agrees to indemnify and hold the Bank harmless against any and all actual losses, claims, liabilities, damages, and/or expenses the Bank may incur as a result of, or in connection with, accepting and relying on the Customer’s Electronic Submissions and/or Electronic Records, except in cases where such losses, claims, liabilities, damages, and/or expenses arise directly from the Bank’s gross mistake or fraud. The Customer further agrees to indemnify the Bank against any and all third-party claims, liabilities or damages arising from the use of the Customer’s Electronic Submissions and/or Electronic Records.
• The Bank confirms that the electronic generation of any documents, forms, or applications under these Terms and Conditions through the Bank’s Digital Banking Platform shall constitute a valid offer and acceptance by the Bank, without requiring a physical signature. The Customer hereby agrees to engage with the Bank on this basis, acknowledging that by electronically signing, accepting or confirming these Terms and Conditions, it shall be equally binding on both the Applicant and the Bank.
• The Customer acknowledges and agrees that the Customer’s physical or electronic signature on any and all documents related to the Bank and the Banking Services, represent the Customer’s express and unconditional approval and shall be binding on the Customer.  

Electronic Communications and Notices

• The Account holder confirms and agrees that the Bank may disclose information to the Account holder in an electronic format, including but not limited to:
  • These Terms and Conditions, as well as any subsequent amendments or modifications to them, and any notices served pursuant to them;
  • Any records of transactions related to the Account;
  • Any disclosures or notices required by Applicable Law; and
  • Any other communications related to any Account, including but not limited to, account statements, notices, and transaction details.
• The Account holder agrees to promptly update any records and those of any Authorized Signatories.
• The Bank may communicate with the Account holder via telephone (either by a call or by text) or in writing via electronic mail or physical post. The Account holder hereby agrees and consents to any communication with the Bank, including telephone or video calls, being recorded.
• Unless otherwise provided in these Terms and Conditions, any notice or communication made by the Bank will be sent to the address given by the Account holder and, if posted online, will be deemed to have been served on the date of posting.
• The Account holder shall be responsible for notifying the Bank in writing of any change of address, updates to personal information, or any other material changes.
• The Bank may communicate with the Account holder regarding the Account via posts on the Bank's website, mobile app, or Digital Banking Platform. Any communication in an electronic format shall be deemed received by the Account holder when transmitted by the Bank, regardless of the actual delivery of the communication.
• The Account holder agrees and confirms that, in order to receive communications from the Bank, they must have an email account and telephone number capable of receiving and reading communications sent via email and/or SMS.
• The Bank shall not be liable for any loss arising if the Account holder fails to notify the Bank in writing when required. The Bank’s notices shall be deemed effective if sent to the latest address provided by the Account holder via email, SMS, phone call, letter, physical post, or any other communication method deemed appropriate by the Bank.
• Promotional Content
  • The Customer acknowledges and agrees that the Bank may, from time to time, send promotional content through its communication channels. The Customer may opt out of receiving such promotional communications at any time by submitting a request through the following link: https://www.bisb.com/en/opt-out

Address and Name 

• The address provided by the Customer in the Application will be considered the agreed address for the Bank to deliver all notices, advice and/or notifications by mail, until the Customer notifies the Bank in writing of any change in their address.
• If the Customer’s address changes without the Customer providing written notification to the Bank, the Bank will continue to deliver notices and/or notifications by mail to the previously agreed address, which shall be considered duly received by the Customer. The Bank will not bear any liability of any kind for continuing to use the old address in such case.
• The account statements shall be made available to the Customer at the address specified herein in accordance with the Bank’s procedures and policies.
• Change of Name
  • If the Customer wishes to change their name for any reason, the Customer must submit to the Bank an official document issued by the relevant authority in accordance with the Applicable Laws, confirming the change of name.  
  • The Bank has the right to refuse to accept to pay any or all documents issued in the Customer’s old name. The Bank shall not be liable in any way to anyone for any actual loss or damage caused due to such refusal or acceptance of documents in the old name.
  • If the Bank accepts to pay documents issued in the Customer’s old name, the Customer undertakes to indemnify the Bank against any actual losses, damages, costs, expenses incurred or suffered by the Bank, and/or against any claims, suits or proceedings of whatever nature which may be brought against the Bank as a result of the Bank’s acceptance to make such payments.  

Account Details 

• The Bank will assign a unique account number, PIN and any other similar security codes for each Account to be used by the Account holder while carrying out Banking Services or giving instructions to the Bank relating to the Account.
• The Bank will issue the ATM Card and notify the Account holder in writing or via SMS. The Account holder may collect the ATM Card and PIN in person or request delivery via registered mail or courier service. If the Account holder does not collect the ATM Card and PIN within 14 days of being notified, the Bank will destroy them. If the Account holder wishes to obtain a new ATM Card after this, they will need to make a request to the Bank. The Account holder will then be responsible for paying the fees association with issuing a new ATM Card/PIN, as listed in the Fees and Service Charges.  
• The Account holder is solely responsible for maintaining the confidentiality and security of their PIN and any related security associated with the Account. The Bank shall not be liable for any loss or damage arising from the Account holder’s failure to keep these credentials secure. If the Account holder’s PIN is disclosed or if there is reason to believe that someone else has accessed it, the Account holder must immediately notify the Bank in writing or via the Bank’s call center. The Bank will not be responsible for any transactions made before it receives such notification, and any transactions made before notification will be deemed authorized by the Account holder. 

Statement of Account

• The Bank provides digital account statements to the Account holder free of charge, which can be viewed using the Bank’s Digital Banking Platform. If a physical copy is requested, it may be provided for a fee as per the Fees and Service Charges schedule. The Account holder has 15 days from the date the monthly statement is issued to review it and raise any objections; otherwise, the statement will be considered accurate, and no further claims regarding its content will be accepted.
• In cases where the Customer wishes to receive physical statement of Account, the Bank shall not be liable for any losses to the Customer due to postal delays, errors, theft or of any other claims which may arise due to delay/non-receipt of the statement.

Deposits and Withdrawals

• Deposits
  • Deposit Methods & Documentation
    • The Account holder may use various deposit, withdraw and transfer methods that are available at the Bank from time to time or that may be introduced later provided that the Account holder adheres to the required conditions for that.
    • When making deposits to their Account, the Account holder shall ensure that the Account number and their name are clearly indicated on the deposit form. The Bank shall not be responsible for missing information. All deposits into the Account holder’s Account must be made using the applicable deposit form, which is available at the Bank’s branches or Digital Banking Platform.
    • The Account holder should receive the official receipt/notification when depositing any amount and should verify the validity of the received receipt/notification. In case of any dispute, the Account holder must immediately notify the Bank.
    • The Bank reserves the right to accept or reject any deposit made into the Account at its sole discretion and based on reasons it deems appropriate. The Bank may impose a specific ceiling on the amounts that can be deposited into the Account. Additionally, the Bank retains the right to verify the sources of the deposited amounts to ensure compliance with its internal rules and guidelines, as well as the regulations of the CBB and Islamic Sharia principles.
  • ATM Card Use & In Person Deposits
    • The Account holder shall be provided with an ATM Card along with a confidential PIN, applicable only for Accounts denominated in Bahraini Dinars. This Card may be used for depositing and withdrawing cash via ATMs owned by the Bank, ATMs of local banks, or ATMs linked to Benefit or Visa International Network, available worldwide. Additionally, the ATM Card allows the Account holder to make payments for purchases at points of sale in commercial establishments located within Bahrain or internationally, with the transaction amount being directly debited from the Account balance.
    • The Account holder can make deposits of funds, cheques, commercial instruments, and other banking settlements by visiting the Bank (or any of its branches) in person, or by using the ATM or any other channel permitted by the regulations of the CBB, as may be applicable from time to time.
  • Endorsement Responsibility 
    • Cheques drawn on the Bank that satisfy all legal requirements shall be added to the Account on the same day deposited, provided that their values are available in the drawer's account (the source).
    • The Account holder assumes full responsibility for the genuineness, correctness, and validity of all endorsements appearing on any cheques, orders, bills, notes, negotiable instruments, and receipts or other documents that are deposited into the Account.
    • The Account holder acknowledges that when the Bank receives cheques or other negotiable instruments for collection, the Bank acts solely as the Account holder’s collecting agent.  The Bank assumes no responsibility for the realization or collection of any items deposited with the Bank for this purpose.
    • The Bank shall not be held responsible for any delay or loss in transit of any cheque or other instrument, nor for any act, omission, neglect, default, failure, insolvency, or bankruptcy of any correspondent bank, agent, or sub-agent involved in the process, or for any other reasons that are beyond the Bank’s control.
  • Foreign Currency Deposits 
    • Accounts that are opened in currencies other than Bahraini Dinar are subject to foreign exchange monitoring regulations and other regulations in force in the Kingdom of Bahrain. 
  • Deductions & Settlements
    • The Bank is entitled to clear and settle any debts owed by the Account holder to the Bank by deducting the owed amounts directly from the Account holder’s available account balances, provided sufficient funds are available. 
    • The Account holder authorizes the Bank to deduct the costs and expenses of telexes, drafts, fees payments, service fees and commissions, or any other costs of services that are requested by the Account holder from any of their Accounts in the Bank.
• Withdrawals
  • Methods & Currency 
    • Withdrawals by the Account holder from the Account shall be made in accordance with the terms and conditions governing the specific type of Account maintained by the Account holder. 
    • Withdrawals can be made by submitting the respective paper/digital forms provided by the Bank or through the letters that bear the approved signature of the Account holders or via encrypted telexes (the instructions sent via fax will not be accepted unless prior arrangements were made for that).
    • Deposits and withdrawals are accepted in the same currency of the Account and are exchanged as needed based on the daily exchange rate of the Bank after deducting expenses (if any). 
  • Access & Limitations
    • Withdrawals that are made by payment orders or mail transfers are subject to the schedule of Fees and Service Charges applicable in the Bank.
    • The Bank shall not be held responsible for the unavailability of funds in the Account due to any restrictions on the convertibility or transferability of funds, any requisitions or involuntary transfers, acts of war, civil unrest, or any other causes that are outside the Bank’s control.
    • The Bank reserves the right to refuse to honor any cheque or allow any withdrawal that would cause the Account balance to fall below the minimum balance requirement, if applicable, or that would exceed the outstanding balance in the Account. This does not apply if the Account holder has made prior arrangements with the Bank.
    • The Bank shall determine the total amount that can be withdrawn in a single day using the ATM Card. The Bank reserves the right to limit or change, from time to time, both the total cash amount allowed to be withdrawn and the number of transactions permitted using the ATM Card. 

