The following words and expressions shall, unless the context
otherwise so requires, have the following meanings:
Account means, savings or current (Naira or foreign currency)
account(s) maintained by you with us, and includes Term/Fixed
Deposit relationship between you and us.
Account Opening Form means the form prescribed by the Bank, as
modified or amended from time to time, which is to be completed
by the Customer for opening an Account.
ATM Services means services offered by the Bank to the Account
holders as per the ATM Terms and Conditions prescribed by the
Bank from time to time.
Business means business, transactions and products approved by the
Advisory Committee of Experts (ACE), for the purpose Of making
investments from funds available in the pool(s).
ACE means a panel of eminent scholars, jurists and experts of Islamic
jurisprudence, banking and finance, constituted by the Bank to guide
Business Day means a day when the relevant branch of the Bank is
open to conduct banking business and any day not specified as nonbusiness
day for banks by CBN
Business Income means total income Of a pool from Business(es) for
a given period.
CBN means the Central Bank of Nigeria.
Direct Expenses means all direct costs and expenses attributable to
a pool in relation to a Business for the purpose of deriving Business
Internet Banking Service means the service to be provided by the
Bank, which would enable you to obtain information from and give
instructions to us by logging-on to our Website.
Internet Banking ID means the unique identifier which is issued to
you by us, and which would enable you to access the Internet
Joint Account means an account opened in the names of two or
more persons that have a legal affinity (e.g. Married couples).
Profit means the excess of Business Income over Expenses.
Loss means excess of Expenses over Business Income.
Mudarabah Al-Mutlaqah: means a form of partnership between two
parties where capital owner provides the funds and grants full
authority to the other arty in the choice investment types and
location, while the profit is shared on the basis of a mutually
Mudarib: means the entrepreneurial partner in a_mudarabah
partnership who provides the expertise and management
Password means an alphabetical and/or numeric code initially
assigned to you by us and includes any other code as may be
subsequently adopted by you for accessing our Internet Banking
PIN means Personal Identification Number initially assigned by the
Bank at the time Of issuance of ATM Card and includes such other
code as may be subsequently adopted by you for accessing our ATM
Qard: means a loan extended on a goodwill basis, and the debtor is
required to pay the principal only.
Rab-ul-Maal: means the investor that contributes funds in a
Telephone Banking Service means the service to be provided by the
Bank, which would enable you to obtain information from and give
instructions to us in respect of your Account through telephone
The Terms or "These Terms" means these and any supplementary
terms and conditions, as amended from time to time.
TIN means Tax Identification Number issued by the Federal Inland
Revenue Service (FIRS).
We, us, our and Bank refer to Jaiz Bank Plc, a non-interest bank
incorporated in Nigeria under the Bank and other Financial
Institutions Act 1991 as amended.
Website and our Website mean Bank's website at
ww.v.jaizbankplc.com. as modified and/or re-designed from time to
You, your and Customer mean any individual person, firm, company
or any other association or organisation maintaining an Account with
the Bank, and includes (where appropriate) any person authorised by
you to give instructions on your behalf in relation to your Account.
Description of Service
Jaiz Bank Plc website provides you with access to resources that are rich in content concerning the Bank and its services. You understand and agree that the Service is provided “AS-IS” and that Jaiz Bank Plc assumes no responsibility for the timeliness, deletion, or failure to store any user communications. You are responsible for obtaining access to the Service and that access may involve third party fees (such as Internet service provider or airtime charges). You are responsible for those fees.
2. OPENING AN ACCOUNT
2.1 You confirm and agree that your accounts(s) and all banking
transactions between you (“the Customer”) and Jaiz Bank PLC
(“the Bank”) shall be governed by the terms and conditions
specified below and/or the terms of any specific agreement
between you and the Bank or where not regulated by either the
conditions or such agreement, by customary banking practices
2.2 Any person desiring to open an Account with us shall submit
accurate data in the manner prescribed by us along with all
requisite documents and information. Upon receipt of the same,
we may, at our sole discretion, open an Account in the name of
the Customer at the time required in the ordinary course of
our banking process.
2.3 The Bank will not establish or allow operation of the requested
account(s) unless and until it has received the required
supporting documents for the account, a list of which is
acknowledged to have been provided to you in the course of
the completion of the application.
2.4 The Customer shall also provide such further information as
may be required by us from time to time in relation to the
Account. In the event of failure of the Customer to provide
such information, we may, at our sole discretion withhold
operation of the Account or close such Account.
2.5 The Bank is hereby authorized to undertake all “Know Your
Customer” (KYC) procedures specified by applicable law and/or
regulations and/or Bank policies including the confirmation of
your details and legal status at the appropriate government
registry. You hereby authorize the Bank to debit your account
without further notice to you for the costs attendant to such
2.6 The Customer shall be responsible for all costs, expenses and
liabilities arising from the opening of the account, including but
not limited to the cost of cheque book, ATM Card and all taxes,
statutory fees, duties and levies as may be imposed by the
appropriate government authority and in case of a corporate
account, and the cost of corporate search.
2.7 Charges shall be levied in accordance with the Bank's standard
scale of charges in force from time to time and copies of which
are available on request. The Bank reserves the right to amend
its standard scale of charges and/or conditions.
2.8 Each Customer shall be allotted a distinctive Account Number
by us, which will have to be quoted by the Customer in all
correspondence with us in relation to the Account.
