Account Operations. 1.1 Each of the Account Holders acknowledges that no account shall be opened until all documentation required by the Bank at its sole discretion is received by the Bank. 1.2 Each of the Account Holders authorises the Bank to act upon its written instructions or documents drawn or accepted in accordance with the signing instructions held by the Bank until such time it shall give the Bank written notice to the contrary: a) to honour all payment orders, debits, cheques, drafts, bills, promissory notes, acceptances, negotiable instruments, bills of exchange, telegraphic transfers and the spot purchase or sale of currencies by debiting such account whether in credit or otherwise; and b) for the delivery, deposit, disposal or any other dealing with securities or documents or property held by the Bank on its behalf; and c) to accept any other instructions regarding such account including instructions for the closure of such account. 1.3 The Bank may at its sole discretion, issue a cheque book to the Account Holder(s) which may be made available for collection by the Account Holder or its representative from the branch of the Bank at which the account was opened or may be sent by regular mail to the Account Holders’ address specified in the Account Opening Application, at the Account Holder’s absolute responsibility and risk and without any liability on the Bank. 1.4 Each of the Account Holders understands that the Bank acts only as its collection agent and assumes no responsibility or liability for the realisation of cheques deposited with the Bank for collection. Proceeds of cheques deposited will not be available for withdrawal unless cleared by the Bank’s correspondent. The Bank reserves the right to debit an account that may have been exceptionally credited with any item that remains unpaid on collection. The Bank may refuse to accept for collection cheques drawn in favour of third parties or if the payee’s name is not identical to the Account ▇▇▇▇▇▇’s name(s) in the Bank’s records. The Bank will not accept for credit to the account any cheques or drafts in favour of a third party crossed or denoted “A/c Payee” (or any words of similar effect). Any cancellation of any such crossing or denoting shall be null and void. 1.5 Each of the Account Holders agree that they shall not be entitled to overdraw the account/s except in the event the Bank has approved an Islamic Overdraft Facilities for the Account Holders and the Account Holders have executed appropriate documentation for such Islamic Overdraft Facilities in the form prescribed by the Bank. Any such Overdraft Facilities shall be subject to the terms and conditions contained in documentation governing the Islamic Overdraft Facilities. 1.6 Each of the Account Holders understands and appreciates that there are risks associated with accounts denominated in foreign currencies. Accordingly each of the Account Holders accepts that it is solely responsible for all such risks and any costs and expenses arising (including without limitation, those arising from any international or domestic legal or regulatory restrictions including but not limited to, the Bank’s decision in good faith to suspend or terminate operations in Kingdom of Saudi Arabia) in respect of any such account. Withdrawals or dealings in respect of any such account are also subject to the relevant currency being available at the Bank’s relevant branch. Conversion from one currency to another shall be at the rate of exchange determined by the Bank (in its absolute discretion) from time to time. 1.7 Each of the Account Holders agrees that unless the Bank offers it an Islamic Overdraft Facility, all amounts received and credited to the account while any overdraft or other banking facilities in connection with the account(s) is outstanding shall firstly be applied by the Bank to reduce any accrued commission and then the overdraft balance or other banking facilities as the case may be. 1.8 The Bank may without notice to the Account Holder debit the Account with such amounts representing banking charges, expenses and other services fees for operating the accounts (except in the case of Call Accounts) in accordance with the Bank’s standard banking procedures and tariffs (as amended from time to time). جذوـــمن 1.9 Each of the Account Holders understands that the Bank will send or deliver to it a statement of account through regular mail or through the Account Holder’s email address or any other agreed channel available with the Bank in its records, at least once a month or such other agreed periods. In respect of any account that has been inactive for a period of one (1) year or more such statement of accounts will be sent or delivered by the Bank annually. The records of the accounts maintained by the Bank shall be deemed to be correct, final and conclusive evidence binding on each of the Account Holders and all rights of objection shall be deemed waived one (1) month from the date of the statement sent to the Account Holders at the latest address (or email) recorded with the Bank. Each of the Account Holders undertakes to notify the Bank of any change in its mailing address (or email), otherwise, the latest address (or email) given to the Bank in writing shall be deemed its mailing address (or email) for purposes of dispatch of statement of account and other notices. 