Terms and Conditions
1 General.
1.1. Upon receipt of duly filled in Account Opening Form and the requisite documentation and information required thereunder or otherwise by the Bank, the Bank may, at its sole discretion, open an account and/or agree to provide the Services to the Customer.
1.2. The Bank may accept cheques, drafts and other instruments payable/or endorsed to the Customer for collection entirely at the Customer’s own risk. Un-cleared items, though credited, shall not be drawn against, unless the proceeds of the instruments are realized; and if the same is allowed to be drawn against, the Bank shall have the right to debit the Account if the proceeds of the instruments are not realized.
1.3. The Bank shall issue Account statements or make them available through Internet Banking or Electronic Mail (Email) to the Account holder semi-annually or at such other intervals as required by SBP. The Customer will inform the Bank within forty-five (45) days of the date of the relevant statement of account of any mistake, discrepancy and/or error in the same otherwise the same would be considered correct and accepted by the Customer.
1.4. In case, Account Statement is sent through Email, the Bank will not be held responsible for any misuse of the information so relayed, or for bouncing back of the Email, on account of incomplete information or for non-delivery of the Email, due to reasons of Email Box Full, Server unavailability, or other such reasons.
1.5. The Bank may, without any further express authorization from the Customer, debit any account of the Customer maintained with the Bank for all expenses, fees, commissions, taxes, duties. Zakat or erroneous and incorrect posting of entries and inform the Customer subsequently or other charges and claims, damages, actual losses incurred, suffered or sustained by the Bank in connection with the opening/operation maintenance of the Account including withdrawals transactions through use of Card and or providing the Services and/or for any other banking services which the Bank may extend to the Customer unless exempted by SBP/other regulatory bodies.
1.6. Withdrawals shall only be made through cheque (s) and Debit Cards supplied by the Bank at the written request of the Customer. Cheques and other payment instructions are to be signed as per specimen signature supplied to the Bank and alterations therein are to be authenticated by the Customer’s signature. All cash withdrawals in a currency, other than Rupees shall be subject to the availability of sufficient currency notes of the respective currency with the bank, at the time of withdrawal.
1.7. If the Account is opened in the names of two or more persons, jointly, the balance to the credit thereof at any time shall belong to the Customers jointly. Such persons shall be jointly and severally liable for all liabilities incurred on the Account and the Services.
1.8. In case of Joint Account with either or survivor operating instructions, in the event of the death of any of the Customers, the amount of deposit to the credit of such Account at the time of the death in question shall belong to the survivor. In such cases, the survivor may withdraw total available funds from the Account using cheque book, close the Account and open new Account as per his / her discretion.
1.9. Any customer in current account or similar account opened in any product including Foreign Currency Account that remains inoperative for a period of one (1) year shall be designated as Dormant Accounts (the “Dormant Accounts”). Debit/Credit of Bank generated transactions of money in the dormant account(s) shall not reactivate the Dormant Account. Similarly, credits received in account on account of inward remittances, clearing, cash deposits or other such transactions shall not reactivate the Dormant Account. Withdrawals from the Dormant Accounts shall be subject to the approval of the relevant Branch Manager/Manager Operations or in accordance with the prevailing policies of the Bank. A Customer may have his/her Account(s) reactivated by making an application in writing to the Bank as per the procedure/form provided by the Bank. In case an Account remains inoperative for ten (10) years. the funds lying to the credit of the Dormant Account Shall be surrendered to the State Bank of Pakistan. in accordance with the applicable rules and regulations.
1.10. In case of the Bank receiving notice of the demise of an individual Customer or becoming aware of it from any reliable source, the Bank shall not allow any operation or withdrawal except on the production of evidence of title or right to operate the Account, which the Bank considers sufficient.
1.11. The Bank reserves the right at its sole discretion and with 15 days’ notice to the Customer, to close the Account, without disclosing the reason for closure of the said Account to the Customer. After expiry of 15 days period, the credit balance in the Customer Account will be sent through Pay order on the current customer’s address on the Bank’s record. Furthermore, the Bank, at its discretion, reserves the right to close the Account(s) having zero balance/s for a continuous period of three months.
1.12. On closure of an Account any unused cheques and ATM Card relating to the Account should be returned forthwith by the Customer to the Bank. Alternatively, it may be confirmed to the satisfaction of the Bank in writing that the unused cheques have been destroyed.
1.13. In respect of Account(s) opened in the name of minors, the Bank shall be entitled to act on the instructions received from the guardian named on the account opening form and accept the same as correct, accurate and duly authorized.
1.14. When the minor reaches the age of majority, the guardian shall be required to close the minor account and open a regular account in the name of the child/ward. In case the minor account is not officially closed by the guardian, upon minor attaining age of majority, the account shall be marked as “Debit Blocked”.
2 Alternate Distribution Channels. (Debit Card, Internet Banking / Mobile App, SMS)
2.1 The Debit Card represents a Shariah Compliant Business entity and shall not be in any way used for purchases of HARAM Products or Services (both locally and internationally). The Bank reserves the right to discontinue the Card Service or / and Business relationship with the Account holder if non-compliance is encountered.
2.2 The Card shall only be used by the Account holder and is not transferable. If the Account holder authorizes anybody else to use his/her Card, then he she shall be exclusively responsible for any and all risks and consequences; this includes usage of Card at ATM and POS terminals. It is the responsibility of customer not to share personal & account related information with anyone through any means (including but not limited to oral or through phone, email or else).
