Terms And Conditions - Investments

DEFINITIONS

In these Terms and Conditions

“Account” or “Bank Account” means an account in the name of the Accountholder / Customer held or to be held, with the Bank, which is designated for the deposit and investment transaction herein.
“Account Holder” means the individual, entity or business for whom the Account has been opened for the purposes herein.
“Agreement means these terms and conditions, read together with the Account opening application forms, as amended from time to time.
“Application” means an application made or to be made by a Customer for the purposes of opening a Bank Account with the Bank, which may be made electronically through the Channel.
“Authentication Measures” means the techniques, methods and processes used to positively verify the identity of the Customer or the Accountholder before any information is provided, or any transaction requests are carried out and includes but is not limited to the following measures: obtaining and verification of signature and identity document of the Customer or Accountholder, Card and Pin number verification, Profile ID verification, Password and Internet logon verification.
“Bank” means Albaraka Bank Limited.
“Business” means the sole proprietor/company/partnership/close corporation or any other created entity (whether incorporated or unincorporated) or the state.
“Channel” means any electronic or digital platform or medium made available by the Bank from time to time and used to make an Application or access the Account, including but not limited to the Internet, mobile networks, mobile applications, WhatsApp, the Bank’s website, the Al Baraka Bank Mobile Banking App, and any other current or future digital or electronic platforms made available by the Bank from time to time.
“CODI” means the Corporation for Deposit Insurance established by the Financial Sector Regulation Act 9 of 2017, which aims to safeguard persons who deposit funds with a qualifying bank and which offers qualifying depositors cover of up to a maximum amount of R100 000 in the unlikely event of a qualifying bank failing or experiencing unmitigated systematic disruptions.
“Customer/Accountholder/Depositor” means, subject to these terms and conditions, a person (individual or business) whose account is to be debited or credited as a result of the account or bank account opened for the purposes herein and/or that uses the Channel to access the banking and financial services offered by the Bank and/or a person that makes an Application.
“Digital Records” means electronic records maintained by the Bank, including but not limited to Account Applications, approvals, rejections, transaction logs, and modifications submitted via the Channel.
“Electronic Signature” means a legally recognised digital method of signifying acceptance, including but not limited to (i) clicking or selecting ‘accept’ or ‘agree’ on the Channel or other digital platform; (ii) biometric authentication, (iii) and any other forms of electronic signature recognised by law.
“FICA” means The Financial Intelligence Centre Act 38 of 2001.
“Mudaraba” means a form of partnership where one party provides the funds while the other provides expertise and management. The latter is referred to as the Mudarib. Any profits accrued are shared between the two parties on a pre-agreed basis, while loss is borne by the provider(s) of the capital.
“Multi-Factor Authentication” means a security system that requires multiple methods of authentication from independent categories or credentials to verify the user’s identity before granting access to the Account.
“Profit Equalisation Fund” means a fund where the Bank will, from time to time, retain a portion of the profit as determined by the Bank, which shall approximate 1% of the total Deposit Pool at any given time. This portion is retained to balance fluctuations in the return on investments to the Depositors due to unforeseen circumstances. The portion retained will be notified to Depositors on the Bank’s website (www.albaraka.co.za), from time to time. The Bank disburses Zakah annually in respect of funds held in the Profit Equalisation Fund on behalf of the Depositors.
“Depositors’ Pool” means the collective fund through which the deposit funds are invested.
“Reserve Bank” means the South African Reserve Bank, duly constituted in terms of South African Law.
“Regulatory Reserves” means the percentage of funds, including deposits that are required by the Reserve Bank Regulations to be deposited with the Reserve Bank.
“Tax Obligation Outside SA” for purposes of the common reporting standard, a person is identified as having a tax obligation in another jurisdiction if he or she owns property, has a business or alternative employment or any offshore investments in a particular jurisdiction other than South Africa.
“Regulations” means any applicable regulations and especially those promulgated under the Income Tax Act 58 of 1962.

1. Applicability:
1.1. These terms and conditions comprise the agreement between the Bank and the Customer. The Customer’s making of an Application or having of an Account with the Bank, will be deemed as the Customer’s acceptance of these terms and conditions.
1.2. The Customer must read all these terms and conditions carefully as they are a binding agreement between the Customer and the Bank which contains important information about the Customer’s and the Bank’s rights and duties to each other.
1.3. These terms apply in addition to any of the Bank’s other terms which are specifically incorporated by way of reference, including our privacy policy and website terms and conditions, and to the extent applicable, other terms and conditions that govern our relationship with the Customer.