2.9 Accounts shall be opened with the minimum deposit as
determined by us from time to time. The Customer shall at all
times maintain such balance in the Account which is not below
the prescribed minimum balance, subject to review from time
to time with or without prior notice to the Customer. If the
balance in a Customer's Account falls below the minimum
balance limit for a period of six (6) months, we may, at our
discretion, close such Account with or without any prior notice
to the Customer.
2.10 Where these account opening is concluded in the name of
or on behalf of more than one person as the Customer, all of
such persons are bound by the terms of these present.
2.11 Any communication by the Bank shall be deemed to have
been made as soon as it is sent to the most recent address
provided by the Customer and the date indicated on the
duplicate copy of such letter or on the Bank's mailing list will
constitute the date on which the communication was sent.
2.12 Any statement or confirmation of any transaction between
the Customer or either of the Customers and Bank shall be
deemed to have been examined by the Customers and to be
conclusive and binding unless within 10 working days from the
date specified on such statement/confirmation, both or either of
the Customers advise the bank that an item contained therein is
being disputed, whether or not such item was made in
accordance with the mandate from time to time given by the
Customer to the bank.
2.13 The Customer agree, understand and acknowledge that
electronic mail, facsimile and verbal communications are
insecure transmission media, where the Customer advises the
Bank to accept instruction in such manner, the Customer
undertakes to indemnify the Bank in full for any loss it may
suffer or incur by reason of its honouring the Customer’s
letters, electronic mail, facsimile or verbal instructions,
irrespective of whether same are erroneous fraudulent or
issued otherwise than in accordance with the Mandate for the
Customer’s account(s). The Bank is hereby authorized to
honour for and to the debit of the Customer’s Account(s), any
and all payment instructions issued in accordance with the
Mandate for the Customer’s account(s) and which bears or
purports to bear the facsimile or electronic mail signature of the
person(s) whose specimen signatures have been provided to the
bank by the Customer. The Bank is hereby authorized to
honour for and to the debit of the Customer’s account(s), any
and all payment instructions/confirmations issued or provided
by the Customer using an existing format for same which may
include but is not limited to electronic or written
instructions/confirmations and where given electronically such
electronic instruction may if previously agreed involves the use
of specific password(s) and when given in writing may be given
by letter, facsimile or electronic mail.
2.14 The Customer is aware that Jaiz Bank Plc is a member of a
Credit Reference Agency (CRA) and other Credit Bureau
Organizations (CBOs) licensed by the Central Bank of Nigeria
(CBN) to create, organize and manage database for the
exchange and sharing of information on credit status and history
of individuals and businesses. The Customer is also aware that
this information shall be used for business purposes approved
by the CBN and any relevant statute. As a member of CRA
and/or CBOs, the Bank is under obligation to disclose to CRA
or CBOs credit information and any other “confidential or
personal information” disclosed to it in the course of
banker/customer relationship with it;
2.15 The Customer agree that the Bank may collect, use and
disclose such information to CRA or CBOs and that the Credit
bureau may use the information for any approved business
purposes as may from time to time be prescribed by the CBN
and/or any relevant statute.
2.16 The Customer understands that information held about
him/her/it by the CRA or CBOs may already be linked to
records relating to one or more of Customer’s partners or
associates. The Customer may be treated as financially linked
and his/her/its application will be assessed with reference to any
'associated' records. In addition, for any joint application made
by the Customer with any other person(s), new 'Financial
association' may be created at the CRAs or CBOs which will
link our financial records.
2.17 The Customer hereby warrant that he/she/it is entitled to
disclose information, both written and oral, about him/her/it to
any co-applicant or guarantor and/or anyone else referred to by
the Customer, and to authorize the Bank to search and/or
record such information at CRA or any CBOs about the
Customer and/or such co-applicant or guarantor or other
person. The Customer understands that an “association” will be
created at the CRA or any CBOs, which will link Customer’s
financial records. The Customer hereby agree to indemnify and
hold the Bank harmless against all claims costs, fees, expenses,
damages and liabilities against the Bank relating to, or arising as
a result of, the disclosure of information about the Customer or
such co-applicant or guarantor or other person or any use of
such information by CRAs or any CBOs in compliance with the
provisions of any CBN Guideline and/or relevant statute.
2.18 The Customer hereby releases and discharges Jaiz Bank Plc
from its, obligations under the Banker's duty of secrecy and
forswear his/her/its right to any claim, damages, loss etc on
account of such disclosure to CRAs or CBOs or use by the
CRAs or CBOs in accordance with the provisions of any CBN
Guideline and/or relevant statute.
2.19 The Customer agree to assume full responsibility for the
genuineness or correctness and validity of all information
provided and endorsements appearing on all cheques, orders,
bills, notes, negotiable instruments, receipts and/or other
documents deposited in his/her/its account and agree to free
the Bank from any responsibility for any loss or damage of funds
deposited with the bank due to any future Government order,
law, tax, embargo, moratorium, exchange restriction and /or all
other causes beyond the Bank's control.
3. RELATIONSHIP WITH CUSTOMERS
3.1 The relationship between the Bank and Customers holding
Savings and/or Term Deposit Account shall be based on the
principles of al-Mudarabah al-Mutlaqah, where the Bank shall be
Mudarib and Customers shall be Rabbul Maal.
