Jaiz Bank Online Account Opening

(Express account)

Just some paper work we need to sort out before we begin. Please read through and then we can really start.

Terms & conditions

Please scroll through and read the terms & conditions carefully.


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 its operations.

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 Income.

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 Banking Service.

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 approved scheme.

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 Service.

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 Services.

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 mudarabah partnership 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 time.

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.


2.1 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 in Nigeria.

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 KYC procedures.

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.


3.1 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.


4.1 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.


5.1 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 Accounts.

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 Account.

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 the Account.

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 Account.

(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 which are:

(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; and/or 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 Account,

(e) Your act, omission, error, neglect, or default or those of your without any prior notice. employees, agents, correspondent or participating bank or of their

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 your instructions, 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 your 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 is initiated

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 Internet Banking Service shall constitute your acceptance Of the terms relating to 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 or

(b) In case of Joint Accounts, the Internet Banking Service will only be available wherein the operating conditions are on either-orsurvivor basis. discharge on a cheque, bill, note, draft, dividend warrant or other (c) You must comply with other terms and requirements designed to instruments d by you for collection. protect the security of your use of the Internet Banking Service

9.3 In the event any cheques or other negotiable documents deposited by you 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 branch

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 and (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 ID 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 payment (iii) avoid selecting Password which may be easy to guess, such as birthdays. received for your Account which is in a currency other than that of the 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 any software 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 you browser); 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 do

9.8 You will not make a withdrawal / transfer of funds via a cheque or otherwise 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 same has unpaid any cheque or not comply with any instruction that may cause the 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 agree (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 to 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 limited 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 payment, hold Once you have logged on the Internet Banking Service, you must not mail and / or to act on any other instructions, including standing instructions leave the terminal or other device from which you have accessed the issued by you to the Bank from time to time. Internet Banking Service unattended or let anyone else use it until you have logged off the Internet Banking Service. You will be responsible (iv) any strike, industrial dispute or other circumstances beyond our reasonable 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 observe, 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, in the identification of you for us. You authorise us to act upon all apparently valid ordinary course of events, might reasonably be expected to result from the instructions (given to us on the Internet Banking Service under your Internet circumstances in question and only if such loss or damage is caused by our Banking ID and the Password) as instructions properly authorised by you, 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 deducting

(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 authorised by maintenance requirements, excess demand on the systems and circumstances 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. Instructions once

(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. However,

(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 facilities practices of the banking system. You agree that you will be responsible for available; or any costs we incur as a result. (iii) End the Internet Banking Service. If we decide to change or end the Internet

(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 circumstances.

(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 the Internet

(ii) require written confirmation from you of a particular instruction if we know 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 authorized, to 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 Banking instruction. We will not be responsible for any loss to you that results from Service and your device from which you access the Internet Banking Service. such a reversal.

(d) You must take all reasonably practicable measures to ensure that any device

(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 limitation, devices notified to you through Internet Banking Service from time to time. commonly known as software bombs, Trojan horses and worms (together Instructions given at any other time may not be acted upon until the next "Viruses") and is adequately maintained in every way. Since the Internet Business Day. Banking Service can be accessed through the Internet or other communication

(f) Any transaction to be carried out may not always be simultaneous with an 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 hours even against acquiring Viruses. though the Internet Banking Service may be accessible outside such hours.

(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 your (f) By supplying you with the software to access the Internet Banking Service, Internet Banking ID and / or Password, except as contemplated in clause 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 purpose Of

(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 material and

(ii) the unauthorised use or misuse of your Internet Banking ID and / or the 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 Banking Service;

(iii) your Internet Banking ID and / or the Password become known to the person

(ii) Take copies, sell, assign, commercially rent, sub-license, otherwise transfer giving the unauthorized instruction as a result of any failure, negligence or them to any third pally; or wilful default on our part. (iii) Try to decompile, reverse engineer, input or compile any Of the Internet

(b) You will be held liable for all losses and expenses (including the amount Of Banking Service software. any transaction) if you: (g) If you access the Internet Banking Service from a country outside Nigeria, you

(i) have acted fraudulently, or with gross negligence or intentional misconduct; 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, negligence,

(b) We have the right to end or suspend your use of the Internet Banking Service at proceedings, claims, demands, damages, losses (including direct, indirect or 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 installed with

(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 operating will not affect any instructions you have already given via the Internet the systems, taking into account any law, rules, regulations, guidelines,

Banking Service. 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 your using

(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 damage

(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 include (but 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 Banking Service; (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 or power (iii) we may listen to telephone calls made in respect Of the Internet Banking failure for reasons beyond Our reasonable control which leads to the Internet Service in order to assess and improve the quality Of the Internet Banking 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.


12.1 We may at our sole discretion provide you Telephone Banking Services.

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 Banking Service.

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 Services.

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.


13.1 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 Conditions.

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 purposes.

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 existing signatories.

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 bank.

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.

14.8 Amendments

(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 concerned branch. (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 services; (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.

14.9 Disclosure

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 authorised person. (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 receipt.

14.11 Disputes

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 the service; (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 Indemnification.

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. Miscellaneous.

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 time.

I Agree