General terms & conditions of accounts and banking services

In consideration of Arab Bank for Investment and Foreign Affairs (hereinafter referred to as the “Bank/Al Masraf”) which expression shall include their successors and legal assigns, agreeing to open an Account (as hereinafter defined) to the Customer (as hereinafter defined) or the performance of any transaction or subscription to any Banking Services (as hereinafter defined), the Customer hereby agrees to the following terms and conditions (hereinafter referred to as the “Terms and Conditions”), in addition to any other terms and conditions issued/amended subsequently at any point of time by the Bank in relation to the Account(s) and Banking Services.

These Terms and Conditions shall apply on all the Bank Accounts of any kind opened or maintained by the Customer with the Bank and these Terms and Conditions govern all the transactions conducted through those Accounts. The Customer signature on the Bank’s Account opening forms and applications, subscription or usage of any Services/product offered by the Bank and conducting of any transaction with the Bank shall constitute an acceptance to these Terms and Conditions as amended from time to time.

Phrasing

  • Words importing only the singular shall include the plural and vice versa.
  • The Customer shall be construed so as to include the Customer’s authorised signatories and, in circumstances and where the relevant Account is a Joint Account, reference to single customer shall be reference to all customers in the names of whom the account is opened, unless the text indicates otherwise.
  • The words importing any gender shall include all genders, words importing person shall include a sole proprietor, partnership, firm, company, corporation or other legal person.
  • These Terms and Conditions and their amendments constitute an integral part of the Account opening documents and relevant Banking Service documentations offered by the Bank to the Customer.

Definitions

In these Terms and Conditions where the context so admits, the followings expressions shall have the meanings herein designated unless the context otherwise require:

Account: means any of the following accounts: Current Account, Saving Account, Call Account, Fixed Deposit, and any other type of Account and/or Safe Deposit Boxes opened with the Bank under any name.

Agent: means any person or persons such as agent, advisor, auditor, broker, correspondent, market professional, contractor, service providers, vendor or custodian etc. appointed or approved by the Bank to support or provide a Banking Service to the Customer.

Authorized Signatory/Attorney: means, any person who is duly authorized and has legal capacity (in such manner as may be reasonably acceptable to the Bank) to execute or sign these Terms and Conditions or other document or application to be executed or signed under or in connection with the Account(s) and Banking Services on behalf of the Customer. The Authorized Signatory/Attorney commits that these Terms and Conditions are valid, legal and enforceable.

Bank/Al Masraf: means Arab Bank for Investment and Foreign Affairs, its branches, successors and legal assigns.

Banking Services: means any kind of banking service(s) offered by the Bank to the Customers such as and without limitation branches banking, Internet Banking, Phone Banking, Mobile Banking, withdrawals, deposits and payments through Automated Teller Machines (ATM) and cash deposit machines, making payments through the internet or any other technology, and/or any other kind of Banking Services provided to the Customer at any time.

Bank Electronic Instructions: means the Bank electronic documentation via the Internet ATMs, Mobile Banking, Phone Banking, SMS banking and operating instructions or reference guidelines issued by the Bank in any written form or in the guide on the Bank website.

Beneficiary: means the authorized recipient of any funds through Banking Services.

Business Day: means any official working day on which the Bank is open for business.

CBUAE: means Central Bank of United Arab Emirates.

Card: means Automated Teller Machine (ATM) card (i.e. Visa Electron/Visa Debit Card) or any other Card issued by the Bank to its Customers to use it for cash withdrawal from Automated Teller Machines (ATM) or purchase of goods and services through the Internet, phone, or any other mean where the Card is not physically available at the time of the transaction when the Bank allows to do so.

Cardholder: means any individual in the name of whom a Card is issued by the Bank to undertake financial transactions through the Account. The Cardholder includes the principle Cardholder and supplementary Cardholder, if any.

Cooling-Off Period: is a period of time after agreeing to open the Account, allows a Customer to reconsider the opening of the Account and to withdraw from the Agreement without suffering any undue costs, obligations or inconvenience. The Cooling-off Period begins immediately after signing of the Account Application Form.

Customer: means any person individual or corporate who has an Account with the Bank and/or subscribed to utilizing any of the Banking Services.

Customer’s Instructions: means the instructions given by the Customer to the Bank from time to time regarding the Account.

Electronic Communications: means all electronic correspondence including but not limited to facsimiles, emails, Internet, SMS and statement of Account between the Bank and the Customer and any other party related to the placement of these Terms and Conditions shall be deemed as a legal and binding communication.

Internet: means a collection of information stored in a computer available throughout the world.

Internet Banking Services: means a computer based electronic banking service offered by the Bank to the Customer (currently known as Al Masraf Mobile app and online banking portal or any other name determined by the Bank) which enables the Customer to connect with the Bank via the Internet to conduct Banking Services with the Bank from remote locations such as and without limitation balance inquiry, funds transfer, bills payment and/or any other Banking Services offered by the Bank from time to time.

Joint Account: A Joint Account is an Account that is opened in the name of two or more natural persons.

PIN: means the Personal Identification Number issued to the Cardholder and/or selected by the Cardholder to enable the Card to be used at an ATM, retail outlet accepting the Card, and other self-service terminals.

Swift: Society for Worldwide Interbank Financial Telecommunications, a computer network which provides interbank communication facilities worldwide.

TIN: means secret “Telephone Identification Number”, which when used by the Customer in conjunction with the User Identification will allow the Subscriber access to the Phone Banking Service, it may also be the same personal identification numbers of the automated debit card issued by the Bank to the Customer.

UAE: means United Arab Emirates.

User Identification: The Customer Identification number or word advised by the Bank to the Customer for the purposes of identification while using the Banking Services.

Value Date: means the date on which the funds pertaining to a Financial Transaction are made available to the beneficiary.

A. Bank Accounts

In addition to the terms and conditions, if any, set forth in the application form complete by the Customer, the Customer agrees that the following terms and conditions are applicable to all Account types opened with the Bank:

  • 1. The Customer acknowledges that no Account will be opened until all documentation required by the Bank at its sole discretion is received.
  • 2. The Customer shall have the right to a Cooling-Off Period of five (5) business days from the date of signing the Account application form. During this period the Customer has the right to cancel the Account application form without incurring any undue charges or penalty. However, if the Customer wish to waive the Cooling-Off Period, Customer may sign the waiver letter attached to the Account application form.
  • 3. The Bank may at its sole discretion issue the Customer a cheque book which may be made available for collection by the Customer or his authorized signatory/attorney at the branch at which the Account was opened or may either be sent by courier /mail at the Customer’s absolute responsibility and risk and without any liability on the Bank, to the address specified in the Account application form.
  • 4. The Bank shall be entitled to debit the Customer’s Account any cheque, bills of exchange, promissory notes or orders for payment drawn, accepted or made by the Authorized Signatory/Attorney and to carry out any instructions relating to the Account notwithstanding that any such debiting or carrying out may cause, such Account to be overdrawn or any overdraft to be increased, but always without prejudice to the Bank’s right to refuse to allow any overdraft or exceeding the limit. The Customer shall be responsible for any overdraft or obligations arising in or in connection with the Account.
  • 5. In (or another analogous proceeding) of the Customer (including a Joint Account holder), the Bank shall not be liable for any loss which may arise from any dealings on the Account unless and until the Bank has received a written notice of the same together with satisfactory documents acceptable to the Bank at its sole discretion. In such circumstances, the Bank shall suspend block or freeze all dealings on the Account (whether in whole or in part) in the name of the Customer, whether held singly or jointly with another account holder, from the date of notification until the Account status is corrected according to the applicable laws
  • 6. At any time that an Account is blocked or frozen, the Bank may accept deposits into that Account in accordance with these General Conditions but no withdrawals shall be made from such Account other than in accordance with applicable law or in accordance with an order from a competent court or authority having jurisdiction over the Bank.
  • 7. The Customer accepts all costs, expenses, and risk whatsoever in connection with any Account denominated in any currency including without limitation, any valid legal or regulatory restriction international or domestic. The Bank shall not be liable for any loss or delay pursuant thereto. Withdrawals in foreign currency notes shall be subject to their availability at the concerned Bank’s branch. Conversion from one currency to another shall be at the Bank’s rate of exchange as determined by The Bank from time to time on the transaction’s date.
  • 8. All money’s securities, bonds, collateral, shares, shipping document, banknotes, coins, gold or other valuables and property of whatever nature which are held in the name of the Customer by the Bank whether in the form of Account of whatever type shall be so held as security to guarantee the settlement of any debit balance due to the Bank arising under these Terms and Conditions or any other banking facility agreement or loan granted to the Customer in future. Furthermore, the Customer agrees to keep it within the Bank’s possession as “collateral against credit facilities or loans” until the Customer fully pays his indebtedness to the Bank including due interests, commissions expenses and other due charges. If the Customer does not pay such indebtedness to the Bank’s on its first request, the Customer herewith authorizes the Bank to set off the outstanding balance from his possession held in “collateral against credit facilities or loans” account without having to notify or inform him beforehand. This authorization is irrevocable and the Customer cannot cancel it without the Bank’s written consent. The Bank shall have the right to always set off the credit and debit balances of the Customer’s Accounts. The debit balance of anyone of the Customer’s Accounts will be secured by the credit balance of any other one of his Accounts including Accounts opened in any other foreign currency. The Bank may also debit any of the Customer’s Accounts opened with the amount of any bills, guarantees, cheque and drawings, given or purchased and signed by the Customer.
  • 9. Without prejudice to the applicable laws, any delay or omission by the Bank in exercising or enforcing (whether wholly or in part) any right or remedy arising in respect of the Account shall not be construed as a waiver of such right or remedy.
  • 10. The Bank shall provide the account statement to the Customer for each Account to the customer’s email address held with the bank at such intervals as the Bank may decide.
  • 11. Unless otherwise requested by the Customer, account statements shall be delivered by electronic mail to the Customer’s registered electronic mail address in the Bank’s records. It is the Customer’s responsibility to set up, maintain and regularly review the security arrangements concerning access to and use of the Customer’s electronic mail and internet systems. Any account statement delivered electronically will be deemed to constitute an account statement as required by applicable law and shall, for all purposes, satisfy the Bank’s obligations to deliver to the Customer an account statement.
  • 12. In circumstances where the Bank determines it is not reasonably practicable to deliver account statements to the Customer electronically and if the Customer requests, the Bank may deliver such statements of account by regular post or courier to the Customer’s address in the Bank’s records.
  • 13. The statement of Account must be carefully checked and reviewed by the Customer on receipt, and notified in writing to the Bank of any error or discrepancy within thirty (30) days of the statement of Account date as it appears in the Bank records, otherwise, the statement of Account shall be deemed to be correct (subject to the Bank’s right to rectify any error) and accepted by the Customer. The Customer may not thereafter raise any objections to the statement of Account and the statements maintained by the Bank as to the status of the Customer’s Accounts shall be conclusive and binding on the Customer.
  • 14. If the Customer does not receive the statement of Account for any period, it is the responsibility of the Customer to notify and request a statement of Account from the Bank within one (1) month of the date on which such statement of Account would normally have been sent to him.
  • 15. The Customer must immediately notify the Bank in writing of any change in the details given on Customer information / Account opening form. If Customer fails to notify the Bank, the Bank and its employees, officers or representatives shall not be liable for whatever loss incurred until notifying in writing.
  • 16. The Customer may be given the option of accessing his statement of Account via the Internet Banking Service if he subscribes to the Bank’s Internet Banking Service. If the Customer opts from this Service, once the statement of Account becomes available on the Bank’s website, the Bank will deliver a notice to the Customer’s email address available in the Bank’s record.
  • The Bank shall be deemed to have delivered the statement of Account to the Customer upon receipt by the Customer of the email containing such Statement of Account unless the Bank receives an automated message stating that email has not been delivered.
  • The Customer agrees to notify the Bank within seven (7) days of the receipt of the email if he is unable to get access to the statement of Account. Upon expiry of such period, the Customer shall be deemed to have received, accessed and accepted as true and correct all information contained in the statement of the Account.
  • In addition to the above, the Customer acknowledges the risk that is associated with the data received / delivered through the internet/e-mail including any confidential information that might have been accessed or seen by third parties. The Customer releases and discharges the Bank, its employees, officers and representatives with regard to damages suffered by the Customer directly or indirectly due to such unauthorized access by or disclosure of confidential information to third parties provided the Bank has maintained the adequate IT safety standards.
  • The Customer understands and agrees that the storage of information including without limitation, the user name, password, the Account information, account activity, the transactions conducted in the Account and any other information stored on the Customer’s personal computer shall be stored at the Customer’s risk and liability, the Bank shall not be responsible for any unauthorized access by or disclosure of information to third parties.
  • The Bank will ensure to take proper security measures before transmitting any information or data to Customer by email, internet or mobile.
  • The Customer agrees that the Bank may at its sole discretion restrict or terminate the Customer’s use of the service stated herein. The Customer further agrees that the Bank may stop sending him statements for his Account by mail if he opts to use the service stated in this clause.
  • 17. The Customer agrees that the Bank shall abide by the applicable laws and competent authorities instructions to freeze any funds in the Customer’s Account or take any action necessary if the Bank believes that funds have been obtained through illegal means or transactions. The Bank may report any suspected or confirmed money laundering or other suspicious or illegal activities or transactions in or related to the Account or Banking Services to the competent authorities in United Arab Emirates. The Customer further agrees that the Bank shall have the right to freeze the credit balances in any Account in execution of competent court order, CBUAE instructions or the instructions of any competent authority. Furthermore, the Bank has the full right to stop transaction(s) and close the Account with immediate effect, if there is a sanctions/compliance concern without sending prior notification to the Customer.
  • 18. The Bank reserves the right, and the Customer hereby authorizes the Bank to debit the Customer’s Account (in case of insufficient balance to overdraw the account) in case of crediting any funds to the Account due to computer system error, technical error or malfunction, human error, clearing system error, or any other reason without any liability towards the Bank. The Customer hereby waives its right to file any claim or lawsuit against the Bank as a result of exercising its right under this clause.
  • 19. The Customer agrees that the Bank shall have the right to modify or change the Account number or User Identification number at any time with prior notice.
  • 20. Subject to any minimum balance. Banking Service fees and/or any other requirements, the Customer may request the Bank in writing (or through Internet Banking Service whenever possible) to establish and open an additional Account with a different account number. Unless agreed otherwise, these Terms and Conditions shall apply to the Accounts with prefixes/suffixes and any additional Accounts with prefixes/suffixes opened with the Bank and linked to the Customer primary Account number without any need for executing fresh account opening documentation for each additional prefixes or suffixes.
  • 21. Without prejudice to what is stated in the above clause, if at any time cheques issued on the Customer Account return or bounce unpaid due to insufficient balance in the Account, the Bank may close the Account pursuant to the applicable laws and regulations of the CBUAE. The Customer shall return to the Bank the cheque books relating to the Account closed, the Customer understands that the Bank will report such Account and related details to the Central Bank of United Arab Emirates and any relevant authorities.
  • 22. Notwithstanding anything to the contrary contained in these Terms and Conditions, it is hereby expressly agreed and declared that the Authorizes Signatory/Attorney and the Customer shall be jointly and personally liable and bound even in the absence of any such actions as foresaid and until settlement by way of payment of the debit balance in the Account together with interest accrued thereon at the stipulated rate and all expenses incurred in case of taking legal action against the relevant party if should deem appropriate to the Bank and on its sole discretion.
  • 23. The Customer hereby declare that he/she is the ultimate beneficial owners and no other person owns or exercises effective ultimate control. In addition, the Customer agrees that the Account will not be used for any third party transactions or act on behalf of third party to use the Account.
  • 24. The Bank is maintaining files for its Customers’ complaints and has clear handling procedures for receiving, reviewing, and evaluating Customers’ complaints by a formally designated unit. Customers’ Complaints are investigated in a “uniform and timely” manner and the Bank evaluates whether or not Customers’ complaints are handling in line with the CBUAE requirements. For further details, please visit our website as below:

    https://almasraf.ae/contact-us

Closing the Accounts

  • 25. The Customer may close the Account by giving prior written notice at any time to the Bank after payment of all monies due to/ from the Bank. The Bank may also close the Account by providing Sixty (60) days written notification to the Customer (immediately and without notice if due to UAE Financial Crime Compliance requirement) and may request immediate settlement of any outstanding balances due to the Bank if any. The Customer hereby agrees that the Bank’s action in closing the Account shall be effective and binding upon him.
  • 26. The Bank may block the Account or Account privileges and funds at any time upon instruction from the UAE Central Bank or due to the relevant UAE laws and regulations.
  • 27. The Bank may also block the account, a privilege on an account or a determined amount of funds in the Account for a set of period of time by providing written notice 24 hours in the following scenarios.
    • A court order served on the Bank to block the account and/or a defined amount;
    • Upon instruction from the CBUAE;
    • Recovery of amount of funds owed to the Bank by the Customer in relation to the credit facilities and/or unpaid fees;
    • Evidence that the Customer has acted dishonestly, fraudulently, or is convicted of a crime; or
    • Evidence that the Customer has passed away.
  • The Bank will inform the Customer for the action the Customer is expected to take and the contact information for the Bank regarding the blockage. However, this provision is applicable if the Bank have reasonable basis of considering the transaction is related to risks of financial crime or as may be prohibited by law.

B. Current Accounts Special Terms

  • Subject to the Bank’s sole discretion and the applicable laws and the regulations of the CBUAE, the Customer may be eligible to open a Current Account if he is resident in the UAE and has the full legal capacity.
  • 1. Subject to the Bank’s sole discretion and the applicable laws and the regulations of the CBUAE, the Customer may be eligible to open a Current Account if he is resident in the UAE and has the full legal capacity.
  • 2. Subject to the Bank’s discretion, the Bank may issue a cheque book to the Customer to enable him to operate his Current Account. The Customer may request the Bank to issue him a customized cheque book, the specification of which shall be determined by the Customer provided that the Customer pays the cost of issuing such customized cheque book. The Bank reserves the right to refuse to comply with any drawing instruction from Current Account unless such withdrawals instruction is made by cheque.
  • 3. The cheque books and/or debit card issued may be sent by mail / courier to the Customer’s address in the Bank’s records and at the Customer’s absolute responsibility and risk and without any liability on the Bank, to the address specified in the Account application form or made available for collection by the Customer or his Authorized Signatory/Attorney from the branch at which the Current Account was opened or any of the Bank’s branches specified by the Customer or his representative. If the Customer request the Bank to send him the cheque book by mail / courier, he shall be liable for any loss resulting from any failure or delay in the delivery of the cheque book to him.
  • 4. The Customer undertake not to misuse the cheque or use it for any fraudulent activity and acknowledges that in the event of any dishonoured cheques, the Bank shall have the right charge fees, close the account and/or a provide negative report to the Credit Information Agency.
  • 5. The Customer undertakes and agrees to keep the cheque book in a safe custody and place to avoid any misuse or fraudulent actions on the cheque book by third parties. In the event of loss or theft of the cheque book or any cheque(s), the Customer shall promptly notify the competent authorities and give immediate notice in writing to the Bank to stop the payment of the lost or stolen cheque(s), the Customer shall bear any losses or damage arising thereof in case the Bank paid the amount of any lost cheque according to the legal and banking principles.
  • 6. A Current Account may not become overdrawn except by previous arrangement with the Bank. However, if the Bank and at its sole discretion allows any overdraft whether or not previously arranged for overdraft, or the increase of any overdraft on the Current Account for any reason, or in the event that any cheque causing the Customer’s Current Account to be overdrawn in excess of the permissible limits or funds or if such cheques are inadvertently honored by the Bank, the Customer shall repay the Bank the amount overdrawn together with interest at the Bank’s overdraft rate and the Bank’s prevailing charges on demand. The overdraft amount and due interest shall be payable by the Customer to the Bank immediately upon demand, provided that the Bank is abided to the Customer’s instructions.
  • 7. No instructions for stop payment of any cheque(s) shall be accepted unless pursuant to the applicable laws. The Bank accepts no responsibility for any failure to comply with such instructions and shall not be held liable for any consequences and cost including without limitation legal fees and penalties, which may arise out of its compliance with such instructions.
  • 8. Acting only as the Customer’s collection agent, the Bank may agree to accept, but without assuming any responsibility for realization, cheques, bank drafts and other similar payment instruments for deposit, provided that they are made out in favor of the Customer or endorsed to his order. For this purpose, the Bank and its correspondents or other agents appointed by the Bank shall be deemed to be the Customer’s agents.
  • 9. The proceeds of cheques or other instruments shall not be available for withdrawal until collected by the Bank. The Bank reserves the right to debit any of the Customer’s Accounts or demand payment from the Customer for any amount exceptionally or mistakenly credited or credited under usual reserve, which are subsequently unpaid.
  • 10. The Bank shall not be liable or responsible for failure to give notice of nonpayment or dishonor of any cheque in connection with any claims, losses or expenses which may arise as a result of returning a dishonored cheque, whether by ordinary or registered mail or any other means. The Bank reserves the right to debit the Customer’s Accounts with the amount of any cheque which was drawn or endorsed in favor of the Customer (whether or not the cheque is drawn on the Bank, its branches, affiliates or subsidiaries) that has been credited to the Account and is subsequently unpaid, whether or not the cheque itself can be returned.
  • 11. Unless agreed to the contrary, the Customer agrees that he is not entitled for interests on the credit balances of the Current Account and that he reserves no right to claim for the payment of any interests on those balances.