3.2 Funds deposited by you in Savings and/or Term Deposit
Accounts shall be collected in pool(s) of funds. We may, at our
sole discretion, also contribute our own funds to the pool(s).
The funds In such pool(s) shall, at our sole discretion, be
invested or disinvested in Business(s).v
3.3 Share of Profit/Losses on deposit shall be determined as
provided under Article 4 below and distributed amongst pool
members by crediting or debiting as applicable, their respective
Accounts monthly by the 5th day of the next month.
3.4 The relationship between the Bank and the Customers holding
current Accounts shall be based on the principle of Qard, and
no profit or loss shall accrue to balances in the said accounts.
4. DISTRIBUTION OF PROFIT & LOSS
4.1 The bank collects deposits and deploys the same in a pool for
investment in permissible ways. As defined in the Article 3
regarding Mudarabah Almutlaqah, Loss, if any, shall be borne by
Rabbul Maal unless there is negligence or misconduct on the
part of the Bank and Profit shall be shared as provided hereunder:
(a) Profit and loss shall be calculated on monthly basis and
credited to the depositors for savings accounts and at the
end of tenor for term deposit accounts.
(b) 30% of Profit realised from investment of Mudarabah fund
shall be distributed amongst Mudaraba Depositors on the
basis of the product type and weightage. Loss, if any, shall
be borne by the Depositors based on a proportionate
ratio. The weightage is a function of the product tenor.
Investment with longer tenor shall attract higher weightage.
Any weightage change must be informed personally to each
depositor and will be effective only at the beginning of the
following month and at renewal date forterm deposit
accounts. The rate and weightage must be in the contract
of opening the account and any change must follow a
procedure of contract change. In addition, information
about the weightage and any changes that may be effected
on the weightage from time to time shall be made available
to Customers at our Branches, through the Bank's website
and any other available means.
The average of daily balances standing in Customer's account
as at the last day of each calendar month, shall be taken as
the balance in the account for that month, upon which
profit shall be distributed under the Mudarabah Savings
Deposit Accounts. A customer shall forfeit profit
distribution if at any period in a given month the
Customer's average balance falls below the Bank's
investable Mudarabah Savings Deposit Accounts threshold
of or as may be determined by the Bank from time to time.
(d) For Term Deposit Account, our share in the Profit shall be
determined on the basis of a sharing percentage
determined at the time of opening the account. This
percentage may change at the time of each renewal
subject to 3 business days personal notification.
(e) In determining the Net Distributable Profits, the regulatory
Deposit Insurance Premium (in future, Deposit Takaful
contribution) shall be deducted as expense.
4.2 Any regulatory/CBN directives in this regard shall be applied
from time to time.
5. FOREIGN CURRENCY ACCOUNTS
5.1 Domiciliary Current Accounts may also be established in U S.
Dollars and such other currencies as we may allow from time to
time. Foreign currency Accounts shall be subject to the laws of
the Federal Republic of Nigeria, including Foreign Exchange
Regulations and directives of the Federal Government of
Nigeria, CBN and other concerned authorities and agencies,
issued from time to time.
5.2 The relationship between us and our Customers holding foreign
currency current Accounts shall be based on the principle of
Qard, and no profit or loss shall accrue to balances in the said
5.3 The Customer understand and agree that foreign currency
transactions may involve foreign exchange risks for which we
shall not be responsible.
5.4 Foreign currency Accounts may be opened with the minimum
deposit as determined by us from time to time. You will have to
maintain at all times such balance in your Account, which is not
below the prescribed minimum balance. If the balance in your
foreign currency Account falls below the minimum balance limit
prescribed by us, for a period of six (6) months, then we may, at
our sole discretion, request the customer to close such
5.5 Any cash withdrawal(s) in a currency other than Nigerian Naira
shall be subject to availability of sufficient currency notes with
us at the time of withdrawal.
5.6 Competent courts in Nigeria shall have exclusive jurisdiction in
respect of any claims brought against us in Nigeria in relation to
foreign currency Accounts.
6.1 If an account is opened in the names of two or more persons,
the balance to the credit of that Account and any accruals
thereon shall at all times belong to the persons who are
signatories (parties) to the Account. Such persons shall also be
Jointly and severally liable for all liabilities incurred in relation to
6.2 In case of death of one party we divide the total of funds and
properties in the joint account in equal shares for the
signatories unless we have in-writing and documented other
distribution ratios or instruction. We shall hold the share of the
deceased party in a special account for the heirs which will be
disposed off according to appropriate court order. And we
leave the shares of other signatories under the disposition of
the surviving parties in a new account.
6.3 The following further provisions shall also apply:
(a) Each of the signatory to the Account maintained by a Customer
shall be deemed to have authorised and empowered the other
signatories: (i) to endorse and deposit for credit to such
Account, any and all cheques, drafts, notes or other instruments
or the payment of money, payable or purporting to belong to
other person(s) named in the Account, and should any such
Instrument(s) be received by us without being so endorsed, we
are authorised in the absence of any specific instruction to the
contrary, to endorse the same on Customer's behalf and
deposit it to the credit of such Account, and (ii) to issue to the
Customer's order(s) any cheques, drafts, notes or other
instruments that may be drawn hereunder against such
(b) Not withstanding the death of any or all of the signatories to a
Joint Account, we may continue to act in reliance upon any
signing authority already conveyed to us, until we receive a
notice in writing either from or on behalf of any or the surviving
signatories or from any of the heirs of the deceased one, that
the said signing authority has been terminated or revoked by
operation of law or otherwise.