1.10 In the event the Bank receives from the Account Holders conflicting or ambiguous instructions in connection with any account, the Bank may, in its absolute discretion, and without any liability on its part, act or decline to act as it thinks fit. 1.11 Subject to any minimum balance, applicable fees and/or any other requirements, each of the Account Holders may, at any time, request the Bank in writing to open multiple accounts, under the primary account, denominated in any other currencies and with different account numbers. Unless agreed otherwise, all of the terms and conditions set out herein shall apply to these additional accounts opened with the Bank and linked to the Account Holder’s primary account number, without the need for executing a new account opening documentation for each such additional account. 1.12 Following opening of the account if the account is subject to any verification problems as to existence of the banking relationship and it becomes difficult to solve that problem, or if the account is used for a purpose other than the purpose for which it is opened, then the Bank’s policy will apply, which may involve closure of the account by the Bank. 1.13 The Account Holders or the Bank shall have the right to close any account and request immediate settlement thereof by giving prior written notice at any time to the Bank after payment of all monies due to/from the Bank. The Bank may also close, freeze or suspend dealings on any account of the Account Holders. 1.14 Each of the Account Holders shall provide all details and information required by the Bank to comply with its “Know your customer” (KYC) procedures and other regulatory requirements (including but not limited to tax) and shall immediately notify the Bank in writing of any changes to such details and information previously provided to the Bank. 1.15 The Account Holders agree that the Bank shall abide by all applicable laws and/or instructions from relevant authorities to freeze any funds in the Account Holder’s accounts or take any action necessary, in case the Bank is of the belief that such funds have been obtained through illegal means or transactions. The Bank may report any suspected or confirmed money laundering or other suspicious or illegal activities or transaction in or related to the Account Holders or its accounts, to the relevant authorities. The Account Holders further agree that the Bank shall have the right to freeze the credit balances in any account in execution of an order of a relevant court or the instructions of the Saudi Arabian Monetary Agency or any other competent authority. 1.16 The Bank reserves the right and the Account Holders hereby authorise the Bank to debit their accounts (and in case of insufficient balance, to overdraw such accounts) in case any funds are credited to the accounts due to computer system error, technical error or malfunction, human error, clearing system error or any other reason without any liability on the Bank. 1.17 The Account Holders agree that the Bank shall have the right to modify or change the account number or customer identification number allotted to the Account Holders, at any time with prior notice. جذوـــمن 1.18 Without prejudice to anything else stated herein, if at any time, cheques issued on the account of the Account Holder are returned unpaid due to insufficient balance in the accounts, the Bank may close the accounts pursuant to applicable laws and regulations of the Saudi Arabian Monetary Agency. The Account Holders shall return to the Bank, any cheque books in relation to such account which is closed. The Account Holders acknowledge and understand that the Bank shall report such account and related details to the Saudi Arabian Monetary Agency and any other relevant authorities. 1.19 The Account Holders authorise and allow the Bank to enquire from, and disclose to, other banks and financial institutions or any other body which the Bank may deem appropriate, about any financial and non-financial information relating to the Account Holders, including, but not limited to, the details of banking facilities, the financial position, the income and any other information relating to the Account Holders which the Bank deems appropriate, without reference to the Account Holders. 1.20 The Bank may close the Accountholders’ account if the Accountholder fails to deposit any amounts in its account for a period of 90 days from the date upon which the account was opened. In any event, the Bank shall be entitled to close the Accountholders’ account if there is no balance in the account for a period of 4 years from the date of last transaction in the account
Appears in 1 contract
Sources: Islamic Account Opening Agreement
Account Operations. 1.1 Each of the Account Holders acknowledges that no account shall be opened until all documentation required by the Bank at its sole discretion is received by the Bank.