C. Joint Accounts Special Terms

  • 1. In the event that the Account is opened in the name of more than one Customer (“Joint Account”) any balance now or hereafter deposited in the Joint Account shall remain jointly owned by the Customers in equal basis unless they agree otherwise.
  • 2. Each of the Joint Customers hereby authorise and empowers the other the right to endorse a deposit and to deposit in the Joint Account any and all cheques, notes or other instruments payable or purporting to belong to the Joint Account holders or anyone of them. Should any instrument(s) be received by the Bank without being endorsed, the Bank is hereby authorised to endorse it/them on the Joint Customer’s behalf and credit the same to the Joint Account.
  • 3. In the event of the death, incapacity, insolvency or bankruptcy of the either of the Joint Account holders or all of them, the Bank may continue to act from time to time in reliance upon the power and authority conferred herein until it shall have received a written notice from or on behalf of one of the Joint Customers of the death, incapacity, insolvency or bankruptcy. Upon receiving such a written notice, the relevant legal provisions shall apply to the Joint Account.
  • 4. Upon the death or legal incapacity of a co-owner of a joint account, the other co-owners shall give notice to the bank of such incident within no more than Ten (10) days from the date of death or incapacitation. The bank shall thereupon freeze withdrawals from the joint account as of the date of notification within the limits of this person's share of the balance on the day of his death or incapacitation pending the appointment of his successor.
  • 1. The liability of each of the Joint Customers shall be joint and several to the Bank for repayment of all Liabilities owing or incurred under the Joint Account and every agreement and undertaking herein shall be construed accordingly and the liability of any one of the Joint Account holders shall not be discharged or affected in any way by reason of the invalidity, void ability, and unenforceability as regards to (a) any other such personal guarantee which the Bank may hold in respect of the Joint Account or any part thereof and (b) by the Bank’s releasing, discharging, compounding with or varying the liability hereunder or making any other arrangement with any of the Joint Account holders or third parties.
  • 2. Each Account holder of the Joint Account hereby agree and authorize that the Bank to assert a lien on the balance in the Joint Account and to all or any part thereof in setting matured or unmatured sums that may then be owing to the Bank by the Joint Customers or any one of them and set-off the amount of indebtedness from the balance of the Joint Account.
  • 3. These Terms and Conditions shall not be waived, altered, modified and amended as to any of its terms or provisions without the Bank’s prior written approval, and only to such an extent that the Bank, in its absolute discretion, shall determine.

D. Saving Accounts Special Terms

  • 1. The cash withdrawal slips available at the Bank branches or such other instruction acceptable to the Bank shall be used in making all withdrawals from the Savings Account(s).
  • 2. Subject to any minimum balance requirement for the Savings Account, the interest rate applicable for the Savings Account shall be available at the Bank branches and website and shall be subject to change with notification. The interest payable on the Savings Account will be computed and credited to the Customer Account in line with the product features as applicable and as determined by the Bank from time to time. Interest rates, tiers, crediting cycle and any other features of the Saving Account are subject to change at any time at the Bank sole discretion and with notification.
  • 3. Any Account holder who is a minor (below the age of 18 years) or is otherwise lacking full Legal capacity must attend the Bank personally and be accompanied by his guardian when carrying out any transaction(s) in his/her Account(s).
  • 4. If the Customer is a minor (below the age of 18 years), the Savings Account shall be opened by his/her legal guardian who will execute all the Account opening documentation and carry out all the transactions in the Saving Account. Such arrangement shall continue until the minor has attained the legal age or has the permission of his/her guardian or custodian to receive his / her funds and manages his/ her Account. In the case of the minor under guardianship, a decision of a competent court shall be produced regarding the lifting of custody for enabling the minor to operate his/her Account by himself/herself.
  • 5. In addition to the above, information related to Accounts of minors should be updated regularly, and the Bank should be informed when the minor has attained the legal age, otherwise the Bank shall has the right to freeze the Account till data updating is completed.

E. Fixed Deposit Account Special Terms

  • 1. Subject to the Bank’s sole discretion and minimum balance requirement determined by the Bank from time to time, the Customer may open a Fixed Deposit Account. Upon opening such Account, the Bank will issue confirmation advice to the Customer stating the principle sum the term and the rate of interest payable for the Fixed Deposit Account.
  • 1. In absence of any instruction from the Fixed Deposit Customer at the time of placement of the deposit, the Fixed Deposit together with interest accrued, will be renewed at the Bank’s absolute discretion for similar period at the prevailing rate of interest on the date of such renewal.
  • 3. The premature withdrawal of the Fixed Deposit shall render the deposit to be subject to lower interest and premature withdrawal penalty as determined by the Bank from time to time.

F. Call Accounts Special Terms

  • 1. Subject to the Bank’s sole discretion and minimum balance requirement, the Bank may open a Call Account for the Customer; the Customer may be entitled to earn interest on the Account in accordance with the interest rate determined by the Bank.
  • 2. The interest rate applicable on the Call Account shall be available at the Bank branches and website and shall be subject to change without notice. The interest payable on Call Accounts will be computed and credited to the Customer’s Account as determined by the Bank from time to time. Subject to the Bank sole discretion Interest rates, tiers, crediting cycle and any other features of the Call Account are subject to change at any time with notification to the Customer.

G. Dormant Accounts

  • 1. In accordance with CBUAE Regulations in respect of Dormant Accounts which regulates and makes provisions for circumstances if Bank Accounts become dormant, and Bank balances are left unclaimed, the Bank aims to regulate the handling of Dormant Accounts and to ensure following the relevant criteria as prescribed by the CBUAE through the Bank’s Dormant Accounts Policy for controlling, protecting of Banks' Dormant Accounts and how to deal with Dormant Accounts and unclaimed balances. The Bank shall have the right to refuse to debit the Dormant Account including cheques, transfers or any other commercial papers. The Customer shall bear full responsibility for any consequences, claims, proceedings or losses related thereto acknowledges that the Bank, in all cases, shall not be liable for such action. The Customer should approach the Bank and submit a request for re-activating or closing the account.
  • 2. The Bank shall consider an Account as dormant if no withdrawals or deposits (other than those initiated by the Bank such as interest and charges posted by the system or manually) have been initiated on such Account for a period of Three (3) Years from the date of last transaction on the account or any other period specified by the CBUAE from time to time. The Bank will notify the Customer of its decision to consider an Account as dormant.
  • 3. If no response is received from the Customer (whether written or electronic) within three (3) months of the communication following the date the account becomes a dormant, the Bank may be obliged to transfer amounts standing to the credit of a dormant Account to a dormant account ledger maintained by the Bank or the CBUAE as per the CB Regulation.
  • 4. Once the account becomes dormant as per the CBUAE Regulations, the banking statements will no longer be generated for the Customer accounts.
  • 5. Funds transferred to the CBUAE will no longer generate interest payments by the Bank after the funds are moved to the CBUAE account or moved to the internal dormant ledger.
  • 6. The Customer may re-activate a dormant Account by submitting a Request to the Bank with all relevant documentation to prove his/her identity.
  • 7. Any unclaimed balances in foreign currencies will be converted to local currency at the Bank’s prevailing customer rates, prior to the balance transfer to the CBUAE. In case of a claim request, the funds will be reimbursed in the AED equivalent amount at the time of transfer.
  • 8. The Customer acknowledges that neither CBUAE nor the Bank shall be liable for any currency exchange loss as a result of transferring the amounts available in the Dormant Accounts or Unclaimed Balances to the CBUAE.

H. Account withdrawal Special Terms and Conditions

The following terms and conditions are applicable to The Bank Debit Cards issued to the Customer and any transaction related to these Cards.