Transfer and Collection 

• The Bank, upon the request of the Account holder, may: (i) transfer funds between the Account holder’s Accounts within the Bank or to accounts at other banks; and (ii) issue a draft (such as a bank cheque or telex) in the same currency as the Account. If a transfer is requested to an account in another country or in a different currency, the Bank will convert the amount using the prevailing exchange rate at the time of the transfer. Applicable Fees and Service Charges will be deducted before processing the transfer.
• For SWIFT transfers received in favor of the Customer, the Bank shall pay the actual amount transferred, after deducting any applicable Fees and Service Charges. 
• For any incoming transfers to the Account, the Bank shall deposit the full amount into the Account in the currency of that Account. The deposit will be made at the prevailing exchange rate on the same day the transfer is received.  
• The Bank shall not be liable for any act, omission, failure, error or delay in the transfer of funds by any correspondent or paying bank. The Account holder acknowledges and agrees that the Bank shall not be held liable for any such instances. The Account holder further irrevocably and unconditionally undertakes to indemnify the Bank for all actual losses, damages and expenses incurred by the Bank with respect to any transfer executed at the Account holder’s instructions. 
• The Bank reserves the right to refuse to pay the amount of any transfer if the name of the beneficiary and/or the Account number do not match the Bank’s records. All SWIFT payments will be processed during the Bank’s regular working hours and will be subject to the specific cutoff times for each currency.  
• In respect of incoming drafts, the amounts are recorded in the Account after their actual collection, and the Bank shall send a notice of such to the Account holder.
• It is not permissible for the Account holder to withdraw any amount from their Account that is due for collection unless the amount is actually collected.
• The value of cheques or other securities shall not be considered due for withdrawal unless the Bank has collected it. 
• The Bank reserves the right for itself to deduct any amount that has been mistakenly credited to any Account or if the amount is not owing to the Account holder.
• The Bank shall work as a collection agent for the Account holder and for reasons not related to it; the Bank shall not bear any liability with regards to the non-collection or payment of any cheque or other securities kept in its deposit for the purpose of cashing or collection.
• The Account Holder acknowledges the Bank’s right to reclaim any amounts accidentally credited to them and is obliged to repay and settle such amounts in the manner and within the timeframe determined by the Bank.

Freezing and Closing the Account

• The Bank reserves the absolute right to suspend Banking Services, freeze or close any Account without any prior notice to the Account holder in any of the following cases:
  • If the Account holder committed any violation of the CBB regulations or any Applicable Laws.
  • If the Account Holder fails to provide any documents or information requested by the Bank or any other official authority.
  • If the Account holder breaches any of the Terms and Conditions or other agreements with the Bank. 
  • If the Bank is ordered to close the Account by a competent court or any governmental authority or regulatory authority. 
  • If the Account holder uses or operates the Account inappropriately, illegally or for non-Sharia compliant purposes. 
  • If the Account holder is sanctioned by international regulations/or assumption of sanctions/concerned sanction. 
  • If the Account holder fails to pay the Fees and Service Charges due to the Bank;
  • If any action has been taken against the Account holder as set out in clause 38; 
  • If the Bank detects that any information provided by the Account holder is inaccurate or fraudulent or if the Bank suspects fraud in the opening or operation of the Account;
  • If the Account holder commits any act that has or has the potential to damage the Bank’s reputation or if the Accountholder behaves in a threatening or abusive manner against any of the Bank’s personnel; and
  • For any other reasonable reason that the Bank sees appropriate according to its sole discretion.
• If the Account is closed or frozen, any ATM Card issued in the name of the Account shall be automatically cancelled, and the Bank may stop its validity with effect from the date of closing or freezing the Account.
• Upon closure or termination of the Account, the Customer undertakes to destroy any cards and/or cheque books that have been granted by the Bank to the Customer. In addition, the Bank retains the right to set off. The Customer shall be responsible for any amounts and fees due to the Bank (whether such amount is incurred before, during or after closure of the Account), and any such amount will become immediately due and payable to the Bank prior to the closure of the Account.

Dormant Accounts

• The Account will not be treated as “dormant” if:
  • the Account holder has other active Accounts.
  • the Account is blocked/constrained or subject to litigation as per the requirements of an official authority.
  • the death of the Account holder.
• Dormant Accounts may be activated upon the Account holder’s submission of the required documentation.

•  Accounts shall be considered dormant if no transactions (other than those initiated by the Bank) are performed in the Account as per the following:

  • 12 months for current accounts
  • 24 months for saving accounts 

  In such cases, the Bank reserves the right to decline any subsequent transaction requests from the Account holder, who shall remain fully responsible for any consequences or losses arising from the dormant status of the Account. Dormant Accounts shall continue to be eligible to receive deposits and accrue any applicable profits. However, no withdrawals shall be permitted until the Account holder reactivates the Account by fulfilling the Bank’s requirements. During the dormant period, the Bank may still process electronic and manual transfers into the Account. Only fees and charges approved by the CBB will be applied to dormant Accounts. The Bank shall automatically close any dormant Account with a zero balance within (6) six months of the Account becoming dormant and shall notify the Account holder of such closure via mail, email, or other communication channel. The Account holder acknowledges and accepts full responsibility for the consequences of the Account becoming dormant, and agrees to indemnify the Bank against any claims, damages or losses arising from the dormant Account.

Death of Customer or loss of Legal Capacity 

• In the event of the Account holder’s death or loss of legal capacity, the Bank can only continue providing Banking Services for the Account or Joint Account upon receiving valid documentation, which may include a deed of inheritance, a letter from the Minors Directorate (if applicable), and/or a court order issued by a competent jurisdiction. Any documents originating from outside the country must be properly legalized or apostilled as required. 
• The Account holder agrees that the Bank shall not be held liable for any actual losses, damages, or changes that may arise due to the Bank’s actions related to the Account prior to the date the Bank receives written notice of the Account holder’s death or loss of legal capacity.  
• Upon receiving notification of an Accountholder’s death or loss of legal capacity, the Bank reserves the right to (i) suspend or terminate the Banking Services and/or (ii) block or freeze the Account as per the CBB or court order. This action will remain effective until the Bank has verified and approved all required legal documentation to identify the Accountholder’s heirs or legal representatives. 
• In the event of the Account holder’s death, the Bank shall only release funds to the legal inheritors upon submission of the farida al-shar’iyya (legal heirs’ distribution certificate) issued by the competent authority. Alternatively, the inheritors may collectively sign a letter, in a presence of a Bank’s employee, agreeing to the release of specific amounts to specific inheritors. 
• Any outstanding dues, liabilities or financial obligations of the deceased Account holder shall automatically be deducted from the account balance before any funds are distributed to the inheritors, unless the Account is blocked or frozen by the CBB or a court order. 
• While an Account is blocked or frozen, the Bank shall only allow electronic and manual transfers to the Account. Withdrawals, cheque clearances, or any outward transactions will be restricted unless required by law or court order. 
• The Bank shall not be liable for any loss or inconvenience resulting from the suspension or termination of the Banking Services, or freezing or blocking of an Account, until all necessary documentation has been provided to the Bank’s satisfaction. 