(b) Any claim by you or any third party concerning the amount,
transfer, delivery or non-delivery of any product requested
through any of our
services or any other matter relating to the services.
Any action taken by us in reliance upon your instructions
(c) If prior to acting on instructions received from a signatory or an heir
of deceased signatory, where a Joint Account is operated on the basis
of either or
(i) revealed to be unauthentic, unauthorised or erroneous;
survivor of-the signatories, we receive contradictory instructions
from any joint Account holder(s) or heirs therein, then we shall put
the account on hold
(ii) discovered to be fraudulent.
until we receive a court order or mutual agreement of all parties
Any taxes or Other levies paid or due to be paid by us on
concerned. payments made
(d) In the event that we receive conflicting instructions from the
signatories to a Joint
or to be made by you, through or pursuant to our services.
Account, we shall be entitled to suspend the operation of such
(e) Your act, omission, error, neglect, or default or those of your
without any prior notice. employees, agents, correspondent or participating bank or of
7. CLOSING ACCOUNT employees and agents.
7.1 We may at our sole and absolute discretion close any Account, Subject to these Terms, any amendment to or variation in
which is not being operated in a manner satisfactory to us or for any
other reason whatsoever, with or without any prior notice to you. (g) For any instruction not complied With, due to reasons beyond
We also reserve the right to terminate, at our sole discretion, any reasonable control.
other type of relationship(s) with you. e.g. lockers, safe custody,
relationship cards, etc. at any time without assigning any reason.
(h) "Any direct, indirect, incidental, or consequential loss, or loss
of profit that
7.2 Upon closure of an Account, you must return to us any unused
you may suffer by reason of the Bank's communication or
attempt to communicate in writing with you through your last
known address, or
cheques relating to your Account. Alternatively, you must confirm
in writing to our satisfaction that the unused cheques have been
verbally through the telephone or mobile telephone numbers
availed the Bank by you from time to time, or by email
through your email address
destroyed. availed the Bank from time to time, where the communication
8. CHEQUEBOOKS by the Bank in order to confir
11. INTERNET BANKING SERVICES
11.1 Available the Internet Banking Service
(a) In order to be able to use the internet Banking Service, you
must select the appropriate option at the time of completing
the Account Opening Form
9. DEPOSITSAND WITHDRAWALS and provide required information in respect thereof. In case
you want to
9.1 We may accept cheques and other instruments payable to you for
collection entirely at your own risk. Uncleared items though credited
avail the Internet Banking Service at any time after opening the
Account, you can do so by following the instructions set out at
the relevant page of
shall not be drawn against, and if the same are allowed to be drawn
against, we shall have the right to debit the account if the proceeds of the
instruments are not realised.
our Website. In addition you agree that any use by you of the
Banking Service shall constitute your acceptance Of the terms
Internet Banking Service,
9.2 You will indemnify the Bank in full as collecting banker from any
expense or loss, which we may incur in guaranteeing any endorsement
(b) In case of Joint Accounts, the Internet Banking Service will only
be available wherein the operating conditions are on either-orsurvivor
discharge on a cheque, bill, note, draft, dividend warrant or other (c) You must comply with other terms and requirements designed
instruments d by you for collection. protect the security of your use of the Internet Banking
9.3 In the event any cheques or other negotiable documents deposited
which are notified by us to you in any other way.
for collection are dishonoured, then you or your authorised
representative may collect the said instruments from the concerned
11.2 Customer's Security Obligations
within seven (7) days of the dishonour, after which the bank at its
discretion shall send the Instrument by courier service to your last
recorded address with
(a) Keep Banking ID and the Password secure and secret at all
times and take steps so that the same cannot be used
fraudulently or without
us at your cost. authorisation. For example:
9.4 For your convenience, we may issue pay-in-slips for deposit Of cash
(1) never write or otherwise record your Internet Banking ID and
Password in a
negotiable instruments. way that can be understood by someone else;
9.5 The Customer hereby authorises the Bank to alter any incorrect
entry in the
destroy any advice from us concerning your Internet Banking
pay-in-slip and act on the basis of such altered statements. and Password promptly after use;
9.6 Except where agreed to the contrary between you and us, every
(iii) avoid selecting Password which may be easy to guess, such as
received for your Account which is in a currency other than that of
telephone numbers, address, etc;
Account, may be converted by us at our sole discretion into the
currency of such Account at our then prevailing rate Of exchange
before the same is
never record your Internet Banking ID and/or Password on
credited to your Account. which retains it automatically (for example, any computer
screen prompts or 'save password' feature or any similar
function on your internet
9.7 Cheques and other payment instructions shall have to be signed by
exactly as per specimen signature cards supplied to the Bank, and
alterations there in shall have to be authenticated by y our signature.
(v) change your Password regularly and also whenever required to
You will not make a withdrawal / transfer of funds via a cheque or
so by the Internet Banking Service:
which would cause the Account to go into debit, We reserve the
right to return
(vi) Change your Password immediately when you suspect that the
unpaid any cheque or not comply with any instruction that may
Been breached or hacked and inform us immediately;
Account to go into overdraft i f no prior arrangements are made by
you with the Bank.
(vii) should not choose a Password which you have used before.