  • Subject to the Bank sole discretion, the Bank may issue a Debit Card to the Customer who maintains Current Account or Savings Account with the Bank at a branch of the Bank in the UAE.
  • In case of closing the Account by the Bank for any reason, the Customer/Cardholder shall promptly return the Card to Bank and it will become invalid.
  • The Card shall not be used to obtain credit of any type.
  • The Card shall remain the property of the Bank at all times, the Bank may, at its sole discretion, cancel the validity of the Card and request its return at any time by giving notice to the Customer, in which case the Cardholder shall immediately comply with such request.
  • The Card is issued entirely at the risk of the Cardholder who shall indemnify the Bank for all loss or damage howsoever caused resulting from the issuance and use of the Card.
  • The Cardholder undertakes not to disclose his PIN to any other person. In the event of the PIN becoming known to someone other than the Cardholder, that person may be treated by the Bank as an Authorized Signatory/Attorney of the Cardholder and the Cardholder and the Authorized Signatory/Attorney undertake to bear all loss or damage which may occur as a result of disclosing the PIN.
  • The Cardholder shall take the maximum care to prevent the Card from being lost, mislaid or stolen and the Cardholder undertakes not to pass the Card to any other person.
  • In the event that the Card is lost or stolen or the PIN is disclosed to any other party, the Cardholder shall immediately, thereafter report the said loss, theft or disclosure, together with the particular of the Card, to the Bank in person or by calling the Bank call center number specified by the Bank from time to time. Until the loss, theft or disclosure of PIN to third party is reported to the Bank as stated in this clause, the Customer will be responsible for the transactions processed by use of the Card. The Bank shall not be liable for any damages or loss resulting from such loss, theft or disclosure of PIN.
  • Where oral notice of loss, theft or discloser of PIN referred to in clause (8) above is given to the Bank, it must be confirmed in writing by the Cardholder to the branch at which his Account was opened within forty eight (48) hours of the receipt of the oral notice notified to the Bank.
  • The Cardholder shall at all times remain liable for any transaction made by the use of the Card and shall indemnify the Bank for all loss/damage howsoever caused by the unauthorized use of the Card or related PIN. The Bank record of transactions processed by the Card electronically or otherwise shall be conclusive and binding evidence for all-purpose.
  • The amount of any Card transaction in a currency other than UAE Dirham (AED) will be converted into AED at a rate of exchange determined by the Bank for the date when the relevant transaction is debited to the Card Account. The Bank will impose charges on all transactions processed through the ATMs of other banks whether in UAE or abroad.
  • The Bank debits the Account of the Cardholder/Customer with all the cash withdrawal amounts, transfers, direct debits and payments for goods and services made with the Bank, at any ATM machine or the other points of sales, and any other payments made by using the Card, in addition to the banking charges and expenses and in the events where the balance of the Cardholder Account is in debit for any reason resulting from the use of the Card.
  • The Cardholder shall ensure that there is sufficient balance available for drawing in the Card Account before making any withdrawals or transaction. If for any reason such Account is overdrawn by the use of the Card or towards any Bank charges, the Cardholder shall be responsible for settling the overdrawn amount immediately by a direct payment or transfer of funds from any other Accounts maintained with the Bank. Failure to comply with this condition shall entitle the Bank to cancel the Card and/or transfer the overdrawn amount or any amount due from any Account in the Cardholder’s or the Customer’s name maintained with the Bank. If more than one Account is maintained with the Bank, the Bank shall have the right to debit or set off any other Accounts of the Cardholder or the Customer with the Bank in order to cover the overdraft Account of the Cardholder without prior notice.
  • The Card shall be used for cash withdrawals within the daily limit determined by the Bank subject to the Bank sole discretion.
  • The Bank may, at its absolute discretion, with consideration to the Customer’s interest, change the daily cash withdraw limits without giving any reasons or prior notice to the Cardholder. Such Changes shall apply immediately.
  • The Bank may send the Card to the Customer or the Cardholder by normal post or courier to the address of the Customer maintained on the Bank records and at the Customer’s responsibility.
  • Upon receipt of the Card, the Cardholder shall sign the signature panel on the back of the Card immediately, such signature and/or Card activation and/or use of the Card will constitute binding and conclusive evidence of the Cardholder’s confirmation to be bound by these Terms and Conditions, notwithstanding that the Bank is not notified of the Cardholder’s receipt of the Card.
  • If the Card is not collected/ received by the Cardholder within four (4) weeks (or any period determined by the Bank from time to time) from the date of issuance of the Card (or any period determined by the Bank from time to time) the Card shall be cancelled and the Cardholder will bear the issuance charges. If a replacement Card is issued afterwards, a Card replacement fee shall be levied as per the Bank’s prevailing schedule of service and charges.
  • The Cardholders shall be jointly and severally liable to the Bank under these Terms and Conditions if the Account is opened in two or more names.
  • The Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Card or the ATM or the temporary insufficiency of funds in such machine.
  • The Bank reserves the right at all times and without notice to the Cardholder to refuse to authorize any advance cash, cancel or suspend the right to use any Card or PIN in respect of all or specific or transactions and refuse to renew or replace any Card .
  • Cardholder participation in any promotion will be subject to the promotion terms and conditions announced by the merchant and the Bank shall not be responsible of such promotions.
  • All Banking Services provided by the Bank to the Customers are subject to these Terms and Conditions in addition to the terms and conditions outlined and described on the website of the Bank.

I. Phone Banking Services

Phone Banking is a telephone based Electronic Banking Service that allows the Customers who have debit Cards and PIN to perform Financial and Non-financial Transactions on the Customers’ Account with The Bank through telephones.

In the following Terms and Conditions, “Subscriber” means the Customer to whom the above Phone Banking Service is provided, where the service mandate is signed by more than one individual, they shall be jointly and severally bound by these Terms and Conditions.

  • The Subscriber should maintain an Account with the Bank at any branch in the UAE. In the event of the Account being closed for any reason the Phone Banking Service shall immediately cease.
  • The Bank reserves the right to, at its sole discretion, withdraws at any time all rights privileges pertaining to the Phone Banking Service.
  • The Phone Banking Service provided entirely at the risk of the Subscriber who shall indemnify the Bank for all loss or damage howsoever caused resulting from the use of the Phone Banking Service.
  • The Subscriber should not disclose his/her PIN to any other person treated by the Bank as an acting agent of the Subscriber and the Subscriber shall indemnify the Bank against all loss or damage which may occur as a result of the PIN becoming known.
  • The Subscriber hereby irrevocably and unconditionally without any right of objection, accepts all debits made to the Account arising from the use of the Phone Banking service, without limitation.
  • The Subscriber shall ensure sufficient drawing power in the Account to which the Phone Banking Service relates before making any transfers, if for any reason an Account is overdrawn by the use of the Phone Banking Service, the Subscriber shall be responsible for immediately making up the deficit by a direct payment or transfer of funds from any other account maintained with the Bank make a transfer on the Subscriber behalf (if more than one Account is maintained with the Bank). The Bank shall have the right to debit or set off any other Account of the Subscriber with the Bank in order to cover the overdraft Account of the Subscriber without prior notice.
  • The Subscriber can activate the Phone Banking Service by calling 600 529999 or any other number specified on the Bank’s website. After manual verification (set by the Bank from time to time) over the phone, the Subscriber will be given the Phone Banking ID and he can set his own PIN number. No additional documents will be signed by the subscriber for Phone Banking activation.
  • The Bank’s record of any transaction processed by the use of this Phone Banking Service shall be conclusive evidence of such transaction and binding the Subscriber for all purposes.
  • The Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Phone Banking Service.
  • The Bank shall not be responsible for any erroneous payments to utility company (ies) / credit Cards institution(s) arising out of wrong input of consumer / Card number by the Subscriber. The Bank shall not be responsible for any mistake or omission caused in relation to the Phone Banking Service and/or any delay by The Bank due to reasons beyond its control in onward transmission of the funds to the utility company(s) / Card company (ies) which may result in disruption of the utility service and Card related transactions. In the event of part payment of the bill, the utility company may use its power to discontinue the utility service in which event The Bank or the utility company will not be responsible therefore in anyway.
  • Where the Phone Banking Service is made available linked to an account with The Bank in two or more names. It is acknowledged that, irrespective of whether the mode of operation of such Account is joint or either or survivor, the Phone Banking Service may be used by one Subscriber acting alone
  • Phone Banking Service gives the Subscriber the facility to register the mobile number and will identify the Phone Banking ID immediately if the Subscriber calls from his registered mobile number. The Accountholder will register the number at his own risk and responsibility.
  • The transfer limit via Phone Banking Service is up to AED 1,000,000 to any Account in the same currency. Transfers between Accounts of different currencies shall be limited to the equivalent of USD 10,000 (or such other limit which the Subscriber and The Bank may agree) each business day provide that any such limits may be changed by The Bank at any time with or without notice to the Subscriber

J. Severability

The Customer agrees that the invalidity or enforceability of any part of these Terms and Conditions shall not prejudice or affect the validity or enforceability of the other provisions herein.

K. Waiver and Assignment

The Customer agrees that the Bank shall have the right to assign and transfer any of its rights and obligations under these Terms and Conditions to any third party without obtaining the Customer consent. The Customer has no right to assign any of his rights and obligations under these Terms and Conditions without obtaining the Bank’s prior written consent.

L. Fees and Commissions

The Bank may impose any kind of fees and charges on any of the Banking Services provided to the Customer in accordance with rates specified by the instructions of the CBUAE in force.

All charges, commissions and fees are exclusive of Value Added Tax (“VAT”) or any other similar sales tax and the Customer hereby agrees to pay an amount in respect of any applicable taxes.

M. Address

Unless the Customer notifies the Bank in writing about changing his address, the address stated by the Customer in the Account opening form (the “Permanent Address”) and/or the relevant Banking Service application shall be the selected place of domicile on which the Customer shall receive all notices, correspondences, and claims in respect of the Account.