1.2 Each of the Account Holders authorises the Bank to act upon its written instructions or documents drawn or accepted in accordance with the signing instructions held by the Bank until such time it shall give the Bank written notice to the contrary:
a) to honour all payment orders, debits, cheques, drafts, bills, promissory notes, acceptances, negotiable instruments, bills of exchange, telegraphic transfers and the spot purchase or sale of currencies by debiting such account whether in credit or otherwise; and
b) for the delivery, deposit, disposal or any other dealing with securities or documents or property held by the Bank on its behalf; and
c) to accept any other instructions regarding such account including instructions for the closure of such account.
1.3 The Bank may at its sole discretion, issue a cheque book to the Account Holder(s) which may be made available for collection by the Account Holder or its representative from the branch of the Bank at which the account was opened or may be sent by regular mail to the Account Holders’ address specified in the Account Opening Application, at the Account Holder’s absolute responsibility and risk and without any liability on the Bank.
1.4 Each of the Account Holders understands that the Bank acts only as its collection agent and assumes no responsibility or liability for the realisation of cheques deposited with the Bank for collection. Proceeds of cheques deposited will not be available for withdrawal unless cleared by the Bank’s correspondent. The Bank reserves the right to debit an account that may have been exceptionally credited with any item that remains unpaid on collection. The Bank may refuse to accept for collection cheques drawn in favour of third parties or if the payee’s name is not identical to the Account ▇▇▇▇▇▇’s name(s) in the Bank’s records. The Bank will not accept for credit to the account any cheques or drafts in favour of a third party crossed or denoted “A/c Payee” (or any words of similar effect). Any cancellation of any such crossing or denoting shall be null and void.
1.5 Each of the Account Holders agree that they shall not be entitled to overdraw the account/s except in the event the Bank has approved an Islamic Overdraft Facilities for the Account Holders and the Account Holders have executed appropriate documentation for such Islamic Overdraft Facilities in the form prescribed by the Bank. Any such Overdraft Facilities shall be subject to the terms and conditions contained in documentation governing the Islamic Overdraft Facilities.
1.6 Each of the Account Holders understands and appreciates that there are risks associated with accounts denominated in foreign currencies. Accordingly each of the Account Holders accepts that it is solely responsible for all such risks and any costs and expenses arising (including without limitation, those arising from any international or domestic legal or regulatory restrictions including but not limited to, the Bank’s decision in good faith to suspend or terminate operations in Kingdom of Saudi Arabia) in respect of any such account. Withdrawals or dealings in respect of any such account are also subject to the relevant currency being available at the Bank’s relevant branch. Conversion from one currency to another shall be at the rate of exchange determined by the Bank (in its absolute discretion) from time to time.
1.7 Each of the Account Holders agrees that unless the Bank offers it an Islamic Overdraft Facility, all amounts received and credited to the account while any overdraft or other banking facilities in connection with the account(s) is outstanding shall firstly be applied by the Bank to reduce any accrued commission and then the overdraft balance or other banking facilities as the case may be.
1.8 The Bank may without notice to the Account Holder debit the Account with such amounts representing banking charges, expenses and other services fees for operating the accounts (except in the case of Call Accounts) in accordance with the Bank’s standard banking procedures and tariffs (as amended from time to time). جذوـــمن.
1.9 Each of the Account Holders understands that the Bank will send or deliver to it a statement of account through regular mail or through the Account Holder’s email address or any other agreed channel available with the Bank in its records, at least once a month or such other agreed periods. In respect of any account that has been inactive for a period of one (1) year or more such statement of accounts will be sent or delivered by the Bank annually. The records of the accounts maintained by the Bank shall be deemed to be correct, final and conclusive evidence binding on each of the Account Holders and all rights of objection shall be deemed waived one (1) month from the date of the statement sent to the Account Holders at the latest address (or email) recorded with the Bank. Each of the Account Holders undertakes to notify the Bank of any change in its mailing address (or email), otherwise, the latest address (or email) given to the Bank in writing shall be deemed its mailing address (or email) for purposes of dispatch of statement of account and other notices.