10. INDEMNITYANDLIABILITY (Viii) not disclose your Internet Banking ID and/or the
Password to anyone else, including a member of our staff.
10.1 We shall use our best endeavours to provide smooth and efficient
services to our Customers. Notwithstanding the same, you hereby
(b) If you become aware of or suspect any unauthorised
and confirm to hold us and our officers, directors, employees and transaction, you must notify us immediately via telephone, fax
or email, particulars relating to which shall be communicated
representatives, agents and contractors, completely harmless and
indemnified, from and against any and all costs, losses, damages,
you from time to time. For this purpose, you are reminded
that you must check your bank statements regularly.
liabilities, payments and obligations and expenses (including but not
to reasonable legal costs) incurred, suffered, sustained, paid or
imposed upon us, arising out of, inter aha:
You must not allow an one else to operate the Internet
Banking Service on your behalf
(a) Bank acting upon your written or verbal instructions to stop
Once you have logged on the Internet Banking Service, you
mail and / or to act on any other instructions, including standing
leave the terminal or other device from which you have
issued by you to the Bank from time to time. Internet Banking Service unattended or let anyone else use it
have logged off the Internet Banking Service. You will be
(iv) any strike, industrial dispute or other circumstances beyond our
for ensuring that you have properly logged off the Internet
Banking Service at the end of any session.
control that leads either to the Internet Banking Service being
totally or partially unavailable or to instructions given via the
Internet Banking Service
(e) You must not access the Internet Banking Service from any device not being acted upon promptly or at all;
connected to a local area network (or LAN), such as in an office (v) your relying on any financial information provided as part, or by
means, of the
environment, without first making sure that no one else is able to
Internet Banking Service;
copy or hack your Internet Banking ID and/or the Password or
access to the
(vi) any access to information about your Accounts which is obtained
by a third
Internet Banking Service pretending to be you. party as a result of your using the Internet Banking Service
(except where that
11.3 Processing your instructions access is obtained as a result of our negligence or wilful default).
(a) the Internet Banking ID and the Password shall be adequate (c) Our liability shall only be limited to direct loss or damage which,
identification of you for us. You authorise us to act upon all
ordinary course of events, might reasonably be expected to
result from the
instructions (given to us on the Internet Banking Service under your
circumstances in question and only if such loss or damage is
caused by our
Banking ID and the Password) as instructions properly authorised
gross negligence or wilful default.
without obtaining any further written or Other confirmation or
authorisation from you.
11.6 Operational Matters
(b) You agree that we can act on any instructions given to us including
(a) We shall take reasonably practicable steps to have the Internet
Banking Service be usually available for use. You accept,
however, that routine
money from your Account even if these instructions were not
maintenance requirements, excess demand on the systems and
you. However, your liability for transactions or instructions which
have not been authorised by you will be limited as provided in
clause 11.4 below.
beyond our control may mean it is not always possible for the
Internet Banking Service to be available at all times.
(c) Upon receiving an instruction we will be entitled to debit your
Account with the applicable charges in respect Of the transaction.
(b) In connection with the Internet Banking Service, we are entitled
at any time to:
confirmed on the Internet Banking Service shall not be reversible.
(i) Change the mode of operation or
if you do ask us to reverse an instruction after you have given it,
we may at our discretion try to do so to the extent that this is
possible under the rules and
(ii) Add to, remove or otherwise change, end or suspend any of the
practices of the banking system. You agree that you will be
any costs we incur as a result. (iii) End the Internet Banking Service. If we decide to change or end
(d) We may: Banking Service, we will try to give you 30 days notice or
whatever shorter period of notice may be reasonable in the
(i) refuse to carry out an instruction given via the Internet Banking
Service; for example i fa transaction exceeds a particular value or
Other limit; or
(c) We will supply you the software to enable you to access and use
require written confirmation from you of a particular instruction if
Banking Service. Each time you access the Internet Banking
Service, the said software may be automatically updated. It is
your responsibility to ensure that
or suspect any breach of security. If we come to believe that an
instruction may not have been properly authorized by you, we will
the software supplied to you is compatible with your device
from which you access the Internet Banking Service and also
be entitled, after with any other software on that
making reasonable efforts to check whether it was properly
device. We shall not be liable to you for any loss that you may
suffer as a result
take steps to reverse any action taken on the basis of that Of any incompatibility between the software relating to Internet
instruction. We will not be responsible for any loss to you that
Service and your device from which you access the Internet
such a reversal.
(d) You must take all reasonably practicable measures to ensure that
(e) Instructions received by us via the Internet Banking Service shall be
acted upon in accordance with the cut-off times (and any changes
therein) to be
from which you access the Internet Banking Service is free of any
computer virus or similar device or software including, without
notified to you through Internet Banking Service from time to time. commonly known as software bombs, Trojan horses and worms
Instructions given at any other time may not be acted upon until the
"Viruses") and is adequately maintained in every way. Since the
Business Day. Banking Service can be accessed through the Internet or other
(f) Any transaction to be carried out may not always be simultaneous
channels over which we have no control, you must therefore
ensure that any device you use to access the Internet Banking
Service is adequately protected
instruction being given. Some matters may take time to process and
certain instructions may only be processed during normal banking
against acquiring Viruses.
though the Internet Banking Service may be accessible outside such
(e) You must not access the Internet Banking Service using any
device which you
11.4 Customer's Liability to the Bank do not own unless you have first obtained the owner's
permission to do so. If you break this rule, you must compensate
us for any loss we suffer as a result.