N. Communication and Delivery

  • Any communication between the Bank and the Customer to be made or delivered in connection with any Banking Service shall be made in writing. The Bank shall have the right to send such communication in any format it deems appropriate (including in paper form or electronically). If any Customer has notified the Bank that it is incapable of receiving notices by means of Electronic Communications, the Bank shall send such communication by regular post or courier to the Customer’s address in the Bank’s records.
  • Any communication delivered in electronic form (through electronic mail or mobile telephone) shall constitute delivery of such communication “in writing” or in “written” form. The Customer will not challenge the admissibility of any such communication on the grounds that it is made in electronic form.
  • To avoid disruption to account operations and/or services, it is the Customer’s responsibility to provide the Bank at all times with an up-to-date Emirates ID, Passport copy and/or Trade License, postal address, mobile/ telephone number and electronic mail address and to notify the Bank of any change of contact information previously provided to the Bank.
  • The Bank is entitled to rely on any communication sent to it by the Customer and is not under any obligation to verify the authenticity or accuracy of any such communication.
  • The Customer agrees that telephone conversations with the Bank may be recorded and agrees that any recordings so made are admissible as evidence in any court, arbitration or other proceedings.
  • Any Court order, summons or other process may be served upon the Customer by posting the same to the Customer's address and the same shall be deemed to be good service upon the Customer. The foregoing shall not however preclude the Bank from effecting service of process in any other manner permitted by law.
  • The Bank, in its discretion, agree to accept notices and other communications to it hereunder by Electronic Communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless the Bank otherwise prescribed,
    • notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and
    • notices or communications posted to an Internet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice, e-mail or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.
  • The Customer accepts all the risks (including, but not limited to forgery, hacking and transmission failure) involved in using e-mail or facsimile or registered mail.
  • The Customer agrees that the Bank shall not be liable for executing any instructions received through telephone, facsimile or other form of electronic communication, including but not limited to, registered email IDs. The Customer further agrees to indemnify the Bank from and against all actual liabilities, costs, claims, losses, damages or expenses (including legal fees and expenses) which the Bank may suffer or incur as a result of or arising out of or in connection with the matters specified herein, his/her acting upon any scanned e-mail or facsimile or registered mail or messenger instructions purportedly given by the Customer or by the Authorized Signatory/Attorney or any imperfection or mechanical failure within the fax or e-mail or telecommunication system between the Bank and the Customer.

O. Variation of the Terms and Conditions

The Bank may, from time to time, and at its sole discretion, with prior notice of Sixty (60) days to the Customer by any means as the Bank deems fit, change or amend any of these Terms and Conditions, such changes shall apply on the effective date specified by the Bank in the notification sent to the Customer.

P. Confidentiality

  • The Bank shall keep all Confidential Information confidential and agree to take customary and reasonable precautions to maintain the confidentiality of all Customer Information.
  • Without prejudice to the applicable laws, the Customer acknowledge and authorises the Bank, its officers and agents to disclose all such Confidential Information relating to his/her Accounts and/ or financial relationships with the Bank, including but not limited to details of any credit facilities, any security taken, transaction undertaken, balances and financial positions with the Bank, to:
    • to any Agent of the Bank to the extent necessary to enable the Bank to provide Services to the Customer
    • Any professional advisors and service providers of the Bank who are under a duty of confidentiality to the Bank;
    • Any actual or potential participant or sub- participant in relation to any of the Bank’s rights and/or obligations under any agreement with the Bank, or its assignee or transferee (or any agent or adviser of any of the foregoing);
    • to any rating agency, insurer or insurance broker, or direct or indirect provider of credit protection to the Bank in connection with the Services provided by the Bank;
    • to the Etihad Credit Bureau, any other authorised credit reference agency or credit bureau or the Emirates Movable Collateral Registry;
    • as required by any applicable law;
    • as required by any court, tribunal, regulatory, supervisory, tax, sanctions, governmental or quasi-governmental authority having jurisdiction over the Bank or that the Bank reasonably believes has jurisdiction over the Customer;
    • as may be required in order to preserve or enforce any of the Bank’s rights or remedies against the Customer.
  • The Customer authorises the Bank to obtain information, on an ongoing basis, from banks and other financial institutions, the Etihad Credit Bureau, the Emirates Movable Collateral Registry, the Customer’s employer or any other body as the Bank deems appropriate, about the Customer’s financial and non-financial information which includes but not limited to the details of the Customer’s banking facilities, financial position, income and any other information relating to the Customer which the Bank deems appropriate without any reference to the Customer.
  • The Customer hereby authorizes the Bank to request any information about the Customer, his residence, address, or the residence address of any of his family members whether in the UAE, home country or any other country where the Customer resides. The Customer also agrees to the Bank inquiring about the telephone numbers and mailing address of the Customer and request any information relating to the Customer whether directly or through any of the Bank agents with reference to or prior permission from the Customer.
  • The Customer agreed that the Bank has the right to authorize any lawyers and collection agencies (in or outside the UAE) to follow up the procedures of collecting any due indebtedness from the Customer. The Customer hereby authorizes the Bank to provide such lawyers and agencies with any information or documents pertaining to the Customer’s Account. The lawyers and the collecting agencies are authorized to take the appropriate action on behalf of the Bank while fulfilling their mission including contacting the Customer.
  • The Customer further acknowledge that the Bank may disclose Customer information that has become public other than through breach of these confidentiality obligations or which is obtained by the Bank from a third party who is not known by the Bank to be bound by a confidentiality agreement with respect to that Customer information.

Q. Privacy Notice Overview

  • The Bank is aware of the importance of safeguarding the privacy and confidentiality of the Customer Data and will maintain appropriate administrative, physical, and technical safeguards for protection of the security, confidentiality and integrity of Customer Data.
  • The Bank may collect, use, store or otherwise process any such information (whether provided electronically or otherwise) and may disclose any such information (including, without limitation, information relating to the Customers transactions and accounts) under or pursuant to any court order or by any regulatory authority.
  • The Bank may process the Customer’s personal data for the following purposes:
    • processing applications for Services, including assessing the Customer’s suitability and performing necessary checks and risk assessments;
    • providing Services (including Electronic Banking Services), such as effecting payments or transactions and completing instructions or requests;
    • monitoring and analysing the conduct of your account;
    • establishing and managing banking relationships and accounts;
    • conducting market research and surveys with the aim of improving the products and services offered by the Bank;
    • sending the Customer information about the Bank’s Services for the purpose of marketing and promotion;
    • preventing, detecting, investigating and prosecuting crimes (including but not limited to money laundering, terrorism, fraud and other financial crimes) in any jurisdiction through identity verification, government sanctions screening and due diligence checks;
    • complying with applicable laws, regulations, policies, voluntary codes, judgements or court orders, as well as any request by any authority, regulator or enforcement agency or body;
    • establishing, exercising or defending legal rights in connection with legal proceedings (including any prospective legal proceedings) and seeking professional or legal advice in relation to such legal proceedings.
  • The personal data requested by the Bank is necessary to perform the Services. If it is not provided to the Bank, the Bank may be unable to comply with its legal or regulatory obligations or to provide the Customer with the Services.
  • The Customer’s personal data processed by the Bank is kept in a form which permits the Customer’s identification for no longer than is necessary for the purposes for which the personal data is processed in accordance with legal, regulatory and statutory obligations. At the expiry of such periods, the Customer’s personal data will be deleted or archived to comply with legal retention obligations or in accordance with applicable statutory limitation periods.
  • The Customer may have the right at any time to request from the Bank as far as permitted by applicable laws, regulations, access to and rectification or deletion of the Customer’s personal data.
  • For our full Privacy Notice please visit our website Privacy Policy

R. Language and Interpretation

The Terms and Conditions are made in bilingual (Arabic/English) text however, if there is any contradiction between the Arabic and English text, the Arabic text shall prevail.

S. Governing Law and Jurisdiction

These Terms and Conditions shall be construed in accordance with the laws of UAE and the rules, regulations and directives of the Central Bank of UAE. The law governing the Accounts or any Banking Service or transaction is the law of the Emirate in which the Account maintained, in the event of a dispute arising in relation to any Account, Banking Service or transaction the courts of such Emirates shall have jurisdiction, provided that the Bank may, if it deems appropriate, bring proceedings in any other jurisdiction, inside or outside the UAE.