2. Access to the Account: The Customer, who can be a real or legal person, will participate in the profits and bear the losses, which may be realised/incurred from the utilisation of the funds by Albaraka Bank Limited (“The Bank”).

3. Contract Between Parties: The Bank accepts funds deposited on a Mudaraba basis. The Customer gives the Bank complete and unrestricted mandate to invest the funds in such Shariah compliant investments as the Bank, in its sole and absolute discretion, may deem suitable. Investment of the funds will be at the discretion of the Bank and always within the principle of Islamic Shariah Law. The deposited capital is not guaranteed. Investment activity involves risk and the Bank cannot guarantee that the member’s deposit will earn a fixed return or will increase in value. No interest or fixed income is paid to the Accountholder.

The Bank reserves the right to appropriately modify its investment products. Accordingly, the Bank establishes and manages separate pools for each of the below mentioned periods of investment or the Bank may operate one general common pool, as is presently the practice of the Bank.

The Bank has the right to make enquiries and verify any information supplied by the Customer to ensure that it meets the Bank’s requirement and complies with applicable legislation. The Bank has the right to refuse to open an account or to accept a deposit.

The Customer must make a minimum deposit according to the investment selected. This balance must be maintained at all times.

The minimum deposits/balance and investment periods are as follows:

Profit rates are calculated on a weekly basis and applied to the next week to accumulate the profit payable to various deposits. This takes into account certain assumptions and is reconciled on a monthly basis. Any over or under provision is accounted for to the depositors’ risk reserve for the benefit of the Depositors Pool in general. The Accountholder will accordingly be deemed to have donated this amount to the reserve. The Customer acknowledges that a percentage of the profits earned and payable to Depositors is retained in a Profit Equalisation Fund.

The Customer further acknowledges that the Bank may make additions to its investment product range, which may have a negative impact on the rate of return of the existing investment products in the short to medium term.

The Bank may also, from time to time and at its sole and absolute discretion, gift a portion of its profit share to any investment account on the basis of Hibah (i.e. gift), which will be allocated to the respective investment account as part of the Customer’s profit share.

6. Deposits: The depositor’s funds are invested in terms of the laws and regulations of South Africa, and accordingly, a certain percentage of deposits are placed in reserve funds and treasury bills. Negotiable instruments of payment permissible at the time, will be accepted for deposit, subject to a clearance period imposed by Albaraka Bank Limited.

The negotiable instrument will only be available as cash after the negotiable instrument has met the required clearance period. If the negotiable instrument is dishonoured, the Bank will debit the Customer’s account accordingly. The Bank does not accept responsibility for ensuring that the Customer has lawful title to a negotiable instrument delivered for collection. The Bank is not responsible for errors resulting from incorrect information provided by the Customer or on the Customer’s behalf. Funds invested and accumulated in Investment Accounts are not covered by governmental, public or private indemnity or assurance. When a Customer deposits negotiable instruments, the Bank usually acts as collection agent on the Customer’s behalf. The Bank may, at the Bank’s discretion, credit the value of the negotiable instrument deposit to the Customer’s account and determine if the value of a portion thereof may be accessed before the Bank receives value. If the Bank does not receive value for any reason, the Bank will reverse the credit and the customer shall be liable for all applicable fees and related costs.

Similarly, any uncleared deposits debited to the Account will accrue related charges thereon, for which the Customer shall be held liable. It is the responsibility of the Customer, upon demand, to deposit funds into the said Account to off set such debit balances.

7. Withdrawals: Cash withdrawals: Any cash amount not exceeding the specified limit may be withdrawn on demand. Withdrawal of amounts exceeding the agreed limit is subject to a notice period of two (2) working days. Withdrawals before maturity: Only under exceptional circumstances and at the sole discretion of the Bank will withdrawals be allowed before its maturity period. The Bank is not obliged to accede to a withdrawal before maturity. The Bank will, however, be entitled to request satisfactory reasons for withdrawal should it be deemed necessary. The Bank will decide when to accept or reject such a request. The withdrawal from a Mudaraba deposit is a purchase of the Customer’s share by the Deposit Pool. The Bank (on behalf of the Deposit Pool) and Customer may agree on the price at which this share is purchased. A seven (7) day notice period will apply for all withdrawals before maturity.