(a) You will be liable to the bank for any unauthorised use or misuse of
By supplying you with the software to access the Internet
Internet Banking ID and / or Password, except as contemplated in
you will get a non-exclusive, non-transferable, temporary licence
to use the
I I .4(b) below, provided: said software. The said software shall be used only for the
(i) you prove to our satisfaction that you have faithfully observed your
security obligations contemplated herein;
accessing the Internet Banking Service, and for no other purpose.
The software relating to Internet Banking Service and all other
the unauthorised use or misuse of your Internet Banking ID and /
information to be supplied to you shall contain valuable
information that belongs to us or others. You must not:
Password occurs after you have notified us that you have
discovered or suspect that your Password has become known to
someone else; or
(i) Use them except in connection with accessing the Internet
(iii) your Internet Banking ID and / or the Password become known to
(ii) Take copies, sell, assign, commercially rent, sub-license,
giving the unauthorized instruction as a result of any failure,
them to any third pally; or
wilful default on our part. (iii) Try to decompile, reverse engineer, input or compile any Of the
(b) You will be held liable for all losses and expenses (including the
Banking Service software.
any transaction) if you: (g) If you access the Internet Banking Service from a country outside
(i) have acted fraudulently, or with gross negligence or intentional
are responsible for complying with the local laws of that country,
Including (but not limited to) obtaining any licence needed for
the import / export of the
(ii) are in default of observing any of your security obligations as
contemplated herein; or
Internet Banking Service software to that country.
(iii) have acted without reasonable care so as to facilitate the
unauthorised use Of
your Internet Banking ID and/or the Password; (a) You may cancel your use of the Internet Banking Service at any
time by giving
fail to observe and comply with any terms and conditions related to
the use of
us written notice (or in any other way we notify you about from
time to time). If you choose to terminate the Internet Banking
Service it shall be terminated
Internet Banking Service. in respect of all of your Accounts (if you have multiple
Accounts), unless we,
(c) You shall indemnify us, our employees, nominees or agents
promptly and on
At our sole discretion, otherwise decide.
a full indemnity basis from and against all actions, omissions,
(b) We have the right to end or suspend your use of the Internet
Banking Service at
proceedings, claims, demands, damages, losses (including direct,
any time. We will usually give you at least 30 days notice.
However, we may
consequential losses), costs and expenses including all duties, taxes,
legal costs and other levies and liabilities which we may incur or
suffer from or by
give you a shorter period of notice or no notice if we consider it
necessary, for example because of security concerns in
connection with your use of the
reason of your use of the Internet Banking Service. Internet Banking Service or because we are concerned that you
have used or
11.5 Bank's Liability to you may use the Internet Banking Service to operate any of your
Accounts in breach of your arrangements With us.
(a) The Bank shall take reasonable and practicable steps to ensure that
our systems in connection with the Internet Banking Service are
(c) If your use of the Internet Banking Service comes to an end for
any reason, this
adequate security designs and to control and manage the risks in
will not affect any instructions you have already given via the
the systems, taking into account any law, rules, regulations,
circulars, codes Of conduct and prevailing market practices which
may be applicable to us from time to time.
11.8 Charges and Other Matters
(b) We will not be liable for any loss or damage to you as a result of
(a) You hereby authorise us to charge you for transaction(s)
performed through the Internet Banking Service, in accordance
with our Schedule of Charges
the Internet Banking Service, including any direct, indirect,
consequential or special loss, even if we have been advised of the
same. Examples of
prevalent at the time of such transaction(s).
circumstances in which we will NOT be liable to you for loss or
(b) To protect both our customers and our staff, and to help
resolve any disputes
resulting to you through the use of the Internet Banking Service
between you and us, you acknowledge that:
are not limited to): (i) we will record all telephone conversations between us and
customers of the
(i) any misuse of your Internet Banking ID and/or Password; Internet Banking Service;
(ii) any incompatibility between your device or system and the Internet
(ii) we will keep a record of all instructions given by customers via
the Internet Banking Service; and
(iii) any technical breakdown or any machine, system, communications
(iii) we may listen to telephone calls made in respect Of the Internet
failure for reasons beyond Our reasonable control which leads to
Service in order to assess and improve the quality Of the
Banking Service being wholly or partly unavailable; Service.
(c) From time to time we may advertise our own products and
products and services of our subsidiary or associated companies
on Internet Banking Service. If, in connection with other
agreements with us, you have asked us not to send you any
marketing material (or if you do so In the future), you agree that
this restriction will not apply to these advertisements.
11.9 Third Party Products and Services
Where we provide hypertext links to third party Internet
websites, such links are not an endorsement by us of any
products or services in such websites. You use such links
entirely at your own risk and we accept no responsibility or
liability for the content, use or availability of such websites.
11.10Copyright, all rights reserved
The entire content of our Website is subject to copyright with
all rights reserved and the information held is for our personal
use only. You may not download (all or in part), transmit or
modify the Website.