Digital Banking Platform

• The Digital Banking Platform refers to the Bank’s secure electronic system, which enables the Customer to conduct transactions, view statements, and access other Banking Services online or via the mobile application. Access to the Digital Banking Platform is granted at the Bank’s discretion, and the Customer’s use of the platform is subject to these Terms and Conditions, in addition to any specific terms and conditions governing the Digital Banking Platform, which may be updated by the Bank from time to time.
• The Customer agrees that the Bank shall bear no liability in any form and irrevocably undertakes to indemnify the Bank against any actual losses, damages, claims, legal actions or expenses incurred by the Bank due to any act or omission connected to instructions given, or believed to have been given, by the Customer. Furthermore, the Customer agrees that the Bank will not be responsible for any transmission errors. 

ACCOUNTS

• Current Accounts (Inclusive & Exclusive of Cheque Books)
  • Current Accounts may be opened in the name of individuals, companies, institutions, and legal entities in Bahraini Dinars or other foreign currencies approved by the CBB. However, Current Accounts cannot be opened in the name of individuals under the age of 21. 
  • Deposits and withdrawals can be made in local or foreign currencies based on the Bank’s prevailing daily exchange rates. The credit balance in the Account is treated as Qard Al Hasan from the Account holder to the Bank, payable on demand, and does not generate profit or losses. The Account holder or their Authorized Signatory may withdraw cash from any of the Bank’s branches.
• Cheque Books
  • The issuance of any chequebooks shall be at the Bank’s sole discretion and shall be issued only in respect of Accounts as determined by the Bank. The issuance of chequebooks shall be subject to the Fees and Service Charges set out in the Bank’s website and its branches.  
  • When the Account holder receives its chequebook, the Account holder is responsible for ensuring that the account number and name displayed are correct and correspond to the Account. 
  • The Account holder is responsible for safeguarding cheque books and ensuring they are inaccessible to unauthorized individuals. Cheques must be written in English or Arabic, as the Bank will not process cheques in other languages. The Account holder must notify the Bank immediately in the event of loss or theft of cheques. The Account holder acknowledges that the Bank is under no obligation to take any action following receipt of such notification unless the Bank is presented with an official police complaint/criminal complaint in relation thereto. The Account holder irrevocably and unconditionally indemnifies the Bank and holds it harmless for any losses or damages arising therefrom. 
  • If cheques are returned due to insufficient funds, the Bank will comply with CBB regulations and Applicable Laws and may retain such cheques for up to five (5) years before disposing of them appropriately. A fee may be charged for returned cheques, with any changes to fees announced by the Bank. 
  • In the event that the Account holder’s name is included in the CBB’s abusers list or any similar register due to such dishonoured cheques, the Bank bears no liability for such inclusion. The Account holder shall fully indemnify and hold the Bank harmless against any claims, losses, damages, costs, or liabilities arising from or in connection with the dishonouring of any cheque issued by the Account holder.
  • The Account holder is only permitted to issue cheques in accordance with the special specimen provided by the Bank.
  • The Bank reserves the right to process and record all transactions, including cheques, withdrawals, payment orders, and bills in the Account, irrespective of the Account’s balance. In case of insufficient funds, the Account holder remains responsible for promptly settling any resulting deficit upon the Bank’s request, unless an overdraft facility has been explicitly approved by the Bank.  
  • The Bank reserves the right to decline payment of cheques, bills, or other payment orders if the Account lacks sufficient funds, even if the Account holder maintains other creditor accounts with the Bank, unless prior agreement exists between the Account holder and the Bank.
  • The Bank may honor cheques or other Shariah compliant negotiable instruments drawn on the Account holder’s Current Account, even if this results in the Account being overdrawn.  In such cases, the overdrawn amount is considered a finance from the Bank to the Account holder and the Account holder is obligated to repay the full overdrawn amount (the finance) to the Bank whenever the Bank demands it. 
  • The Bank may refuse to issue new cheque books if the previous one has not been used unless a valid justification is provided. Only cheques in the Bank’s approved format will be accepted.
  • The Bank retains original paid cheques for the statutory period in lien with Applicable Laws and may destroy them thereafter. Cheques processed via the Bahrain Cheque Truncation System (BCTS) will adhere to BCTS provisions.  
  • The Account holder’s instructions to the Bank to stop payment on cheques issued by the Account holder do not oblige the Bank to comply, unless such instructions fall within the scope of the Applicable Laws.  
  • The Bank is authorized to disclose the Account holder’s name and account number to printing agencies for cheque book production.
  • A cheque shall be effective for a period of six (6) months from the date written on the cheque.  
  • In the event of the closure of the Account for any reason whatsoever, the Account holder undertakes to immediately return any chequebooks to the Bank. 
  • The Account holder irrevocably and unconditionally agrees and undertakes to notify the Bank immediately upon the bankruptcy or insolvency of the holder of any cheque.

Investment of Funds and Profits Distribution Rules

• Except for Current Accounts, Reverse Murabaha, and Investment Wakalahs, amounts deposited in Accounts are invested based on Unrestricted Mudarabah. Anticipated profits are distributed according to the Account type and the profit distribution period. The prevailing Mudarabah shares for each product are displayed at the Bank’s branches and on its website. The Bank reserves the right to modify these shares at its sole discretion, with any changes duly announced through all branches and the website. The Bank shall not be held liable for any failure to generate profits or for any losses, unless the Account holder can prove that the Bank has transgressed or violated the terms of the Unrestricted Mudarabah.
• Accounts are processed according to the operational ratios adopted in the Bank’s policies and approved by the Shariah Board. The Bank will notify the Account holders of such ratios as deemed appropriate. 
• The Bank may allocate between 1% and 10% of the Unrestricted Mudarabah profits to calculate the Profit Rate Reserve. Additionally, the Bank may deduct amounts for bad debts based on losses incurred in receivable assets, financing and investments. Profit distribution is then carried out according to the ratios specified in Clause 15.1. Similarly, the Bank may allocate between 1% and 10% of the Account holder’s profits to the Investment Risk Reserve account. These percentages are subject to change at the sole discretion of the Bank, with approval from the Shariah Board. Any changes will be announced across all Bank branches in a manner deemed appropriate.
• The Bank may mix its funds with those deposited in the Mudarabah account. In such cases, the Bank acts as both a partner with its own funds and as a Mudarib for the Account holder’s capital. The Bank is entitled to receive profit on its own funds and as the Mudarib for the Account holder’s share. 
• Profits are distributed after deducting direct expenses related to the investment of account balances, whether from a special pool of investors or shared with the Bank. The Bank is not permitted to pass on business expenses that the Mudarib is responsible for bearing, including: 
  • Expenses of investment departments and decision making bodies.
  • Expenses of Accounts and the Follow–Up departments.
  • Advertising expenses.
  • Staff expenses.
• If the Mudarabah profits at the end of the fiscal year exceed the estimated profit percentages calculated during the deposit period for an Account holder whose deposit tenor has expired or has been terminated, the Account holder is deemed to have waived their right to any excess profits. These excess profits, along with any remaining investment risk reserves calculated at the time of deposit expiry will be allocated to the benefit of existing Account holders during the final profit calculation at the end of the fiscal year. This allocation is based on the mix-and-match principle applied to this type of investment. 
• Losses from one Mudarabah transaction will be deducted from the profits of other operations. If losses exceed profits, the difference will be deducted from the capital. Losses for a specific period cannot be offset by profits from another period, except through reserves. 
• The Bank may distribute Mudarabah profits before the final valuation. Any difference between the actual profits and interim distributions will be adjusted as the Bank deems appropriate.
• The Bank’s shareholders, in their capacity as Mudarib, may waive part of their share in Mudarabah profits in favor of Account holders if required by the Bank’s Board of Directors and in line with the Bank’s rules and policies.