No premature withdrawal will be allowed for Premium Investment 365 and Premium Plus Investment.

8. Authorised Signatories: The Customer may nominate authorised signatories by completing the standard mandate forms provided by the Bank, that may operate on the Account and the Customer agrees that these persons will have unlimited access to the Account. Transactions made by the authorised signatory, together with the fees and charges relating to the transactions, will be debited to the Account and the Customer is liable for all amounts so debited.

9. Signatures: The Bank has the right to pay all bills of exchange, promissory notes and other negotiable instruments which were drawn, made or accepted and signed on the Customer’s behalf and debit the Customer’s account with the amounts of such instruments.

10. Re-investment of Funds: Investments which are not withdrawn upon maturity or if written notice is not given to the Bank that the proceeds should not be re-invested then the proceeds will be deemed to have been re-invested on the same terms and conditions, and for the same maturity period, beginning on the first day after the expiration of the previous maturity period of the Account.

11. Service Charges: The Bank is entitled to levy service charges for services rendered which fall outside the ambit of the Mudaraba arrangement at reasonable rates to be determined by the Bank. The Bank is entitled to change or amend its service charges, introduce new charges and its methods of calculation at any time. The Customer will be advised of any changes within a reasonable notice period. The service charges are set out in our charge list, which is available at any Al Baraka Bank branch.

12. Account Below Minimum Required Balance: If there has been no transactional activity on the Account for more than 365 days and the account balance has dropped below the minimum requirement, the Bank is entitled to levy a monthly service fee and, once the Account has a nil balance to close the account. This will be undertaken after advising the Customer, in writing, to his last known address to bring the balance up to the minimum required, failing which the account will be closed.

13. Confidentiality of Information: The Bank will treat the Customer’s information as private and confidential, but it may have to disclose this information where it is legally compelled to do so, where the Bank’s interests require disclosure or where disclosure is made at the Customer’s request or with the Customer’s written consent. The Bank will not use or let Customer information be used for marketing purposes without written consent of the Customer.

14. Compliance with FICA:
14.1. All Customers are subject to verification under the FICA. The Bank reserves the right to reject Applications where verification procedures are not completed satisfactorily. The Customer acknowledges that non-compliance with FICA may result in the Bank (i) refusing to open an Account or accepting receipt of a deposit, (ii) suspending or closing the Account without prior notice, or (iii) taking such other action as may be appropriate, to the extent permitted by law.
14.2. The Customer acknowledges and understands that the Bank is prohibited from processing any transaction on its behalf until all such documentation and information has been provided to the Bank, to enable the Bank to comply with its obligations under FICA.

15. Screening of applications, instructions and undertakings: The Bank must comply with national and international laws, regulations, policies, rules and requirements to prevent criminal activities, money laundering, terrorist financing, sanctions, and/or prohibited business activity laws and rules violations. The Bank must therefore check all information from and about the Customer and related parties and monitor, verify, process and screen the Customer and related party information, instructions and undertakings on an ongoing basis. This may cause some delays or the limitation or the prohibition of undertakings. The Bank may also have to terminate its relationship with the Customer without warning in these circumstances. The Bank shall not be responsible for any losses or damages that the Customer may suffer because of these checks and/or due to the Bank terminating the relationship.

16. Security:
16.1. The Customer shall at all times observe security notices published by the Bank. The Customer undertakes to take reasonable measures to protect their banking credentials, devices, and digital authentication tools from unauthorised access.
16.2. The Bank shall not be liable for any direct or indirect losses arising from technical failures, unauthorised access, or fraudulent misconduct. Accountholders must immediately report any suspicious activity experienced in relation to their Accounts.
16.3. The Bank reserves the right to implement and enforce Multi-Factor Authentication measures. The Bank may decline transactions or restrict account access where Multi-Factor Authentication requirements are not met.
16.4. The Customer acknowledges that failure to adhere to the Bank’s prescribed security measures, including sharing login credentials, failure to report security breaches, or using unsecured networks, may result in unauthorised transactions for which the Bank shall not be held liable.
16.5. The Bank reserves the right to update its security measures periodically. The Customer is responsible for ensuring compliance with the latest security protocols as communicated by the Bank from time to time.