AL MASRAF REWARDS TERMS AND CONDITIONS

Arab Bank of Investment & Foreign Trade PSC (hereinafter referred to as “Al Masraf”, “the Bank”, “we” or “us” ) and the Cardholder (hereinafter referred to as “you”, “your” or “ Customer” ).
1. Al Masraf Rewards Program is offered exclusively to all Al Masraf MasterCard Cardholders (“Cardholder”), Al Masraf Rewards Program rewards the Cardholder for using their Al Masraf Cards in accordance with the Terms and Conditions hereafter. No special enrolment or fees are required although the Bank solely reserves the right to introduce an enrolment fee at any time.
2. Cardholders wherever used herein shall mean Al Masraf MasterCard Cardholders who are enrolled in Al Masraf Rewards Program.
3. The Cardholder shall be eligible for Al Masraf Rewards subject to these Terms and Conditions hereinafter.
4. Al Masraf Rewards Program Features
a. Al Masraf Rewards is defined as the AED amount accrued via retail transactions performed on the Card that are categorized as eligible at the Bank’s sole discretion from time to time.
b. Al Masraf Rewards are given on minimum retail spend transactions or upfront Bonus based on annual fees c. The Bank may vary the fees and charges applicable to the Al Masraf Rewards Program at its sole discretion from time to time.
d. Al Masraf Rewards shall be accrued by crediting the Cardholder’s Al Masraf Rewards Program account with AED value earned by the Cardholder. No cheques or cash will be issued by the Bank as part of this Al Masraf Rewards Program.
5. Al Masraf Rewards Program Eligibility 6. In order to qualify for Al Masraf Rewards, the Cardholder should have activated and paid the Card annual membership fee (if applicable) and comply with the rest of the Credit / Debit Card Terms and Conditions as set out by the Bank.
7. Al Masraf Rewards Program allows the Cardholder to be eligible for Al Masraf Rewards Points on all retail purchase transactions.
8. However, a particular transaction shall not be deemed to be termed as an eligible retail purchase transaction if the same is accrued as a result of the following:
a. All Card fees and charges
b. Card annual fees, membership fees or renewal fees
c. Any cash withdrawal transactions using the card
d. Balance transfer
e. Balance transfer processing fee (if charged)
f. Card to Account Transfer
g. Card to Account Transfer processing fee (if charged)
h. Card Finance charges
i. Quasi Cash transactions
j. All/Any other fees and charges that are levied by the Bank and, or specified as, ineligible transactions by the Bank from time to time, at its sole discretion .
8. The Bank may, at its sole discretion and with prior notice to the Cardholder, add to, or remove from, the above list of ineligible transactions and charges. The Bank’s decision as to what constitutes an eligible transaction shall be final and conclusive.
9. Accrual of Al Masraf Rewards
10. A Cardholder becomes eligible for Al Masraf Rewards as per the promotional schemes and eligibility criteria set forth by the Bank from time to time.
11. The Bank reserves the right to alter, amend and change the Al Masraf Rewards Program eligibility criteria at any time with prior notice to the Cardholder.
12. The Bank reserves the right, at any time and with prior notice to the Cardh older, to change the earn/redemption ratio of Al Masraf Rewards.
13. Al Masraf Rewards Bonus
14. Al Masraf Rewards Bonus can be awarded to a Cardholder for particular promotions and offers as specified by the Bank from time to time.
15. Al Masraf Rewards Bonus can be awarded to the Cardholder upon successful activation and usage of the card at the Bank’s sole discretion.
16. Al Masraf Rewards Bonus will be calculated on the basis of transactions billed to the Card Statement of Account for a particular billing month.
17. The Bank can, from time to time, also award additional bonus rewards ‘Al Masraf Points’ to Cardholders at its discretion, intimated by prior notification to the Cardholder by accepted modes of communication that shall be decided by the Bank from time to time.
18. Redemption of Al Masraf Rewards
19. Al Masraf Rewards shall be redeemed online at https://rewards.almasraf.ae The value of Al Masraf Rewards earned can only be redeemed for the valid redemption options offered on the Al Masraf Rewards Website as defined by the Bank at the point of redemption. This may include, but may not be limited to, the purchase of air tickets, hotel bookings, car hire, or other services offered on the Al Masraf Rewards Website as well as availing the option to redeem for a Cash Back amount to the credit card / a ccount linked to debit card as defined by the Bank. The redemption amount requested by the Cardholder is to be within the amount of Al Masraf Rewards Points that the Cardholder has already accumulated as part of the program. No cheques or cash will be issued by the Bank as part of the Al Masraf Rewards Program. The Bank may link with reward partners with whom you may use your reward points. The Bank’s selected reward partners may change at any time without notice.
20. Once the redemption request is accepted by the Bank, redemption requests under the Al Masraf Rewards Program cannot be amended, cancelled or revoked. Redeemed amount cannot be reinstated. 21. The Cardholder may only redeem those Al Masraf Rewards registered and credited to the Cardholder’s credit card account / account linked to debit card at the time of making the redemption. The records of the Bank shall be conclusive evidence in respect of the registered amounts and credited to the Card holder’s credit card account / account linked to debit card. 22. All redeemed Al Masraf Rewards - shall be deemed as a benefit made by the Bank to the Cardholder. However, such benefit made exclusively as part of the Al Masraf Rewards Program offered by the Bank in accordance with these Terms and Conditions, and the same does not in any way create a liability or obligation on the Bank in that regard.
23. Al Masraf Rewards shall be valid for indefinite period from the date of accrual. However, the Bank reserves the right to amend this condition at any time with prior notice to Cardholder. 24. Cardholder can view Al Masraf Rewards statement summary and transactions summary online on the Rewards website.
25. Al Masraf Rewards cannot be transferred, assigned or carried on to any other Card offered by the Bank or to any other person or a corporate entity either by operation of l aw or otherwise.
26. General Exclusions
27. The Cardholder shall participate in the Al Masraf Rewards Program in good faith with genuine intentions. Any fraud, misuse, illegal use or abuse of the Al Masraf Rewards program may result in the forfeiture of the program. The Bank reserves the right without notice to cancel the Card as well as cancel/nu llify all the Al Masraf Rewards accumulated in case of an eventuality of fraud, illegal use or abuse of the AL MASRAF Rewards Program.
28. The Bank may from time to time with prior notice alter, vary, change or modify the Terms and Conditions related to Al Masraf Rewards Program as well as the accrual and redemption matrices of Al Masraf Rewards Program with prior notice to the Cardholder.
29. The Cardholder should maintain their Credit Card account / account linked to debit card in good order with the Bank in order to remain eligible for inclusion within the program (including both the accrual and redemption of Al Masraf Rewards). The Cardholder’s account must be in good standing, valid (meaning not cancelled or terminated or inactive or dormant) and current (meaning there are no past due balances on the account) to be eligible for redemption of Al Masraf Rewards. In the event of any of the Cardholder’s accounts being blocked/suspended/overdue for any reasons whatsoever or if the Cardholder breaches these Terms and Conditions then the Bank reserves the right to suspend the operation of the Al Masraf Rewards Program or cancel/nullify all accumulated Al Masraf Rewards at its sole discretion. The Bank shall not be liable to compensate the Cardholder in any way once the Al Masraf Rewards programs has been cancelled or changed. 30. Al Masraf Rewards Program is not available for transactions intended for business or commercial use or on Transactions conducted at establishments owned by the Cardholder either wholly or in part. Any such Transactions shall automatically disqualify the Cardholder from the Al Masraf Rewards Program and the amount of Al Masraf Rewards the Cardholder has already accumulated as part of the program will be forfeited and the Bank reserves the right to recover such benefits obtained by the Cardholder as a result of the Car dholder engaging in such transactions.
31. Al Masraf Rewards cannot be exchanged / swapped / bartered with any other rewards / loyalty program that the Bank may or might have offered from time to time.
32. Al Masraf has no responsibility for the delivery, standard, or quality of any rewards received or supplied by its rewards partners. All rewards are subject to the applicable rules and terms and conditions of the rewards partners. Any disputes or claims regarding rewards are directly bet ween the Cardholder and the rewards partner. Any disputes regarding delivery, service, suitability, merchantability, availability or quality of the products/services must be addressed in writing by the Cardholder directly to the rewards partner and the Ban k shall not entertain any communication in this regard.
33. The Bank is entitled, at any time and with prior notice or liability to the Cardholder in any manner whatsoever, to terminate Al Masraf Rewards Program and/or cancel / forfeit and/or vary its benefits or features, and/or vary, add to or delete any of the Terms and Conditions outlined herein, and/or withdraw or change the participants of Al Masraf Rewards Program and/or the manner of their redemption even though any of such acts may diminish the value of the Al Masraf Rewards already accumulated.
34. Al Masraf Rewards are awarded on Cards as per earn ratio mentioned on Al Masraf website.
35. Cash withdrawals & Exchange house transactions are not applicable for issuance of Al Masraf Rewards
36. Al Masraf Rewards will only be credited subject to Al Masraf Rewards account being active. It is customer’s responsibility to ensure that credit card, Debit card & Al Masraf Rewards Account is activated to earn Al Masraf Rewards. No Al Masraf Rewards will be accumulated if the credit card, debit card, account linked to debit card & Al Masraf Rewards Account is not active.
37. Bonus amount will be awarded in lieu of Annual fees on credit card based on the minimum total retail spends / purchases in 12 months from date of Card issuance. Minimum spends per card criterion is available on Al Masraf website.
38. All Al Masraf Reward balances will be forfeited in case of credit card is closed/cancellation/goes delinquent and debit card closure / account linked to debit is closed/inactive/dormant/restricted.
39. The Bank reserves the right, at any time with prior notice to the cardholder, to change the applied policies and the Terms and conditions for Credit / and Debit card.