Investment Deposits

• All deposit and unrestricted investment Accounts at the Bank are subject to the Applicable Laws. Investment deposits will automatically renew for a similar period unless the Account holder requests not to renew the deposit at least three (3) working days prior to the maturity date.
  • Issuance & Management of Certificates
    • The Bank will issue a certificate, including an electronic certificate, in the name of the Account holder, detailing the principal value, tenure, and deposit date of the investment. This certificate is non-tradable and cannot be modified or assigned for any rights. 
    • In cases where the deposit certificate is damaged or lost, the Account holder must contact the Bank for a replacement, which will be issued upon payment of applicable fees. The Bank is not responsible for any unauthorized use of a lost or damaged certificate. 
  • Management of Funds
    • The Bank pools investment deposit funds in accordance with the principles of Unrestricted Mudarabah, as outlined in its General Terms and Conditions.  
    • The investment deposit tenure becomes effective one (1) working day after the funds are received by the Bank. The Bank manages the funds at its discretion to achieve mutual interests, including selecting the methods and venues of investment. 
  • Early Closure 
    The Account Owner may request to close an investment deposit account before its maturity subject to the following conditions:
    • The Account holder must notify the Bank at least three (3) working days prior to the intended closure date. The operational rate and profit returns will be calculated in accordance with the Bank’s regulations as stipulated in the Fees and Service Charges. If profits received by the Account holder exceed the calculated profitability, the Bank reserves the right to deduct the excess amount from the deposit.
    • The Bank shall be entitled to an administration fee for early closure of the investment deposit, as provided in the Bank’s Fees and Service Charges. 
  • Profit Allocation
    • The Account holder authorizes the Bank to credit profits earned from the investment deposit to their Current Account, or Investment Savings Account, or any other specified Account.
  • Deposit Renewal 
    • The Account holder agrees that the Bank may process the renewal of deposits based on instructions received through any mode of written or electronic communication acceptable to the Bank. The Account holder further agrees that any such renewed deposit shall be governed by the same terms and conditions as the original deposit, unless specified otherwise by the Bank. 

Special Investment (Wakalah Investment Deposit)

• Account Opening
  • Any corporate or natural person can open a Wakalah Investment Deposit Account (the “Deposit”) in Bahraini Dinars or any other foreign currency acceptable to the Bank.
  • The Accountholder irrevocably appoints the Bank as an agent to invest the deposited amount as per the terms and conditions set forth herein.
  • The Bank reserves the discretionary right to reject any request for opening a Deposit account without the need for any justification.
• Investment Terms
  • The Accountholder acknowledges that the Bank is fully authorized to invest the deposited amount either directly or through any subsidiary/related company or any other third party company.
  • The Deposit funds shall be invested in Sharia'a Compliant investment transactions in accordance with the principle of Absolute Unrestricted Wakalah.
• Duration 
  • The duration of the Deposit Account shall be agreed upon between the Bank, acting as a Wakeel (agent), and the Accountholder, acting as a Muwakkil (principal). The Account will be subject to automatic renewal for a similar period(s) unless the Accountholder requests non-renewal at least three (3) working days prior to its maturity date.
  • The duration of the investment shall commence one working day after the date of issuing the certificate. The Bank has the full right to use the investment funds as it sees appropriate to achieve the mutual interest. Including determining the ways and areas of investment.
  • The investment is automatically renewable for a similar period/ period unless the Deposit account is terminated for any reason.
• Digital Certificates 
  • The Bank shall issue a digital certificate in the name of the Accountholder containing the amount and duration of the Deposit, the Deposit date, the date and duration of investment, maturity date, expected annual profit rate and the Wakalah Fee. Such certificate is non-negotiable, non-endorsable and incapable to bear any rights in favor of third parties.
  • In the event of any technical issue, inaccessibility or perceived loss of access to the digital certificate, the Accountholder should promptly contact the Bank to request the reissuance of a new certificate subject to payment of fees that are determined by the Bank. The Bank shall not be responsible for any unauthorized use of the lost certificate.
• Proft & Fees
  • The profit of the Deposit will be calculated and distributed on a monthly basis or at maturity without any obligation on the Bank to achieve the expected profit rate.
  • The Bank shall be entitled to the Wakala Fee together with any profit that may be achieved in any investment transaction in excess of the expected profit as an incentive.
  • The Accountholder authorizes the Bank to add any profit into their current investment saving account or any other account.
• Closure & Early Termination
  • The Account holder can request the closure of the Deposit account before its maturity. By notifying the Bank of their desire to close the account at least three working days before the closure date. In such case, the Account holder shall be entitled for the saving account's profit rate effective from the account opening date up to the closure date The Bank has the right to deduct from the principal deposit amount any differences that might occur between the paid and due amounts on the closure date.
  • The Bank shall not be liable to the Account holder in contact or tort or otherwise for any direct or indirect financial or economic losses, costs, liabilities or expenses (including, without limitation. loss of profit, loss of savings or loss of goodwill) and in particular, the Bank shall not be liable for any failure by the Account holder to duly and punctually perform any of its respective duties or obligations set forth in these Terms and Conditions. 

Call Account 

• Account Opening
  • Any natural or corporate body can open a Call Account in Bahraini Dinars or any other foreign currency acceptable to the Bank.
  • The Account holder irrevocably appoints the Bank as an Attorney to invest the deposited amount as per the Terms and Conditions set forth herein.
• Investment Terms
  • The deposit funds shall be invested in Sharia'a compliant investment transactions in accordance with the principle of Absolute Unrestricted Wakalah.
  • The duration of the investment shall commence one working day after the day where the date of receiving the deposit in the Account holders Call Account. The Bank has the full right to use the deposited funds as it sees appropriate to achieve the mutual interest, including determining the ways and areas of investment.
• Profit & Fees
  • The Bank will endeavor through the investment transaction to achieve a profit rate from the investment fund as will be agreed upon between the Bank and the Account holder. The profit will be calculated and distributed on monthly basis without any obligation on the Bank to achieve the expected profit rate.
  • The Bank shall be entitled to the Wakalah Fee as will be agreed upon between the Bank and the Account holder in consideration to the Bank’s services as an investment Agent, in addition to any profit that may be achieved in any investment transaction in excess of the expected profit as an incentive.
• Withdrawals 
  • The Account holder may withdraw the deposited funds from the Call Account at any time, however if the remaining balance becomes less than the minimum provided in the prevailing Fees and Service Charges, the investment transaction and profit calculation process shall cease on the same day.
• Authorizations 
  • The Account holder authorizes the Bank to add any profits calculated as per these terms and conditions into the Call Account, or any other Account.

Iqra Account 

• Account Overview 
  • The Bank opens Iqra Account separately for each Account holder who wishes to subscribe to this account in their name or in the name of their children.
  • In case of opening the account in the name of children who are under the age of 21 years, the guardian will become the legitimate custodian who is authorized to open the account, manage it and sign all forms and other documents relating to the account and receive the profits and revenues generating therefrom. The mandate can be amended/transferred by the Account holder once the minor reaches the legal age of 21 years.
• Contributions & Profits 
  • The Account holder shall specify through filling the subscription form the monthly contribution and the contribution period.
  • The minimum contribution limit is BHD 30 per month. 
  • The minimum contribution period is 18 months and the maximum limit is 10 years which is subject to extension according to the agreement between the Bank and the Account holder.
  • The Bank invests the funds deposited in this Account in accordance with the principle of absolute Unrestricted Mudarabah.
  • With the consent of the Bank, it is permissible for the Account holder to change the monthly contribution amount and the contribution period whether increasing or decreasing at any time by a written request and completing the relevant form for that purpose, taking into account the minimum limit of the monthly contribution, and the minimum and maximum limits of the contribution period which are mentioned in clauses 21.4 and 21.5 above.
• Account Features 
  • The Bank shall not issue ATM cards or cheque books for Iqra Accounts.
  • The Bank shall transfer for free the monthly contributions in case the Account holder requested such automatic transfer from one of his accounts in the Bank.
  • The Bank shall issue statement of accounts to the Account holders which can be viewed using the Bank’s Digital Banking Platform.
  • The Bank’s staff and those of the Bank’s group entities are entitled to participate in this Account.
• Early withdrawal 
  • In case the Account holder desires to withdraw the savings or part of it during a period of less than 18 months the Bank will return the total contributions of the Account holder, including a profit equivalent to that generating from the investment saving accounts. In addition to any prevailing Fees and Service Charges that may be applied according to those available at the Bank’s branches as well as its website.