2.3 At the time of applying for Debit Card and registering Mobile App / Internet Banking, customer is deemed to have read and understood and hereby give his/her consent regarding terms & conditions of use & associated risks as mentioned in the Terms & Conditions (also available at Bank’s official website).
2.4 The Bank is also entitled to market its products and services to its existing Customers via the SMS, e-mails and other channels.
2.5 The Customer acknowledges that SMS facility is dependent on the telecommunications infrastructure, connectivity and services within Pakistan. The Customer accepts that timelines of Alerts sent by the Bank will depend on factors affecting the telecommunications industry. Neither the Bank nor its Service Providers shall be liable for non-delivery or delayed delivery of alerts, error, loss, distortion in transmission of and wrongful transmission of alerts to the Customer.
2.6 The Account holder’s instructions, received through IVR (Interactive Voice Response) by manually entering Debit Card number and T-PIN or oral instruction received at Call Center, after providing positive verifications about his/her account shall be deemed to be proper. Accord-ingly. The Bank shall be entitled to rely on any such instructions. The Account holder shall not reveal Personal Identification Number (PIN) and Telephone Personal Identification Number (T-PIN) to anyone including Call Center or any other staff of the Bank.
2.7 All Alternate Distribution Channels services shall be provided to Primary Account Holder only.
3 PRIORITY BANKING.
3.1 BankIslami Priority Banking services are offered by the Bank at its sole discretion to the customers (including current and saving account holders) who meet the required eligibility and maintain the required criteria. Criteria for BankIslami Priority Banking services are prescribed in the Bank’s schedule of charges (SOC) which can be revised from time to time, as per the Bank’s discretion. The privileges offered under the Services are “qualified” and thus, not discriminative. The privileges do not create any “right” to, or “entitlement” upon Priority Banking Customers or any other customer. If the eligibility is diminished subsequently or required criteria is not maintained by customer, the customer will be charged for availing Banking services as per Bank’s SOC. To discontinue Priority Banking Services, customer may request in writing to concerned Branch.
4 BIOMETRIC CAPTURING PROCEDURES.
4.1 It is mandatory for all Banklslami customers to enroll for Biometric at the time of A/c Opening as a part of KYC.
4.2 Customer shall enroll for Biometric under Banklslami’s staff presence, in front of CCTV camera.
4.3 As a standard process. Left and Right thumb of customer are required to be enrolled.
4.4 In case of any problem with thumb, customer may opt for registering other fingers.
4.5 Customer is required to sign as well as affix his/her thumb Impressions on the hardcopy ‘Customer Bio Registration Report’ using stamp pad, showing his/her registered Biometric impressions stored in the Biometric database.
4.6 Customer must understand that Biometric is an alternative authentication mechanism that can be used as a replacements of PIN. Bank shall not be held liable for misuse and/or refusal of his/her biometric impressions.
4.7 Customer may opt for disabling his/her Biometrics for ATM transactions by keeping the ‘PIN” as authentication mechanism.
4.8 The Customer (account holder) hereby submits and confirms that he/she is aware of risks involved in biometric procedure for operating his/her account and he/she hereby authorizes the Bank to accept all other instructions as per the specimen thumb impression and that the Bank shall not be liable for any loss caused due to use of biometric procedure.
5 CARDLESS TRANSACTION AND ONE TOUCH BANKING:
5.1 Customer can use the card less transaction service only on Bankislami’s ATMs and Branches counter. Service is available for Banklslami ATM for those customers who are having “Active MASTER / PAYPAK / VISA Card” and on branch counters all those customers can avail the facility whose Biometric impression are available in the Bank record, Customer CNIC is the main key to execute Card less transaction through any Banklslami ATM/ One Touch Banking transaction from branches counter(s)
6 Amendments
6.1 The Bank may from time to time and at any time revise and/or change any of these Terms and Conditions and/or the features or Services pertaining to the Account(s) including without limitation, the charges leviable in respect of the Services in accordance with Schedule of Charges. Such revisions and/or changes shall be effective from the date specified by the Bank and will either be notified to the Customer(s) who are maintaining such Accounts through mail/email or by affixing a notice to that effect at a conspicuous place within the premises of the Bank’s concerned branch (s). The amendments shall also be made available on the website of the Bank at www.bankislami.com.pk. The amendments in Terms and Conditions will be notified to the Customers with 30 days advance notice.
7 Governing Law
7.1 All funds deposited in the Account to be opened pursuant to this application and all transactions in relation thereto will be governed by the Terms and Conditions for Accounts and Services, Policies of BankIslami Pakistan Limited, and all laws, regulations, rules, decrees, by-laws, etc applicable to BankIslami Pakistan Limited, Including regulations, directions and circulars, issued by the State bank of Pakistan and all amendments that may be made from time to time, provided that such laws do not contradict the Islamic Shariah. In case of any contradiction, the rule of Islamic shariah as per the directives of the Resident Shariah Board Member/Shariah Supervisory Board of the Bank or Shariah Supervisory Board of State Bank of Pakistan, in light of the IBD (Islamic Banking Department) guidelines, will prevail.
8 DECLARATION
I/we declare and confirm that I/We have received, read and understood the Bank’s Terms and Conditions Governing Accounts/s which has been signed by me/us in acceptance thereof. I/We agree to observe and be bound by the said “Terms and Condition” and any changes, supplements of modifications thereto that may be made by the Bank from time to time. Furthermore, I/We acknowledge having received account opening confirmation.