12. TELEPHONE BANKING SERVICES
12.1 We may at our sole discretion provide you Telephone Banking
12.2 Your use of the Telephone Banking Service shall be subject to
the Terms mentioned herein and shall apply to all transactions,
authorizations, mandate and instructions through Telephone
12.3 You understand that the Telephone Banking Services may
involve inherent risks, including but not limited to risks of fraud
and unintended / erroneous instructions. You agree to accept
all risks associated with the use of the Telephone Banking
Services. You also agree that in the event you suffer any loss
(monetary or otherwise) from the use of Telephone Banking
Services, you will not hold us responsible or liable in any
manner and shall indemnify us against all losses, damages, costs
(including legal costs) and demands, incurred by us as a result
or in connection with your use of the Telephone Banking
12.4 If you are a company, partnership or any other entity then
instructions in respect of Telephone Banking Service may be
given by your authorised persons only as per our records.
12.5 If you have a Joint Account then Telephone Banking Services
may be used only if either or survivor(s) have been authorized
to operate the Joint Account.
12.6 You agree to comply at all times with the Terms and also
guidelines and regulations issued by us from time to time in
respect Of use Of Telephone Banking Services.
13. ATM SERVICES
13.1 We may, at our sole discretion, and subject to applicable
charges issue ATM Card to you to access the ATM Service.
132 The ATM Service shall be subject to the ATM Terms and
13.3 You will be responsible to keep yourself fully informed and u
ted with regard to ATM Terms and Conditions, which shall be
made available on our Website and in our branches.
13.4 In case of a Joint Account with either-or-survivor(s) operating
instructions, the ATM Card shall be issued only in the name of
one signatory to the Account.
14.1 Statements of Account
(a) Statement for current account will be made available to you on
monthly basis for collection at your home branch. Apart from
this we may provide you statement of account as per your
instructions and on payment of relevant charges under our
Schedule of Charges. You must inform us of any mistake,
discrepancy or error in the statement of account within ten
(10) days of the date of the receipt of the same. If you fail to
notify us within the said time then such statement of account
shall be deemed to be correct and the balance stated therein
shall be deemed to have been verified by you and shall be taken
as conclusive evidence for all purposes. ok
(b) In case of any error in the entries, it shall be within our rights
to rectify the error without any advance notice to you and
recover any amount wrongly paid or credited together with
any accrued profit.
(c) We may also provide you duplicate copies Of statements of
account upon the payment of relevant charges.
(d) We may also periodically send you a statement of balance in
terms of which we will seek your confirmation of the balance in
your Account as of a specific date. You must inform us of any
discrepancy in the balance stated in such statement with the
time to be specified therein, failing which the statement of
balance shall be deemed to be correct and final for all
14.2 Partnership Account
14.2.1 Subject to the partnership deed of any Partnership Firm , If
any partner in a partnership firm for which the Account has
been opened, ceases to be a
member of the said firm by reason of death or otherwise:
(a) We are indemnified by signatories and other partners until we
receive notice in writing of the death or cessation. Further, we
shall consider the partnership dissolved and the account shall
be suspended until we receive a formal in writing approval of
the court appointed representative Of all the heirs Of the
deceased partner to allow continuation Of the account with
14.3 Death of an Account Holder
In case of demise of an individual Account holder, no
withdrawals shall be allowed except on production of a Letter
of Administration or Probate from a Court of competent
jurisdiction, the said letter(s) having been duly confirmed by the
14.4 Right to Consolidate and Set-off
Notwithstanding any provisions to the contrary contained in
these Terms, we shall have the right at any time and our sole
discretion to consolidate, combine and/or merge all or any
accounts in your name or related company
by virtue of common directorship, without prior notice and
such right to consolidate, combine and/or merge shall include
the right to adjust or set-off any indebtedness which you may
have towards us, irrespective of the currency or currencies
Involved. If pursuant to such consolidation, combination or
merger, a shortfall or deficiency arises in our favour, then you
will be bound to pay the same upon our first demand.
14.5 Bank's Lien
If we accept or incur any liability on your request, then we shall
have a lien on all funds, monies, securities and other properties
of whatsoever nature in our possession belonging to you for
due discharge of your liability. In the event of your default we s
have the right to take such steps without any notice to you, as
we may deem fit, including steps to dispose of or realize your
properties, and use the proceeds of such disposal or realization
in settlement of all your outstanding towards us.
14.6 Charges and Expenses
(a) Charges for services provided by us shall be levied according to
our Schedule of Charges. Charges for transaction on foreign
currency accounts will be recovered in foreign currency only.
(b) We will not obtain any prior permission from you for debiting
your Account for any expenses, fees, commission, tax, stamp
duty, excise duty, etc. payable to the Government arising out of
any dealing between us and you.
(c) We may, without any further express authorisation from you
debit your account maintained with us for the amount of any or
all losses, claims, damages, expenses or other amounts which we
may suffer, sustain or incur as a consequence of acting upon any
of your instructions.
14.7 Change of Particulars
You must immediately notify us of any change, amendment or
modification in your status and/or particulars relating to
Account(s). Until such change of particulars has been notified in
writing to and acknowledged by us, we shall be entitled to rely
on your existing instructions and/or particulars.
(a) We reserve the right to revise and/or amend any of these
Terms at any time and without any prior notice to you, including
without limitation, the charges leviable in respect of services.