Save Plus Account

• The minimum age to open a Save Plus Account is 18 years and the maximum age at the time of account opening is 64 years.
• Insurance coverage will automatically terminate when the Customer reaches the age of 70, regardless of the Account status or contribution period.
• Contribution Plans available under Save Plus are as follows:
  • Plan 1: minimum monthly contribution of BHD50
  • Plan 2: minimum monthly contribution of BHD100
  • Plan 3: minimum monthly contribution of BHD200
• The minimum investment tenor is three (3) years, and the maximum investment tenor is twenty (20) years.
• Save Plus Accounts with a saving plan up to BHD 40,000 shall be automatically covered by the insurance policy.
• Customers with a Save Plus accounts with a saving plan exceeding BHD 40,000 may apply for increased coverage of up to BHD 75,000, subject to fulfilling the insurance provider’s requirements, which may include but is not limited to the completion of a medical questionnaire and/or medical examination. The Customer acknowledges that the approval of such coverage shall be at the sole discretion of the insurance provider, and the Bank makes no representation or warranty regarding the approval of such coverage.
• The maximum insurance coverage amount applies across all Save Plus Accounts held by the Customer. If a Customer holds multiple Save Plus Accounts, the total insured amount shall be determined based on the aggregate balance across all accounts, subject to the overall coverage limit per individual as specified above.
• By opening a Save Plus Account, the Customer acknowledges and agrees that their personal data will be shared with a third-party insurance provider. The insurance provider may contact the Customer directly to verify details, complete necessary procedures and provide any information required from time to time.
• The Customer acknowledges that the Bank shall not be liable for any claim rejection, delay, or non-fulfillment of any insurance benefits by the insurance provider, for any reason whatsoever, including but not limited to medical eligibility, policy exclusions or any other conditions imposed by the insurance provider.
• The Bank reserves the right, at its sole discretion, to select, change or replace the insurance provider for this coverage as it deems appropriate.
• The insurance coverage excludes claims related to pre-existing medical conditions within the first six (6) months of opening the Account.
• The Bank shall not issue ATM cards or cheque books for Save Plus Accounts.
• Employees of the Bank and its affiliated Group entities are eligible to open a Save Plus Account.
• Early withdrawal Fees
  • If the Account holder requests an early withdrawal or terminates the Save Plus Account before completing three (3) years, the following fees shall apply:
    • Plan 1: BHD50 + Accrued Profit - (Average Account Balance x 0.02%/360 x No of Deposit Days).
    • Plan 2: BHD100 + Accrued Profit - (Average Account Balance x 0.02%/360 x No of Deposit Days).
    • Plan 3: BHD200 + Accrued Profit - (Average Account Balance x 0.02%/360 x No of Deposit Days).
  • If an early withdrawal occurs after completing three (3) years, the following fees will apply:
    • Plan 1: BHD50 + (Accrued Profit x 30%).
    • Plan 2: BHD100 + (Accrued Profit x 30%).
    • Plan 3: BHD200 + (Accrued Profit x 30%).
  • At all times, the Account balance must maintain at least one month's contribution to remain active.
  • The Customer acknowledges that once the Save Plus Account is opened, an irrevocable standing order will be created to debit the agreed contribution amount monthly from the Customer’s designated account.
  • If a standing order fails, the Bank will automatically attempt to process the payment three (3) times. If all three attempts fail, the Bank will apply a standing order failure charge in accordance with the Fees and Service Charges.
  • If the overdue contributions remain unpaid for ninety (90) days, the Save Plus Account will be automatically terminated, and the applicable early withdrawal fees will be deducted.

Investment Saving Account

• Eligibility

  It is permissible to open an investment saving Account for any person, whether natural or legal, provided that the natural person’s age is not less than 18 years old, except for the Vevo Accounts which may be opened by those at least 15 years of age but not exceeding 25 years of age at the time of opening the account. Customers who opened a vevo account before reaching the age of 25 will be allowed to maintain the account even after turning 25 and can opt out of the vevo account classification at their discretion after reaching the age of 25, at which point the account will be converted to any other account type based on preference and eligibility. GCC nationals may open a Vevo Account if they are at least 15 years old, however, they cannot digitally onboard if they are under 18 years of age, regardless of the account type.

• Account Balance

  The Bank may from time to time, establish the minimum limit of the Account balance. The Bank has the right to determine a monthly fee that is specified from time to time on every account in which the balance is less than the minimum limit. The Bank shall announce the due fee and the minimum balance limit in all of its branches.

• Investment Principles 
  • The Bank invests the funds deposited in the investment Saving Accounts in accordance with the principle of absolute “Unrestricted Mudarabah”.
  • The Account holder authorizes the Bank to invest on their behalf the earned profits from the date added to their Account in accordance with the terms of the investment Saving Accounts.

Tejoori Al Islami Account

• An Account holder may open a Tejoori Al Islami Account by depositing not less than BHD 50/- (fifty Bahraini Dinars).
• The Bank shall apply Unrestricted Mudaraba on the Account similarly to the saving accounts, as per the approval of its Sharia'a Supervisory Board.
• Each BD50 grants the customer one chance in Tejoori raffles.
• The Bank shall not issue ATM cards or cheques books to owners of Tejoori Al Islami Accounts.
• Each BD50 deposited in Tejoori Al Islami Account qualifies the owner to enter the daily, weekly, monthly, quarterly and annual draws being organized by the Bank for bearers from time to time.
• Each BD50 deposited in a Tejoori Al Islami account qualifies the bearer to enter a draw on prizes only one day from the day of deposit.
• At the absolute discretion of the Bank, the value of prizes for bearers of Tejoori Al Islami Account and date of the draw are determined.
• The bearer of a Tejoori Al Islami Account may withdraw any amount from the Account. Noting that any amount less than BHD 50/- does not qualify to enter a draw.
• A winning Account shall be exempted from re-entering a draw for the remaining prizes, while it qualifies to enter future draws.
• The Cash prize value or its equivalent in Bahraini Dinars shall be deposited in the Account of the bearer.
• Prize Draw & Receiving 
  • Employees and administrators of the Bank are exempted from entering the prize draws of Tejoori Al Islami as per the following:
    • All members of the Board and Sharia'a Supervisory Board are exempted from prize draws.
    • Family members of staff, the Board and Sharia'a Supervisory Board of the first degree and their kens of the first degree (parents, spouses, children) including their personal Accounts and minors Accounts opened by legal guardians are exempted from entering the prize draws of Tejoori Al Islami.
    • An employee, members of the Board and members of the Sharia'a Supervisory Board undertake to notify the Bank in case of qualifying in person or any of their relatives to win a prize. In cases an employee, the Bank administrator or an affiliate company or the kens referred to hereinabove win a prize, the Bank is entitled to withdraw the same and retain it upon receipt. The draw shall be repeated to select another winner after the approval of Ministry of Industry and Commerce.
    • The Bank retains an absolute right to change the prize’s value and date at any time. The same must be announced in the manner deemed appropriate by the Bank, mainly through the Bank’s website, social media accounts, branches and SMS after the approval of Ministry of Industry and Commerce.
    • All prize draws are conducted under the supervision and attendance of internal and external auditors, as well as a representative of the Ministry of Industry and Commerce.
    • The draw results are final unless a winner is proved not deserving of the prize due to a disqualification of the withdrawal terms, violation of the conditions or any other reason.
    • If a winner perishes before receiving the prize, the same is retained by the Bank for not more than 3 months from the date of expiry for the heirs to provide a limitation of succession and a notarized official Power of Attorney (“POA”), to determine an authorized person to receive the prize. Upon failure to provide the limitation of succession and the POA within the said period, the Bank shall deposit the prize at the Ministry of Justice under the heir’s name.
    • The Account holder undertakes to provide correct and authentic data. In violation of this commitment, the Account holder shall solely bare the resulting losses or damages.
    • The winner must attend in person to the allocated venue to receive the prize or delegate any other person in writing to receive the prize, provided valid ID cards of both persons are submitted.
    • The Bank retains the right to use the name and photo of a winner in all current as well as future promotional and advertising campaigns, or in any other marketing material inside the Kingdom or abroad after obtaining the account owner consent.
    • Failure of adhere to any of the hereinabove terms and conditions will result in the Bank exercising its right to retain the prize under its absolute discretion after the approval of Ministry of Industry and Commerce.

Tejoori Loyalty

• Tejoori Loyalty applies to both new and existing Tejoori and Tejoori Premium Account holders. The increase in raffle chances will be automatically calculated based on the Account activity and duration of no debit transactions.
• The criteria for Tejoori Loyalty are as follows:
  • For Accounts with less than 90 days with no debit transactions, the Account holder will receive one (1) raffle chance per BHD 50.
  • For Accounts with 90 to 179 days with no debit transactions, the Account holder will receive two (2) raffle chances per BHD 50. 
  • For Accounts with 180 days or more with no debit transactions, the Account holder will receive three (3) raffle chances per BHD 50.

