Common use of Definitions and Provisions Clause in Contracts

Definitions and Provisions. Card: means AlAhli Islamic Credit Card, that is based on Tawarruq financing and approved by Shariah Board. The Card is issued by the Bank for the Customer (Cardholder), based on his application for the purpose of using if for his payments both locally and internationally provided that the Customer shall not breach the conditions and terms hereof, as amended. The Cardholder shall use the Card under his sole liability. The Card shall be deemed to be a property of the Bank and the Cardholder shall return the same to the Bank whenever required. Where the Bank accepts Customer’s application for the Card, the Card is then issued (Plastic or metal), as the Customer requests in his application and/or at any other time. Cardholder: The Customer applying for the Card from the Bank. The Cardholder shall pay all charges for issuing the Card and shall be the Main Cardholder. The Card is issued in the name of Cardholder and/or any of his relatives or representatives (as the Cardholder may request). Card Credit Limit: The maximum amount allowed by the Bank for the Customer to obtain. Cash Withdrawal/Transfer: The cash withdrawal/transfer to a Bank account using the Card. The Card allows Cardholder to withdraw /transfer cash using the Card up to a maximum of 30% of the Credit Limit allowed by the Bank, while the cash withdrawal shall not exceed SR 5,000 per a withdrawal transaction or per a single day, as the same may be amended, within or outside the Kingdom of Saudi Arabia. The Bank may modify cash withdrawal fees subject to Paragraph (3) of Article 17. The Customer may withdraw and/or transfer cash using the credit card according to the registered means of communication specified by the Bank, including but not limited to: withdrawal from ATM machines using the Personal Identification Number (PIN) provided by the Bank and/or transferring via the alternative channels. The Customer hereby authorizes the Bank to debit/credit amount withdrawn and/or transferred to his Card Account plus any fees charged by the Bank. Statement of Account: a monthly statement issued for the Cardholder by the Bank to indicate details of the transactions performed by the Cardholder including the due debts and method and dates of payment, in addition to the date of transaction and name of dealer indicating all records of transactions charged against the Credit Card during the Monthly Statement of Account Preparation Cycle, as per the method determined by the Bank. Card Account: An independent account from other Cardholder’s accounts maintained with the Bank, to which all Card transactions and other records relating to card fees/card amounts are charged. Due Date (For Card Transactions): All amounts payable by the Customer, which shall be paid within a period of no more than 20 days from the date of issuing the Card’s statement of account. The Bank may adjust the due date without reference to the Customer and/or obtaining his approval, provided however that the Customer is notified of such adjustment within a period of no less than 30 days from the date of new due date. Card Usage: The card shall be used by the Cardholder for its special transactions which are permitted under Shariah and as per the terms and conditions of the Card. The use of Card means that the Customer owes the Bank the amount used in consequence of all transactions recorded against the Card Account, even if such amount exceeds the credit limit under specific conditions, as well as fees, charges and/or currency exchange difference. Cashback Program: A service provided by the Bank under this Agreement, where the Bank grants the Customer a cashback reward when using the Card as explained in Article 21. VAT: Any value added tax or similar tax levied under any laws, statutes, regulations or instructions applicable in the Kingdom of Saudi Arabia at the present time and any other similar tax, at a rate of 15% upon signature of this Agreement and/or any subsequent amendment to VAT by the official authorities.