GENERAL TERMS AND CONDITIONS FOR CREDIT CARD

1. DEFINITIONS
i. “Application Form” means the Credit Card Application Form;
ii. “Bank” means Arab Bank for Investment & Foreign Trade - Al Masraf, its successor(s) and/or assignee(s);
iii. “Card Account” means the credit card account maintained by the bank in relation to any Card purchases, Cash Advances, interest and any other charges applied to Cardholder’s Card;
iv. “Cash Advances” means any Cash Advance obtained by the use of the Card, the Card number or in any manner authorized by the Cardholder for cash debits to the Card Account;
v. “Card” means the Al Masraf VISA Card and/or MasterCard issued to a Cardholder;
vi. “Cardholder” means the Principal Cardholder or a Supplementary Cardholder for whose use a Card is issued by the Bank;
vii. “Cooling-Off Period” is a period of five (5) Business days after agreeing to obtain the Credit Card, allows a Customer to reconsider the purchase and to withdraw from the Agreement without suffering any undue costs, obligations or inconvenience. The Cooling-off Period begins immediately after signing of the Agreement
viii. “Credit Limit” means the maximum drawing permitted on the Card as determined and notified to the Principal Cardholder by the Bank from time to time;
ix. “Debit Balance” means the total of all Card payments, Cash Advances, interest, handling charges, fees and other sums debited by the Bank to the Card Account as reduced by any effective credits into the Card Account;
x. “PIN” means a Personal Identification Number issued to the Cardholder;
xi. “Principal Cardholder” means a person in whose name a “Card Account” as defined below is maintained by the Bank;
xii. Schedule of Fees and Charges: Attached to the Application Form and also available on Al Masraf Website.
xiii. Security : means any guarantee or security that includes but not limited salary, cheques, cash deposits, bank guarantee or promissory note etc. provided by the customer or any third party in a form acceptable to the Bank as a security for the performance of the Cardholder obligations and liabilities relating to the Credit Card”; xiv. “Supplementary Cardholder” means a Cardholder nominated by the Principal Cardholder under condition 3 (below).
2. USE OF THE CARD
The Card must be signed by the Cardholder immediately on receipt and may only be used: i. By the Cardholder,
ii. Subject to the terms and conditions current at the time of use.
iii. Within the available balance in his/her Card Account,
iv. During the validity period embossed on the Card,
v. Subject to the right of the Bank, in its absolute discretion and without prior notice, at anytime to withdraw the right to use the Card for, or to refuse any request for authorization of any particular Card payment or Cash Advance and to communicate any such withdrawal or refusal to any third party.
3. SUPPLEMENTARY CARDS
The Bank may issue Supplementary Cards to persons nominated by the Principal Cardholder. However, the Principal Cardholder will be irrevocably and fully liable for all amounts which may arise from the use of such Supplementary Card(s) or Card number(s).
4. RENEWAL
The Bank will renew the Cards at its respective expiry date and will debit the renewal fee, if applicable to the Card Account and will continue to do so until and unless the Cardholder instructs the Bank in writing to stop the renewal of either the Primary or the Supplementary or both Cards at least 45 days prior to the Card Expiry Date, in this case, the Security will be released after the return of the card to the Bank for cancellation and full settlement of all the amounts outstanding under the Card Account.
5. THE CARD ACCOUNT
i. The Bank will debit the Card Account with the amounts of all fees, Card payments and Cash Advances, any other liabilities of the Cardholder and any loss incurred by the Bank arising from the use of the Card. The Principal Cardholder will be liable to pay the Bank all amounts so debited whether or not a Sale or Cash Advance Voucher is signed by a Cardholder.
ii. The Bank may set-off the liability of the Principal Cardholder under this agreement against another account of the Principal Cardholder with the Bank.
iii. The Bank will normally send a periodic statement showing details of all amounts debited to the Card Account.
iv. The data and information contained in the periodic statement of account sent to the Cardholder by the Bank shall form conclusive evidence of the Cardholder’s indebtedness thereof.
v. The amount of any Card payment or Cash Advance in a currency other than UAE Dirhams will be converted at a rate of exchange determined by the Bank for the date when the Card payment or Cash Advance is debited to the Card Account.
vi. Subject to any limitation imposed by law, all amounts due in connection with the Card Account will be immediately payable in full on the commission of an act of bankruptcy by or on the death of, the Principal Cardholder or, at the Bank’s discretion.
vii. If the Cardholder does not repay the indebtedness to the Bank on its first request, the Cardholder herewith authorizes the Bank to set off the outstanding balance due from his possessions held as Security without having to notify or inform him beforehand. This authorization is irrevocable and the Cardholder cannot cancel it without first obtaining the Bank’s written consent
6. INTEREST
i. If the outstanding amount, as shown on the monthly statement of card account, is not paid in full on or before the due date, interest shall be levied on the amount outstanding from the transaction date.
ii. Cash Advance transactions will attract interest from the date of the relevant transaction.
iii. The Bank shall have the right, from time to time, at its own discretion and subject to the rates prevailing in the market, to modify the applicable interest rates by serving a notice to the Cardholder. The new interest rate shall be applied as of the date determined by the Bank in the notice served to the Cardholder without the need to obtain the Cardholder’s consent.
7. WITHDRAWAL OF USE OF THE CARD
The Bank may at any time without notice cancel or suspend the right to use the Card or refuse to re-issue, renew or replace any Card, without affecting the Cardholder’s obligations made in this agreement which shall remain in force until all liabilities of the Card have been fully and satisfactorily settled.
8. TERMINATION i. The Principal Cardholder may terminate the Card Account by written notice to the Bank. Such termination shall only be effective on the return to and receipt by the Bank of all Cards issued for use on the Card Account and the settlement of all liabilities of the Cardholder. All usage prior to termination will be binding on the Cardholder. Until termination of the Card Account, the Bank may re-issue Cards from time to time for use by the Cardholders in accordance with these Terms and Conditions.
ii. The Security will be released after 30 days from the date of the Card(s) being physically returned to the Bank for cancellation and full settlement of all amounts outstanding under the Card Account.
9. SAFEGUARDING THE CARD AND PIN i. The Card and related PIN are issued by the Bank at the full risk of the Cardholder. The Bank shall not be held responsible in any way whatsoever for the loss/misuse of the Card and/or PIN
ii. Cardholder will exercise every possible care to prevent the Card and related PIN from being lost or stolen and will notify the Bank immediately and confirm in writing any loss or theft of the same.
iii. The Bank will not be held responsible in case a lost or stolen Card is used prior to receipt by the Bank of written notice of such loss or theft.
10. REFUNDS AND CARDHOLDER CLAIMS i. The Card Account will be credited with a refund in respect of a Card payment or Cash Advance only upon receipt by the Bank of a refund voucher or other refund verification acceptable to it. Subject to any rights vested in the Principal Cardholder by law, no claim by a Cardholder against a third party may be the subject of a defense or counter claim against the Bank.
ii. The Bank shall not be liable in any way if the Card is not honored by a third party.
iii. The Bank shall not be responsible for goods or services purchased by the Cardholder on the Card and in all circumstances the Cardholder must honor all vouchers / transactions executed.
11. VARIATION OF TERMS AND CONDITIONS
i. The Bank may vary these Terms and Conditions at any time or times whether or not a similar variation is made to the Terms and Conditions with any other Cardholder(s). Subject to the requirements of law, notification of any such variation shall be given to the Principal Cardholder by the Bank either in writing or by publication thereof by such means as the Bank may select and a variation so notified shall be binding on the Cardholder.
ii. The Bank will consider that the Cardholder has accepted the changes if the Cardholder keeps or uses the Card thereafter.
iii. If the Cardholder does not accept such changes, then the Cardholder may wish to terminate the Card Account in accordance with clause 8 (Termination).
12. GENERAL
i. The Bank will not maintain copies of signed Card transaction vouchers (sale vouchers). In case of a dispute, the bank may, upon the written request of the Cardholder, provide a photocopy or microfiche copy of the disputed transaction voucher as a documentary proof of the debit transaction, provided that such request is presented to the Bank within 30 days from the relevant statement date. In no event will such request be entertained if the disputed transaction date is over 60 days.
ii. Cardholder must verify all Card transactions appearing on his/her Card statement. In case of any discrepancy (ies) or dispute, Cardholder must notify the Branch Manager or the Al Masraf Card Centre in writing within 15 days of the statement date, failing which, all Card transactions will be confirmed as correct.
iii. Card may be collected by the Cardholder from the Bank or will be sent by Courier to the address notified to the Bank by the Cardholder at the sole risk of Cardholder.
iv. Cardholder shall sign the Card immediately upon receipt and such signatures will constitute binding and conclusive evidence of the confirmation of the Cardholder to be bound by the Terms & Conditions notwithstanding that the Bank is not notified of the Cardholder’s receipt of the Card.
v. The Bank issues Cards on the understanding that goods, tickets or services obtained with a Card will not be resold or returned for cash refund. However, goods or tickets may be returned for credit to the Card Account provided the merchant accepts such returns.
vi. Card must not be used for any unlawful purpose, including the purchase of goods and services prohibited by local law/jurisdiction.
vii. To ensure international acceptability, information about a Card Account may be transferred confidentially within the worldwide VISA and/or MasterCard networks, at the Bank’s sole discretion.
viii. The Cardholder hereby consents that the Bank may at its sole discretion or if required to do so, disclose any information concerning the Card Account, any data relating to Cardholder and any credit facility availed or to be availed by Cardholder (including and not limited to details of credit card transactions, repayment history and defaults) which the Bank deems fit:
a) To its agent(s) (if any) appointed at any time in connection with the administration of the Card;
b) To any member of Al Masraf group, its subsidiaries, affiliates, associates, service providers, assignees, agents, insurers, third party contractors or any other bank or financial institution;
c) To Etihad credit bureau, agency and/or any other institution as required in order for the Bank to consider Cardholder’s Application or provide the Cardholder with its services.
d) To debt collection agencies, court(s), tribunal(s), regulatory body(ies), lawyers, auditors, any third party reward, loyalty, privileges or co-branding programme service providers or any co-branding partners of the Bank and other professional advisors engaged by the Bank or any other entity that the Bank may engage or communicate with for the purpose of providing benefits to you;
ix. Cardholder’s consent for collection and sharing of Information as described above is mandatory and the Cardholder acknowledges that the Bank may not be able to provide a requested product and/or service if such consent is not given or revoked at any time. A future withdrawal of expressed consent by a Cardholder shall not affect the lawfulness of processing of Information based on the prior expressed consent. Unless specified otherwise, the withdrawal shall take effect within 30 calendar days of the Cardholder requesting the withdrawal with the Bank.