Tejoori Premium

• The Accountholder shall deposit an amount as a fixed deposit into the Tejoori Premium Account for a period of one (1) year (Tenor).
• The Tejoori Premium Account operates as an Unrestricted Mudaraba.
• The Accountholder will be eligible to applicable profits as announced by the Bank from time to time.
• In order to qualify under the Tejoori Premium Account and for the draw, the Account shall be subject to a minimum account balance of BHD 10,000/- (Ten Thousand Bahraini Dinars) as a form of a fixed deposit.
• The Accountholder may withdraw any amount deposited above BD 10,000 (Ten Thousand Bahraini Dinars) from the Tejoori Premium Account at maturity. In the event of early withdrawal, and the minimum account balance falls under BD 10,000, the Account will no longer be considered a Tejoori Premium Account and instead the terms applicable on the standard Tejoori Account shall apply.
• Each BHD 50/- (Fifty Bahraini Dinars) deposited qualifies the Accountholder with  one (1) chance to enter the daily, weekly, monthly, quarterly, and annual draws of both the Tejoori and Tejoori Premium Account draws organized by the Bank.
• Each BHD 50/- (Fifty Bahraini Dinars) deposited in a Tejoori Premium Account qualifies the bearer to enter a draw on prizes only one day from the day of deposit, i.e. any amounts placed within the 0-24 hours (inclusive) prior to the draw date will not be entered.
• The Bank at its discretion may determine the value of the prizes of the Tejoori Premium Account and its draw dates. The Bank retains an absolute right to change the prizes value and date at any time. The same must be announced in the manner deemed appropriate by the Bank, mainly through the Bank’s website, social media accounts, branches and SMS after the approval of Ministry of Industry and Commerce.
• A winning Tejoori Premium Account shall be exempted from re-entering the same draw for the remaining prizes while he/she will qualify to enter future draws.
• The Account holder shall not be entitled to the issuance of a debit card in connection with the Tejoori Premium Account.
• The winner must attend in person to the allocated venue to receive the prize or delegate any other person in writing to receive the prize, provided valid ID cards of both persons are submitted.
• The cash prize value or its equivalent in Bahraini Dinars shall be deposited in the participated Tejoori Premium Account.
• In the case of early breakage of the deposit, the applicable early breakage fees for Tejoori Premium and any of its categories will be determined in accordance with the Bank’s Fees and Service Charges, as published on the Bank’s website and available at its branches. 
• The Bank can amend and change the early breakage fee at its sole discretion from time to time.
• The Accountholder shall have a period of one (1) month from the date of notification by the Bank to claim any Benefits associated with the Tejoori Premium Account. The Bank, at its sole direction, may offer a grace period for the Accountholder to claim these Benefits. If the Accountholder does not claim these Benefits within the specified time frame, their entitlement to such Benefits will be forfeited, and the Accountholder hereby agrees to indemnify and release the Bank from any liability related to unclaimed Benefits.
• If the Accountholder chooses to not receive the Benefits, they may opt out by indicating their decision on the Application Form when opening the Tejoori Premium Account. Once this option is exercised, the Accountholder will not be eligible to request or claim the Benefits at a later date, unless the Bank, at its sole discretion, decides otherwise. 
• The Accountholder acknowledges that the Benefits provided by the Bank, which may include those offered from third-party vendors, are subject to the eligibility criteria established by the respective vendors. If the Account holder does not meet the eligibility criteria for a specific Benefit, they may transfer the Benefit to another individual of their choice who fulfils the required criteria, subject to the terms and conditions set by both the vendor and the Bank. The Bank shall not be held responsible or liable for any unclaimed, unused or unutilized Benefits, including but not limited to, cases where the Account holder or their transferee fails to meet the vendor’s eligibility requirements or fulfill the necessary conditions. The Account holder understands that the Bank is not obliged to provide compensation, substitute Benefits, or alternative Benefits under such circumstances. 
• The Account holder acknowledges and agrees that the Benefits associated with the Account and the profit rate are subject to review at each maturity date. The Bank reserves the right, at its sole discretion, to modify, add, or remove any Benefits or adjust the profit rate upon each review. Any changes will be communicated to the Account holder in accordance with the notification procedures outlined in these Terms and Conditions.
• Tejoori Premium Account holders are entitled to benefit from the Tejoori Loyalty feature, whereby the number of raffle chances increases based on the account activity and the duration of no debit transactions as mention clause 22.3
• The terms and conditions related to Prize Draw & Receiving as outlined above shall apply equally to both the Tejoori Al Islami Account and Tejoori Premium Account. 

Joint Account

• Accounts may be held jointly by two or more Customers. 
• The balance of the Joint Account shall be considered as owned equally by holders of such Joint Account. The Account holders must specify the authorities of the joint signatories. The Bank does not assume any responsibility for any dispute arising from any conflict between the joint Account holders.
• The Joint Account shall be operated by the persons listed in the Application and this can be amended from time to time.
• The Joint Account holders have equal rights and responsibilities regarding the Account. They are jointly and severally liable for any obligations or debts associated with the Account, unless the Application specifies otherwise.  
• The Joint Account holders, or anyone acting on their behalf, cannot request Banking Services in their personal names using the Account as collateral, nor can they request services in the name of the Joint Account itself, unless all the Joint Account holders provide written consent to do so. 
• If each Joint Account holder is authorized to independently manage the Joint Account by their individual signature, the Bank may issue an ATM Card and PIN to each of them. In such cases, the Joint Account holders will be jointly and individually responsible for all financial obligations resulting from the use of the ATM Card and PIN in relation to the Joint Account. 
• If the assets of one of the Joint Account holders are subject to an attachment or seizure order issued by a court or the CBB, then such attachment or seizure will be enforced according to the terms of the respective court or CBB order.
• The Bank may freeze the Joint Account if it receives an official notification to do so, either due to a court order or in the event of the death of one of the Joint Account holders. 
• In the event of the death of any Joint Account holder, the Bank shall freeze the Joint Account held and shall only permit access to the funds upon receipt of all required legal documentation, including but not limited to a legal heirs’ distribution certificate (faridha al-shar’iyya) or a court order issued by a competent authority. The Bank reserves the right to deduct any dues, liabilities or financial obligations of the deceased Joint Account holder from the Account balance before the distribution of the remaining funds to the legal heirs. 

Minor Accounts

• In relation to Accounts opened for minors who are under the age of 21, the Bank shall be entitled to act on the instructions received from the guardian named in the Application. The guardian will become the legitimate custodian who is authorized to open the account, manage it and sign all forms and other documents relating to the Account and receive the profits and revenues generating therefrom. The mandate can be amended/transferred by the Account holder once the minor reaches the legal age of 21 years.
• The Bank may open Savings or Investment Deposit Accounts for minors, provided the Application is signed by the minor’s father, grandfather or legal guardian in accordance with Applicable Laws. If the minor’s Account is not a sub-account under the guardian’s Account, this arrangement will continue until the minor reaches the legal age. At that point, the Bank will no longer accept instructions from the guardian, and the matured individual will assume full responsibility and liability for the Account and Banking Services, unless the Applicable Laws state otherwise.

Foreign Currency Accounts 

• Foreign currency Accounts and deposits will be opened and maintained by the Bank in accordance with the Applicable Laws as amended from time to time.
• For any credits made to the Account in a currency other than the currency of the Account, the Bank shall apply the applicable foreign exchange system to convert funds. 
• For any external remittances (to accounts at other banks) conducted in a currency other than the currency of the Account, the Bank shall apply the daily exchange rate applicable on the remittance day to convert the funds; and charge the applicable fees as provided in the Bank’s Fees and Service Charges schedule.
• The Account holder may transfer funds between the foreign currency Accounts and their Bahraini Dinar Accounts, and vice versa, at the foreign currency exchange rate prevailing on the same day. 
•  The Account holder agrees to indemnify and hold the Bank harmless against any exchange losses that may be incurred by the Account holder when transferring funds from their foreign currency Accounts to another Account designated in Bahraini Dinars.
• The Bank shall not be responsible to the Account holder for any reduction in value of funds held in the Account holder’s foreign currency Account, whether due to taxes, levies, depreciation, or the unavailability of such funds resulting from factors beyond the Bank’s control. These factors may include restrictions on currency convertibility, requisitions, involuntary transfers, occupation, military action or any other causes outside the Bank’s influence or any other Force Majeure Event. 
• The Bank may, with the approval of its Shariah Board, deposit any foreign currency funds under its control on the basis of a Mudarabah or Wakalah contract with such depository as the Bank selects. The Bank may deposit these foreign currency funds into the Bank’s common pool. 