However, such revisions or changes shall be effective from the
date as may be specified by us. Such changes will either be
notified to you through mail or by affixing a notice to that effect
for fifteen days at a conspicuous place within the premises in our
(b) We reserve the right at any time and without notice to:
(i) change the fees for the use of any of our services;
add, withdraw or change the type of transactions provided by the
(iii) vary the frequency and manner of use of any of the services,
withdrawal limits, operating house and transaction types, nature
of facilities and services available at any branch.
(c) However, any such amendments, if the rights or benefits of term
deposits and are affected, shall only be effected at the time of
Mudarabah renewal provided personal notifications are sent 3
business days in advance. As for saving accounts holders, same
can be effected beginning of following month with personal
notification as above.
We will use our best endeavours to preserve the secrecy of
your Account(s). Nevertheless, you hereby expressly authorise
us to disclose any information relating to you or your
account(s), if so required by law.
14.I Ho1d Mail Instructions
(a) If you do not want that statements, advices and other
correspondence relating to your Account(s) to be mailed to
your address, then you will need to instruct us to provide "Hold
Mail" facility along with duly executed Indemnity.
(b) Upon receipt of "Hold Mail" instruction and Indemnity, we may,
at our sole discretion, provide the "Hold Mail" facility, whereby
we shall retain your statements, advices and other
correspondence for periodic collection by you Or your duly
(c) You agree and hereby waive and relinquish all of your rights to
question any detail appearing in the "Hold Mail" communications
or statements of account irrespective of their actual date of
In case of any dispute between the bank and a customer, an
arbitration committee shall be appointed to resolve the dispute
according to Islamic law principles and Islamic commercial
jurisprudence. One member of this committee shall be selected by
each party and the two members shall select the third. At least one
of them must be known of experience in Islamic commercial and
financial transaction jurisprudence and one with laws and customs
governing banker-customer relationship. The decision of the
arbitration committee shall be binding on both parties.
15. Disclaimer of Warranties
15.1 The customer expressly understands and agrees that the use of
the service is at his/her/its/their sole risk. The service is provided
on an “as is” and “as available” basis. The Bank expressly
disclaims all warranties of any kind whether express or implied,
including, but not limited to the implied warranties of
merchantability, fitness for a particular purpose and noninfringement.
15.2 The BANK makes no warranty that:
(i) the service will meet customer’s requirements
(ii) the service will be uninterrupted, timely, secure, or error-free
(iii) the results that may be obtained from the use of the service will
be accurate or reliable
(iv) the quality of any products, services, information or other
material obtained by the customer through the service will meet
his/her/its/their expectations, and;
(v) any error in the technology will be corrected.
15.3 . Any material downloaded or otherwise obtained through the
use of the service is done at the customer' own discretion and
risk and the Bank is not responsible for any damage to the
customer's computer system or loss of data that results from the
download of any such material. No advice or information,
whether oral or written, obtained by the customer from us or
through or from the service will create any warranty not
expressly stated in these terms.
16 Limitations of liability
16.1 The Customer agrees that the Bank will not be liable for any act,
omission or damage whether direct, indirect, incidental, special,
consequential or exemplary damages, including but not limited to
damages for loss of profits, goodwill, use or other intangible
losses, even if the BANK had been advised of the possibility of
such damages, resulting from:
(i) The use or the inability to use the service
(ii) The cost of getting substitute goods and service resulting from
any products, data, information or services purchased or obtained
or messages received or transactions entered into through or from
(iii)Unauthorized access to, or alteration or transmission of data;
(iv)Statements or conduct of anyone on the service; or
(v) Any other matter relating to the service.
17.1 Except when caused by the Bank's intentional misconduct or
gross negligence, customer agree to protect and fully
compensate the Bank and its affiliates and service providers from
any/and all third party claims, liability, damages, expenses and
costs (including, but not limited to, legal fees) caused by or
arising from customer's use of the service, violation of the terms
or infringement, by any other user of customer's account, or any
intellectual property or other right of anyone.
18 Service changes and discontinuation.
18.1 The Bank reserves the right to change or discontinue,
temporarily or permanently, the service at any time without
notice. In order to maintain the security and or integrity of the
service, the Bank may also suspend the customer's access to the
service at any time without notice. The customer agrees that the
BANK will not be liable to the customer or any third party for
any modification or discontinuation of the service.
19. Pledge Against Issuance of Dud Cheques
19.1 You confirm that you are aware of your responsibility to ensure
that you have sufficient funds in your account to accommodate
cheques drawn on it.
You confirm further that you are aware that issuing cheques on
unfunded accounts is a violation of Dud Cheque Acts, 2004, which
carries criminal liability.
19.2 You therefore undertake not to issue cheques on unfunded
accounts and will be personally liable for the consequences of
breaching this pledge.
20.1 The Bank shall not be considered an agent or other legal
representative of the customer for any purpose by reason of this
agreement and/or any other party whom the customer is using this
service to pay.
20.2 This agreement cannot be amended by the customer nor any of
the Bank’s rights waived unless the Bank agrees in writing or the
customer continues using the service following receipt of notice of
any changes proposed by the Bank.
Finally, these terms and conditions shall be governed by the laws of
the Federal Republic of Nigeria.
I / We declare and confirm that I / We have received complete
information regarding the opening of the account, read and
understood the Bank's Terms and Conditions governing the conduct
of the account, which are hereby endorsed by me/us in complete
acceptance thereof. I / We agree to observe and be bound by the
said Terms and Conditions and any changes, supplements or
modifications thereto that may be made by the Bank from time to