1.10 In the event the Bank receives from the Account Holders conflicting or ambiguous instructions in connection with any account, the Bank may, in its absolute discretion, and without any liability on its part, act or decline to act as it thinks fit.
1.11 Subject to any minimum balance, applicable fees and/or any other requirements, each of the Account Holders may, at any time, request the Bank in writing to open multiple accounts, under the primary account, denominated in any other currencies and with different account numbers. Unless agreed otherwise, all of the terms and conditions set out herein shall apply to these additional accounts opened with the Bank and linked to the Account Holder’s primary account number, without the need for executing a new account opening documentation for each such additional account.
1.12 Following opening of the account if the account is subject to any verification problems as to existence of the banking relationship and it becomes difficult to solve that problem, or if the account is used for a purpose other than the purpose for which it is opened, then the Bank’s policy will apply, which may involve closure of the account by the Bank.
1.13 The Account Holders or the Bank shall have the right to close any account and request immediate settlement thereof by giving prior written notice at any time to the Bank after payment of all monies due to/from the Bank. The Bank may also close, freeze or suspend dealings on any account of the Account Holders.
1.14 Each of the Account Holders shall provide all details and information required by the Bank to comply with its “Know your customer” (KYC) procedures and other regulatory requirements (including but not limited to tax) and shall immediately notify the Bank in writing of any changes to such details and information previously provided to the Bank.
1.15 The Account Holders agree that the Bank shall abide by all applicable laws and/or instructions from relevant authorities to freeze any funds in the Account Holder’s accounts or take any action necessary, in case the Bank is of the belief that such funds have been obtained through illegal means or transactions. The Bank may report any suspected or confirmed money laundering or other suspicious or illegal activities or transaction in or related to the Account Holders or its accounts, to the relevant authorities. The Account Holders further agree that the Bank shall have the right to freeze the credit balances in any account in execution of an order of a relevant court or the instructions of the Saudi Arabian Monetary Agency or any other competent authority.
1.16 The Bank reserves the right and the Account Holders hereby authorise the Bank to debit their accounts (and in case of insufficient balance, to overdraw such accounts) in case any funds are credited to the accounts due to computer system error, technical error or malfunction, human error, clearing system error or any other reason without any liability on the Bank.
1.17 The Account Holders agree that the Bank shall have the right to modify or change the account number or customer identification number allotted to the Account Holders, at any time with prior notice. جذوـــمن.
1.18 Without prejudice to anything else stated herein, if at any time, cheques issued on the account of the Account Holder are returned unpaid due to insufficient balance in the accounts, the Bank may close the accounts pursuant to applicable laws and regulations of the Saudi Arabian Monetary Agency. The Account Holders shall return to the Bank, any cheque books in relation to such account which is closed. The Account Holders acknowledge and understand that the Bank shall report such account and related details to the Saudi Arabian Monetary Agency and any other relevant authorities.
1.19 The Account Holders authorise and allow the Bank to enquire from, and disclose to, other banks and financial institutions or any other body which the Bank may deem appropriate, about any financial and non-financial information relating to the Account Holders, including, but not limited to, the details of banking facilities, the financial position, the income and any other information relating to the Account Holders which the Bank deems appropriate, without reference to the Account Holders.
1.20 The Bank may close the Accountholders’ account if the Accountholder fails to deposit any amounts in its account for a period of 90 days from the date upon which the account was opened. In any event, the Bank shall be entitled to close the Accountholders’ account if there is no balance in the account for a period of 4 years from the date of last transaction in the account
Appears in 1 contract
Sources: Islamic Account Opening Agreement