Government Subsidy Account Terms and Conditions

• The Customer acknowledges and agrees that the Government Subsidy Account is a restricted current account established exclusively for the receipt of government subsidy payments and shall not be used for any other purposes.
• Permitted Transactions in the account
  • Subsidy Credits
  • Cash Withdrawals
  • EFTS Debits
  • Internal Transfer Debits
  • Swift Debits
• Prohibited Transactions in the account
  The Customer acknowledges that no other credits shall be permitted into the Subsidy Account other than government subsidies. This includes, but is not limited to: 
  • Cash Deposits
  • Non-Subsidy EFTS Credits
  • Internal Transfer Credits
  • Swift Credits
  • Fixed deposits and investment related Profit Payments
• The Customer undertakes not to use the IBAN associated with the Subsidy Account for any credit transactions unrelated to government subsidies.
• The Customer bears full responsibility for ensuring that the relevant government entity transfers all government subsidies directly to the Subsidy Account. The Bank shall not be held liable for any deductions or consequences if the subsidies are transferred to any other account, including the deduction of the Bank’s dues.
• The Customer acknowledges that they are entitled to open only one Government Subsidy Account.

Standing Order & Direct Debit 

• The Bank shall process any standing orders and/or direct debit instructions from the Customer, provided there are sufficient funds in the Customer’s Account to fulfill these instructions. The Bank holds no responsibility for any delays, transmission errors, or mistakes made by the receiving bank or its intermediaries. The Customer understands that the Bank is not liable for any such issues and agrees to fully indemnify the Bank against any direct losses, damages, or costs incurred due to the execution of the Customer’s standing orders and/or direct debit. The Customer is solely responsible for cancelling any standing orders and/or direct debit as required and acknowledges that the Bank will not be responsible for communicating and coordinating with any third parties regarding the execution, amendment, or cancellation of such orders and/or direct debit. The Bank further reserves the right to review and adjust standing orders and/or direct debit as necessary to ensure compliance with Applicable Laws and regulatory requirements. 

Reversal of Amounts

• The Bank reserves the right to reverse any credit, payments, or deposits made to the Customer’s account if such amounts were created in error, were unauthorized or due to any other reason deemed appropriate by the Bank or any regulatory authority applicable in the Kingdom of Bahrain. This includes, but is not limited to, government subsidies or grants that may be subsequently deemed ineligible, misallocated, or required to be returned by regulatory authorities or government entities.
• The Customer acknowledges and agrees that, in the event of such reversals, they remain fully responsible for any obligations, liabilities, or claims arising from these amounts, including any arrangements or commitments made with third parties based on the initially credited amounts. The Customer further agrees not to hold the Bank responsible or liable for any consequences arising from such reversals, including any impact on third-party obligations or entitlements based on the reversed amounts. 
• The Customer agrees to indemnify and hold the Bank harmless from any third-party claims, government requirements, or financial consequences resulting from such reversal of funds, including those involving government subsidies.
• In the event of an error by the Customer in transferring funds to another account, the Customer shall obtain the beneficiary’s consent to reverse the transfer or, alternatively, file a police report/complaint and pursue a legal action through the courts. The Bank shall not be responsible for reversing such amounts without the express consent of the beneficiary or a court order. If the error is caused by the Bank, the Bank shall have the right to reverse any such erroneous amounts automatically. 

Indemnity and Liability

• The Account holder hereby irrevocably and unconditionally undertakes and agrees to indemnify and hold the Bank and its Indemnified Persons harmless against all actual losses, damages, costs, charges, and expenses of any nature that may be suffered, sustained or incurred by the Bank, whether directly or indirectly. This includes, but is not limited to, losses, damages, costs, charges, and expenses arising out of suits, claims, actions, demands, liabilities, and proceedings of any nature made against the Bank in connection with: 
  • The Bank opening the Account and providing Banking Services; 
  • The Bank allowing banking transactions as requested by the Account holder; 
  • The Bank acting upon instructions of the Account holder; and
  • Any other matter pertaining to the Account or Account holder. 
• The Bank’s liability to the Account holder is limited solely to proven, actual losses that the Account holder can demonstrate were directly caused by the Bank’s fraud, willful default, gross negligence or breach of these Terms and Conditions. Under no circumstance shall the Bank be liable to the Customer for any indirect, consequential, or incidental losses of any kind including loss of profit, whether direct or indirect, from the Account’s operation and any other indirect damages. 
• The Bank shall not be responsible for any delays or suspensions in executing the Account holder’s instructions, whether within Bahrain or overseas. This includes delays or suspensions caused by laws, regulations or actions of any government or authority, failures of technology or any other circumstance outside of the Bank’s control.
• The Bank shall not be liable to the Account holder for any losses or damages arising from: (i) the Bank exercising its contractual rights to terminate these Terms and Conditions; (ii) any harm to the Account holder’s creditworthiness or reputation that results from the Bank ending or discontinuing any Banking Services provided to the Account holder; (iii) delays or failures by the Bank in fulfilling its obligations under these Terms and Conditions, if caused by technical malfunctions, natural disasters, labor disputes, or any other circumstance beyond the Bank’s reasonable control; and (iiii) the Bank acting  in compliance with court orders or lawful instructions from legal experts, administrators, trustees, or liquidators appointed by the court. 
• In case of dispute between the Account holder and the Bank, or between the Account holder and a merchant, bank, financial institution or any other party, the Account holder’s liability to the Bank shall not be affected in any way. The Account holder’s obligation to the Bank shall remain unchanged, regardless of any counterclaim or right of set-off the Account holder may have against the Bank, the merchant or any other involved party.
• In addition to the Account holder’s liability, the Authorized Signatories who sign banking transactions and Application forms on behalf of the Account holder shall also be personally liable. They must fully indemnify the Bank for any current or future debts, amounts, losses or damages incurred by the Bank due to any illegal or unlawful acts committed by the Authorized Signatories.
• The Bank shall not assume the responsibility of fraud, swindle, or any other illegal operations that may occur in the Account unless that resulted from the Bank’s negligence or shortcoming, which should be proven by the Account holder.
• The Bank undertakes to inform the competent authorities of any suspicious transaction that may take place in the account as required by its compliance rules and regulations and the Applicable Laws from time to time.
• In the case of transactions conducted through electronic services, automated teller machines, or telephone, the Account Holder shall be solely responsible for protecting and securing their confidential information. Any transactions made through the telephone or the Internet shall be binding on the Account Holder. The Account Holder is obliged to discharge the Bank from any responsibility and to compensate the Bank for any loss or damage that may result from the unauthorized use of their confidential information.
• The Bank shall not bear any responsibility for any loss or damage that may be caused to the Account holder as a result of the following:
  • Any order, resolution or judgment issued by any competent official authority. 
  • Any law that prohibits or imposes certain restrictions on the use of accounts or the stoppage of dealing with them.