17. Termination of account, product, services or agreement with the Bank:
17.1 We may freeze, suspend, modify, restrict or close your account, cancel any product or services, or terminate our relationship with you by giving you reasonable prior notice in writing using the last contact details we have on record. The reasons we give you for any actions we take will be in our sole discretion, and may include:
17.1.1 we being compelled to do so by law or by a regulatory authority or we have the right to do so as agreed with you contractually in terms of a particular agreement;
17.1.2 you are in breach of an agreement with us and have not remedied a default under such agreement;
17.1.3 if, in the sole opinion of the Bank, our continued relationship with you will expose the Bank to reputational or operational risks;
17.1.4 your conduct or the conduct of any person you are related to does not, in the sole opinion of the Bank, align to the Bank’s values. This includes inappropriate conduct such as abusive, vulgar or racist conduct; conduct that is defamatory or perceived to be defamatory and generally, misconduct of any nature whatsoever;
17.1.5 we know or reasonably suspect that you are engaging in prohibited activities. Prohibited activities include any activities that do not comply with applicable laws; illegal or terrorist activities, or the financing of these activities, and financial crimes such as money laundering, bribery, tax evasion, corruption or fraud, including a payment that improperly advantages any person (prohibited activities);
17.1.6 you are in breach of applicable laws, or you give us false or misleading information, or you do not give us all the information we need from you to comply with applicable laws including, but not limited to, FICA and all regulations, directives and notices promulgated thereunder, as may be amended from time to time;
17.1.7 we advise you in writing that you are no longer using an account, product or service and after giving you a reasonable opportunity to start using the account, product or service again, you fail to do so; or
17.1.8 you no longer qualify for an account, product or service according to the Bank’s specifications and the applicable terms and conditions.
17.2. We may, in the following circumstances, exercise our right to freeze, suspend, modify, restrict or cancel any of your accounts, cancel any product or services, or terminate our relationship with you immediately, without giving you prior notice, if:
17.2.1 we believe or have a reasonable suspicion that your account or a product or service is being used for illegal or unlawful or fraudulent purposes or for any prohibited activities;
17.2.2 we are compelled to do so by law; or
17.2.3 your conduct is resulting in a breach of our regulatory obligations, including but not limited to obligations arising out of the FICA and all regulations, directives and notices promulgated thereunder, as may be amended from time to time.
17.3 The Bank must comply with national and international laws, regulations, policies and requirements with regard to anti-money laundering, counter-terrorist financing and sanctions. We may therefore continuously screen, verify, process and monitor all your, and any related, information, instructions and transactions effected by you or on your behalf. This may also result in your transactions, or the use of your account being prohibited, delayed, withheld, limited, declined or conditionally approved, your funds being confiscated by a regulatory or other law enforcement authority, or our relationship being terminated.
17.4 The Bank shall not be responsible for any losses or damages you may suffer because of our screening, verification, processing and monitoring of any information; your funds being confiscated by a regulatory or other law enforcement authority; restriction or termination of any account; cancellation of any product or services or the termination of our relationship with you.

18. Addresses for sending correspondence and Legal Notices:
18.1. The Customer and Bank choose as their respective Domicilium citandi et executandi addresses for all purposes in their dealings:
The Bank: Albaraka Bank Limited, 2 Kingsmead Boulevard, Kingsmead Office Park, Stalwart Simelane Street, Durban, 4001.
The Client: The last known physical address supplied by the Accountholder to the Bank.
18.2. Any correspondence that the Bank sends to the Customer will be sent to the Customer’s postal/residential address, electronic address or cellular telephone number, as advised by the Customer. It is the Customer’s duty to advise the Bank, in writing, of any change to the Customer’s addresses. When the Customer changes residential address, the Customer must provide the Bank with proof of the new address. The Bank will consider any correspondence that was sent to the Customer to have been received by the Customer within 14 days of it being posted. Any correspondence sent electronically will be considered received on the day it was sent, provided it is within business hours and received before 16h00. Even if the agreement is terminated, the clause remains valid for the purpose of any legal proceedings pertaining to this agreement.

19. Law: The Customer agrees to submit to the jurisdiction of the Magistrate’s Court, even if the value of the claim against the Customer exceeds its jurisdiction, provided that the Bank will be entitled to institute such proceedings in any division of the High Court of South Africa. The law of the Republic of South Africa governs this agreement and all disputes, actions and other matters in connection with this agreement will be determined in accordance with this law, provided that the profit share provisions will also be governed by Islamic Shariah Law on the Mudaraba principle, as interpreted by the Shariah Supervisory Board.

20. Amendments and Notifications:
20.1. The Bank may at any time amend any of these terms and conditions which amendments will always be in line with applicable laws. The Customer will be notified of such amendments through any of the following channels: the Bank’s website, the Albaraka Bank Mobile Banking App, by SMS, by email or through any other form of communication that the Bank may choose. Such amendments will come into effect on the date specified in the notice. Any amendment to these terms and conditions will not constitute a novation of the Customer’s agreement with the Bank or any of the Customer's previous obligations to the Bank.
20.2. By continuing to use the Account after the amendments become effective, the Customer will be regarded as having accepted the amendments, unless the Customer terminates their agreement or relationship with the Bank before the effective date of such amendments.
20.3. The Customer is not permitted to change any of these terms and conditions or any part thereof.

21. Waiver: A favour or concession the Bank may give the Customer will not affect any of the Bank’s rights in terms of these Terms and Conditions.

22. Partial Invalidity (Severability): Should any clause in this document become illegal, invalid or unenforceable in any respect, such invalid provision shall be severed from the document and the remaining clauses will not be affected or impaired thereby and shall continue to apply.

23. Cession and Delegation: The Customer may not cede or assign or otherwise make over or dispose of any of the Customer’s rights, title, interest or obligations in and to the account, without the prior written consent of the Bank.

24. Disclaimers and Indemnity:
24.1. The Bank shall not be liable for direct, indirect, consequential or special damages (including, but not limited to, loss of profit) no matter how they are caused. If the Bank closes or suspends access to the Account for any reason, the Bank will not be responsible for any loss resulting from any act or omission by itself or any third party. This includes claims arising in contract, delict or statute for direct, indirect, consequential or special damages (including, but not limited to, loss of profit).
24.2. The Bank shall not be responsible for any loss, service interruption or delay resulting from circumstances beyond its reasonable control, such as power cuts or a failure, malfunction or delay in any electronic data terminal, network or other system. The Customer thus confirms that the Customer indemnifies the Bank and holds it free and harmless from any and all losses, expenses, costs, damages, demands and claims arising out of or in connection with the opening and operation of the account.
24.3. The Customer indemnifies the Bank and holds the Bank harmless from all injury, losses, damages, expenses, claims, demands and costs that the Bank may suffer or incur, arising out of or in connection with (i) your making of the Application, (ii) operation of their Account, (iii) any compromise of your confidential, personal and financial information or unauthorised communication whether given by the Customer or any person authorised to act on the Customer’s behalf.
24.4. We make no representations and give no warranties, guarantees or undertakings to you concerning your making of the Application, except as expressly set out in these terms and conditions. All other implied warranties, by law or otherwise, are excluded from these terms and conditions.
24.5. In addition to limitation of liability provisions provided elsewhere in these terms and conditions, the Bank and any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall not be liable for any loss or damage caused to you except to the extent that the Bank has acted fraudulently or with gross negligence, by reason of any of the following occurrences:
24.5.1. the functionality for making an Application is unavailable;
24.5.2. the Application is not approved by the Bank;
24.5.3. the loss of or damage to any personal or other information of yours as a result of any technical issues, power failures, data theft, phishing, malware, identity theft, hacking, online scams, data breaches, harmful computer programs or viruses, or your own negligence (lack of care);
24.5.4. any technical issues that may arise in respect of the Application, including examples such as defects, interruptions, malfunctions, downtime, or any other technical failures;
24.5.5. any person gaining access to your Application as a result of your negligence; or
24.5.6. any event that Albaraka Bank has no direct control over.

25. The Customer confirms that he is aware that the provisions of the Electronic Communications and Transactions Act 25 of 2002 (“ECTA”) governs this agreement, as documents relating hereto are signed electronically. As a result, electronically signed documents shall be valid and binding and of the same legal force and effect, as a document which may have been signed in writing (i.e. on paper).