General Provisions 

• All deposits held with the Bank in Bahrain are covered by the Regulation Protecting Deposits and Unrestricted Investment Accounts issued by the CBB in accordance with Resolution No. (34) of 2010 and its subsequent amendments or any other resolutions or regulations that may be issued in the future.
• The Account holder is obliged to compensate the Bank for any loss incurred by the Bank as a result of opening the Account. The Bank is discharged from all claims, damages, or liabilities or rights that may arise from the account opening for any reason, unless such loss results from the Bank’s gross negligence, fraud or misconduct.
• The Bank may, at its sole discretion or as required by law, a court order, or instructions from an official authority, take the following actions without notifying the Account holder: 
  • Transfer any or all of the Account holder’s Accounts to any of the Bank’s branches; 
  • Close, earmark, freeze or suspend activity on any or all of the Account holder’s Accounts; and
  • The Bank does not need to provide a reason for these actions and will not be held responsible or liable for any breach of trust, obligation or duty.  
• The Account holder acknowledges that the Bank maintains sole and absolute discretion over whether to provide any banking facilities or services to the Account holder. The Bank reserves the right to grant or deny the Account holder access to such offerings, without any obligation to justify its decisions. 
• The Account holder is liable to compensate the Bank for any actual charges, losses or damages that arise in connection with the Account holder’s use of the Bank’s services. The Bank is authorized to debit any of the Account holder’s Accounts for all commissions, banking service charges, costs and expenses (including any legal fees and expenses) incurred by the bank in relation to the Account holder’s Accounts. The Bank reserves the absolute discretion to determine the applicable rates for these charges and expenses. The Account holder agrees to pay the Bank such amounts, at such times, and in the manner as may be requested by the Bank at its sole discretion. 
• The Bank has the right to apply any funds deposited into the Account of the Account holder towards paying off any amounts the Account holder owes to the Bank for provided Banking Services, until the Account holder’s full obligation to the Bank is satisfied.
• The Bank’s books, records and documentation (including electronic, computer, and microfilm records) regarding the Account holder’s banking transactions and Account activity shall be considered final and conclusive evidence of any amounts owed by the Account holder to the Bank.
• The Account holder acknowledges the right of the Bank to change the type of Account for the reasons deemed appropriate by the Bank, upon notifying the Account holder of the same, the Account holder shall be entitled to accept or reject such change, in case of rejection, the Account holder will be obliged to close the account.
• The Account holder acknowledges the Bank’s right to undertake any action on the Account without prior notice, if such action is required by a regularity authority or a court of law in the kingdom of Bahrain.
• The Account holder authorizes the Bank to record and monitor any telephone conversation, text messages or other forms of communication between the Bank and the Account holder. 
• The Account holder irrevocably and unconditionally authorizes the Bank to rely on and accept any documents that are electronically executed through a reputable third party serviced provider and sent to the Bank via the Account holder’s email on record. The Account holder acknowledges that these electronically executed documents will be enforceable to the same extent as handwritten signatures, and the Account holder undertakes to indemnify the Bank against any losses, claims, liabilities, damages or expenses resulting from the Bank’s reliance on these documents, unless such issues arise directly from the Bank’s gross negligence, willful misconduct or breach of these Terms and Conditions. 
• The Bank shall be entitled to treat the Bank’s record of any transaction conducted on any Account(s) maintained by the Account holder as conclusive and binding evidence that such transaction is properly affected by the Account holder. The Bank is also entitled to treat any transaction with the Account holder’s signature or in respect of non-signature based transactions, any transaction identified by the Account holder’s PIN or any transaction electronically validated or confirmed by the Account holder without the Account holder’s signature as conclusive and binding evidence that the transaction is properly effected by the Account holder. 
• The Account holder acknowledges that local clearing cheques will be processed according to the operating guidelines set by the Bahrain Cheque Truncation System (BCTS). For cross border cheques, the Account holder acknowledges there is a delivery risk that is solely their responsibility, and these cheques will be processed based on the regulations of the country where the issuing bank is located. 
• The Account Holder acknowledges and agrees that any Account held in their name with the Bank may be pledged in favour of the Bank as security for any existing or future facilities, loans, or indebtedness. The Bank reserves the right to place a hold on any such Accounts and retain amounts as deemed necessary to cover outstanding obligations.
• In the event of pledged deposits in an Account securing a loan, facility or indebtedness, where the Account holder has agreed to pledge such deposits, the Account shall remain active/open until the full and final settlement of the loan, facility or indebtedness, which is secured by the Account. The Account holder may not pledge or assign any rights in their Account in favor of a third party. 
• The Account Holder further acknowledges that the Bank shall not be liable in any manner for any loss, damage, or inconvenience resulting from the placement of a hold on any of the Account Holder’s Accounts.
• All assets held or deposited by the Account holder with the Bank, including but not limited to commercial papers, securities, precious metals, and cash, shall serve as a first-ranking security in favor of the Bank for any outstanding amounts and liabilities owed by the Account holder. This includes obligations arising under the Account Agreement or any financial facility granted to the Account holder. Subject to a legally binding order from a competent court, where required by law, the Bank reserves the right to take ownership of, and/or dispose of, all or part of such assets to recover any outstanding dues.
• The Account holder, upon the Bank’s reasonable request, shall promptly and at their own expense, execute, acknowledge, deliver, register, file, or record any document or instrument deemed necessary by the Bank to maintain the validity, enforceability, or priority of any security interest. The Bank may require such actions to be taken for the purpose of ensuring that the security remains perfected and enforceable under Applicable Laws.
• The Bank shall have the right to reply to all official inquiries received from the CBB, BENEFIT, or any other governmental or regulatory authority without the Customer’s consent.

Personal Data and Data Privacy 

• All information and Personal Data obtained from the Customer will be processed by the Bank in accordance with the Bank’s Privacy Policy, which can be found online on the Bank’s website. 
• The Bank may be required from time to time to share/disclose the Account holders’ personal data with its parent/group entities, affiliates, vendors, or third parties, for certain legitimate purposes, including but not limited to, reporting, contributing to the formation of the group policies and strategies and discussing governance requirements. Such disclosure will be in line with the Personal Data Protection Law No, [30] of [2018] (“PDPL”). By reading and confirming these Terms and Conditions, the Bank assumes the Account holders’ full consent to the disclosure of their personal data to the Bank’s parent/group entities, affiliates, vendors, and third parties, as required for the aforementioned purposes.

Third Party Service Providers

• The Customer understands that from time to time, the Bank uses the services of third-party (service providers) to process certain transactions. This involves transmitting the Customer’s data to these service providers. Accordingly, the Customer hereby irrevocably and unconditionally provides their full consent to the Bank to transmit the Customer’s information to such service providers as needed.
• The Bank reserves the right to refuse, suspend, or terminate a third-party service provider’s access to the Account if: (i) there is suspicion of fraudulent activity or regulatory non-compliance; (ii) the third party service provider breaches its agreement with the Bank; (iii) the third party service provider losses its regulatory authorization; and (iiii) granting access would put the Bank at risk of legal or contractual violations.
• The Bank shall not be liable for any errors, omissions, or misuse of information by the Accountholder or third-party service providers, including incorrect payment details provided to the Bank.
• The Accountholder may revoke third-party access by following the Bank’s prescribed process. However, any transactions or disclosures made before the revocation request shall be processed and will remain valid.

Complaints 

• For any complaints or queries, the Account holder may contact the Customer Complaint Officer as detailed below:
  • Customer Complaint Officer 
  • Contact Number: (+973) 17 51 51 51 
  • Email: complaints@bisb.com
• The Account Holder may, if not satisfied with the services provided by the Bank or if they have any recommendations regarding these Terms and Conditions, communicate with the Bank. The Bank will, in turn, refer the Account Holder’s complaint or feedback to the relevant authorities and provide an appropriate solution as deemed possible.

Insolvency 

• The Customer undertakes that it has not taken any corporate action nor, to the best of its knowledge and belief, has any legal proceedings or other procedures or steps taken in relation to:
  • the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise);
  • a composition, compromise, assignment or arrangement with any creditor;
  • the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer; and
  • any analogous procedure or step is taken in any jurisdiction (save for a petition for its winding up which is vexatious, frivolous, groundless or an abuse of the process of the court which is dismissed, discharged or withdrawn within thirty (30) Business Days of its presentation).

Modifications of Terms 

• The Bank reserves the right to make any modifications or additions to the above terms provided that the Account holder is informed in writing of such modification or addition in accordance with the regulatory requirements.
• The Bank will provide the Accountholder with 30 days’ notice of such changes, in the manner determined by the Bank. If the Accountholder continues without any objection after being notified of the changes or does not object to the changes within the 30-day notice period, the Accountholder’s lack of objection and continued use will be considered acceptance of the updated terms and conditions. The Account holder’s acceptance does not require re-signing or confirming any documents.
• The Bank shall make an electronic, downloadable and printable copy of these Terms and Conditions available on the Bank’s website, allowing the Account holder to review them at any time. 
• The Account holder agrees to the regulations and procedures applied to their Account, including any procedural amendments made to these Terms and Conditions as determined by the Bank from time to time. 
• The Account holder has the right to terminate their banking relationship with the Bank and close the Account at any time if they do not agree with the changes and amendments made by the Bank to the Terms and Conditions. 

Prevailing Provisions

• If there are inconsistencies in reference between the Arabic and English translation in these Terms and Conditions the Arabic text shall prevail. 
• These Terms and Conditions shall prevail in the event of conflict with any other relevant terms and conditions. 

Governing Law and Jurisdiction

• These Terms and Conditions and any other terms and conditions in relation hereto will be governed by and construed in accordance with the laws of the Kingdom of Bahrain provided that these laws are in line with Shariah in accordance with the instructions of AAOIFI and/or regulations issued by the CBB’s Shariah board. Any dispute arising out of these Terms and Conditions shall be submitted to the non-exclusive jurisdiction of the courts of the Kingdom of Bahrain. 
• The Account holder recognizes and agrees that the principle of the payment of interest/usuary is repugnant to the principle of Shariah. Even if the courts in the Kingdom of Bahrain were to impose an obligation to pay interest or a sum similar to interest, either by law or through a contract, the Bank and the Customer hereby irrevocably and unconditionally waive and reject any right to recover such interest or usury form each other.