26. Data Protection:
26.1. For purposes of this Agreement, ‘POPIA’ means the Protection of Personal Information Act, No.4 of 2013 (“POPIA”), and the words ‘personal information’ and ‘processing’ have the meanings as given to them in POPIA.
26.2. The Customer consents to the Bank collecting personal information from the Customer and where lawful and reasonable, from public sources for the purposes of performing the Bank’s obligations in terms of this Agreement, for compliance purposes, or for any other lawful purpose.
26.3. The Customer further consents to the Bank processing the Customer’s personal information in accordance with POPIA and/or furnishing such personal information and/or documentation in relation to any accounts, to any entity within the Al Baraka Bank Banking Group for the purposes of providing products and services to the Customer in terms of this Agreement, and for any other products and services for which the Customer may apply.
26.4. The Customer consents to the further processing of personal information by any entity within the Al Baraka Bank Banking Group for the purposes of providing products and services to the Customer in terms of this Agreement, and for any other products and services for which the Customer may apply.
26.5. The Customer authorises the Bank to process, disclose, collect, access, retain, store, reproduce, distribute, destroy, display, and use in any way and in any media, personal data related to the Customer for the purposes of the Bank carrying out its services.
26.6. The Bank shall maintain the confidentiality of, and will implement security safeguards to secure the Customer’s personal information in accordance with the Bank’s Privacy Policy set out on the Bank’s website at: https://www.albaraka.co.za/policies/privacy-policy. It is the Customer’s responsibility to read and understand the Privacy Policy.
26.7. In accordance with the Bank’s Privacy Policy, personal information shall only be disclosed by the Bank, if required by law, if such disclosure is in the public interest, if such disclosure is to protect the Bank’s interests or in instances where written consent has been provided by the Customer to the Bank.

27. Cyber Security Breaches:
The Customer shall not have any claim of any nature whatsoever against the Bank, its ‘related’ or ‘inter-related persons’ (as referred to in the Companies Act 71 of 2008), any of its directors, officers, employees, agents, invitees or contractors, arising from or in connection with:
27.1. a security breach or other compromise of, or relating to, any of the Bank’s information technology and computer systems, networks, hardware, software, data, equipment, websites, applications, databases or technology used in the operation of the Bank (collectively IT Systems and Data);
27.2. the unauthorised use, access, misappropriation or modification of the IT Systems and Data and ‘cybercrimes’ (as referred to in Part 1 of Chapter 2 of the Cyber Crimes Act 19 of 2020) committed in respect of the IT Systems or Data; and
27.3. the theft and loss of the Bank’s physical hardcopy data and any material bugs, errors, defects, Trojan horse malware, time bombs, malware and other IT Corruptants which may affect the Bank’s IT Systems and Data, 
except to the extent that such claim arises directly and solely from the intentional and unlawful, or grossly negligent acts of the Bank or any of its directors, officers, employees, agents, invitees or contractors.

28. For security reasons all telephonic conversations between any representative of the Customer and the Bank may be recorded for the exclusive use of the Bank.

29. The persons signing this agreement in a representative capacity warrant their authority to do so.

30. The proceeds of any negotiable instrument deposited towards payment, repayment, reduction and/or settlement will only be regarded as a payment once the relevant instrument has been honoured. Any amounts which have been given by the Bank on the basis of receipt of a negotiable instrument shall be reversed if the instrument is subsequently dishonoured. No deposits made by the Customer pursuant to this clause shall discharge or release the Customer from any contingent liability arising out of the Agreement.

31. Additional Terms applicable to the Tax Free Investment:
a. The following shall apply, in addition to anything else contained herein, to the Tax Free Investment which is a product in terms of the provisions of Section 12T of the Income Tax Act 58 of 1962 and the Regulations published from time to time and the Customer’s attention is drawn to the limits and penalties that apply to contributions made in respect of this investment.
b. Any contribution above the annual or lifetime limit shall be taxed by the South African Revenue Services (SARS) in the tax year that the over contribution was made, in accordance with the applicable rates as defined in the Regulations at the time.
c. Any returns from this investment shall be tax-free in the Customer’s hands, and is subject to the Bank’s profit return as determined from time to time.
d. The Bank may decline to act on any transfer request if such is not permitted in terms of the prevailing legislation.
e. The Customer acknowledges that when transferring a tax free investment from other financial institutions to the Bank, that it is the Customer’s responsibility to purify any impermissible income accrued on such investment by paying the equivalent amount of impermissible income earned for charitable purposes.

32. Acceptance of these terms and conditions: Without derogating from the generality of clause 1.1., the Customer acknowledges and agrees that by selecting or clicking ‘accept’ or ‘agree’, (i) during the Application process, or (ii) when accessing the Channel, or (iii) when accessing their Account, the Customer shall be providing its Electronic Signature which has the same legal effect as a handwritten signature. Such acceptance confirms the Customer’s agreement to be bound by these terms and conditions.