x. The Bank may in certain cases be obligated to report information and account balances of Cardholder whom it deems, due to reasonable expectation, to be a foreign resident, citizen or person of a foreign government or jurisdiction. This information will only be shared with the relevant foreign tax authority or government of that foreign jurisdiction. Cardholder acknowledges that the Bank will perform this duty without any liability on its part and it shall not be considered a breach of any duty of confidentiality owed to the Cardholder.
xi. Cardholder authorizes the Bank to obtain and/or verify, from time to time, any information or data relating to Cardholder as the Bank may deem appropriate from any third party as the Bank in its sole discretion may determine. Cardholder also understands that he/she will receive marketing communication in the form of e-mail or SMS from the Bank from time to time.
xii. The Cardholder shall immediately notify the Bank in writing, of any change of his/her name, telephone/Mobile number, email and/or home/office address.
xiii. The Bank shall not be liable if it is unable to perform its obligations due (directly or indirectly) to the failure of any machine, data processing system or transaction link, or anything outside the control of the Bank, its agents or sub-contractors. Even if the Bank is unable to produce or send a statement, the Principal Cardholder’s liability shall continue.
xiv. Registration for Internet shopping: Cardholder agrees to register for VBV/Secure code as outlined in the relevant VBV/Secure code booklet and agrees to be fully liable for any transactions conducted via Internet without registration should they be reported as unauthorized/fraudulent later.
xv. These Terms & Conditions shall be construed and governed by the laws for the time being in force in the United Arab Emirates.
xvi. The bank shall have the right, at any time and in its sole discretion, to merge the accounts of all cards in one account.
13. EASY PAYMENT PLAN (EPP) TERMS & CONDITIONS
The following terms and conditions are applicable to the Easy Payment Plan.
13.1. GENERAL
i. The Easy Payment Plan (EPP) is available to Al Masraf (the “Bank”) credit cardholders (“Cardholders”).
ii. The purpose of the EPP is to enable the Cardholder to purchase selected goods and services using the Credit Limit available on the Cardholder’s Card Account and to repay the amount of the purchase in equal monthly installments in accordance with these EPP terms and conditions.
13.2. ELIGIBILITY
The EPP is offered exclusively to the Cardholder, as long as the Cardholder’s Card Account is in good standing as per these Terms and Conditions. Every Cardholder is automatically eligible to participate in the EPP. Transactions made by both Primary and Supplementary Cardholders can be converted into EPP. However, the request to convert the transaction into EPP can be made only by Primary Cardholder.
13.3. CONDUCTING AN EPP TRANSACTION
0% EPP (EPP where interest is not required to be paid to the Bank)
i. The 0% EPP will be available for select goods and services offered by specific merchants determined by the Bank from time to time.
ii. When availing of the EPP for the select goods and services, the total amount payable to the Bank (the “Total EPP Price”) will be the sum of the purchase price of the goods and services and the deferred payment charges.
iii. The select goods and services offered by the specific merchants, the applicable deferred payment charges, the number of monthly installments to be paid and the total period over which such monthly installments shall be paid (the “EPP Term”) with respect to each good and service shall be determined by the Bank from time to time and communicated to the Cardholder accordingly (hereinafter referred to as the “Offer”).
iv. The deferred payment charges and the EPP Term may vary from one Offer to another.
v. The Bank will authorize an EPP transaction provided that the amount of the EPP transaction is within the Cardholder’s available Credit Limit and that the Card Account is in good standing as per these Terms and Conditions at the time of the transaction.
vi. If the Cardholder is interested in availing of any Offer under the EPP, the Cardholder has to make the purchase at the specific merchant. The Cardholder will have to subsequently call Al Masraf Call Centre on 600 52 9999 or any other number determined by the Bank and request to convert the transaction to an EPP transaction. The Bank will process the Cardholder’s request in accordance with these EPP terms and conditions and the terms applicable to the specific Offer in respect of the deferred payment charges and the EPP Term. If the Bank approves conversion of the transaction to an EPP transaction, the Cardholder will be notified as to the deferred payment charges, the EPP Term and the EPP Monthly Installments on the first Statement of Account following the date of conversion of the transaction to an EPP transaction.
vii. Only transactions within 45 days from the date of purchase will be eligible for EPP. viii. In case of cancellation of EPP, there will be a charge determined by the Bank in its discretion to process the cancellation.
EPP (where interest is required to be paid to the Bank)
i. The EPP will be available for all goods and services offered by any merchant inside and outside the UAE, subject to minimum transaction amount to be determined by the Bank from time to time.
ii. When availing the EPP, the total amount payable to the Bank (the “Total EPP Price”) will be the sum of the purchase price of the goods and services, the interest payable and the deferred payment charges.
iii. The applicable deferred payment charges, the interest payable and the number of monthly installments to be paid and the total period over which such installments shall be paid (the “EPP Term”) with respect to each good and service shall be determined by the Bank from time to time and communicated to the Cardholder accordingly (hereinafter referred to as the “Offer”).
iv. The deferred payment charges, interest rate payable and the EPP Term may vary according to the customer profile with the Bank.
v. The Bank will authorize an EPP transaction provided that the amount of the EPP transaction is within the Cardholder’s available Credit Limit and that the Card Account is in good standing as per these Terms and Conditions at the time of the transaction
PUBLIC vi. If the Cardholder is interested in availing of any Offer under the EPP, the Cardholder has to make the purchase. The Cardholder will have to subsequently call Al Masraf Call Centre on 600 52 9999 or any other number determined by the Bank and request to convert the transaction to an EPP transaction. The Bank will process the Cardholder’s request in accordance with these EPP terms and conditions and the terms applicable to the specific Offer in respect of the deferred payment charges and the EPP Term. If the Bank approves conversion of the transaction to an EPP transaction, the Cardholder will be notified as to the deferred payment charges, the EPP Term and the EPP Monthly Installments on the first Statement of Account following the date of conversion of the transaction to an EPP transaction.
vii. Cash withdrawal or any other cash like transactions through ATM or any other means cannot be converted to EPP.
viii. Only transactions within 45 days from the date of purchase will be eligible for EPP.
ix. In case of cancellation of EPP, there will be a charge determined by the Bank in its discretion to process the cancellation.
13.4. BILLING AND PAYMENT OF THE EPP INSTALMENTS
i. The amount to be paid every month, the “EPP Monthly Installment,” will be computed by dividing the total sum of the transaction amount converted to EPP, the deferred payment charges and the interest charges by the EPP term.
ii. The EPP Monthly Installments will be charged to the Card Account starting from the Statement of Account immediately following the EPP booking date and every month thereafter until the full payment of the Total EPP Price.
iii. When a Cardholder makes a purchase(s) under the EPP, the Minimum Payment Due for the Card Account will be the sum of the EPP Monthly Installment(s) plus all other outstanding transactions multiplied by the required payment percentage determined by the Bank, plus any excess amounts over the Credit Limit and all past due amounts, if any.
iv. If the Cardholder pays less than the Minimum Payment Due by the Payment Due Date specified in the Statement of Account, interest and charges as per EPP Terms and Conditions and the Al Masraf Credit Card Terms and Conditions hereof and the Schedule of Fees and Charges will be applicable.
v. In case of early settlement of EPP transaction before the EPP term, an early settlement fee will be charged to the Cardholder applicable.
vi. If the Cardholder:
a) Fails to make payment in full of two (2) consecutive or four inconsecutive EPP Monthly Installments and/or,
b) Defaults any of his obligations under these terms and conditions or the general terms and conditions of the credit cards and/or,
c) Fails to pay due amounts to Al Masraf on Payment Due Date, then the entire outstanding balance of the Card shall immediately become due and payable by the Cardholder, and the Bank shall have right to demand the immediate payment thereof at its discretion.
vii. If the Card Account is closed prior to the payment in full of the Total EPP Price, the unbilled amount of the Total EPP Price will be immediately billed to the Cardholder. The entire outstanding balance of the Card Account shall immediately become due and payable by the Cardholder, and the Bank shall have the right to demand the immediate payment thereof at its discretion.
13.5. PRODUCT LIABILITY
The Bank will not be liable for any damage or loss incurred by the Cardholder arising out of the purchase, installation, and use or otherwise of the good(s) and/or service(s) under the EPP nor shall the Bank be responsible in any way for the quality of the goods and/or services purchased under the EPP. Any complaint as to the quality of the goods purchased or services rendered through the EPP shall be referred to the relevant supplier or merchant and shall not affect the Cardholder’s obligation to continue paying the EPP Monthly Installments to the Bank.
The purchase of the goods and/or services under the EPP shall be subject to the terms and conditions of the seller or provider of the goods and/or services, which are of no concern to the Bank or to the obligation of the Cardholder to pay the EPP Monthly Installments to the Bank.
13.6. MODIFICATIONS, AMENDMENTS AND CANCELLATION
i. The Bank is entitled at any time and without any prior notice or liability to the Cardholder in any manner whatsoever to terminate the EPP or cancel or vary its benefits or features, or vary, or add or delete any of the EPP terms and conditions. However, the termination of the EPP shall not affect the transactions concluded by the Cardholder and accepted by the Bank under the EPP before such decision nor the Cardholder’s obligations to pay the EPP Monthly Installments with respect to such transactions. The Bank is also entitled to determine a floor limit for the minimum purchase amount allowable under the EPP for each particular Offer.
ii. The Bank shall be entitled to disallow or refuse any transaction submitted by the Cardholder to it under the EPP without providing any reason whatsoever.
13.7. ACCEPTANCE OF TELEPHONIC INSTRUCTIONS
i. The Cardholder authorizes the Bank to accept telephone instructions given to the Bank to convert a transaction into EPP whenever the Bank receives a telephone call from the Cardholder.
ii. The Cardholder agrees that the confirmation by the caller of the Cardholder’s identity will be sufficient evidence for the Bank to identify the caller and to act upon his/her instructions.
iii. The Cardholder agrees to the recording of such telephone calls by the Bank and accepts such recordings as evidence before a Court of Law or any other legal proceedings with regards to all the particulars of the EPP including, but not limited to issuance of the EPP, the Total EPP Price, the EPP Term, the EPP Monthly Installments etc.
13.8. MISCELLANEOUS
The Bank shall not be responsible for any delay in the transmission to the Bank of evidence of an EPP transaction by the specified merchants or any other third party.
13.9. APPLICABLE LAW
These Terms & Conditions shall be construed and governed by the federal laws for the time being in force in the United Arab Emirates as they are applied in the Emirate of Abu Dhabi and the laws of the Emirate of Abu Dhabi.
14. EASY CASH TERMS & CONDITIONS
• The total amount advanced to the Cardholder by the Bank under the Easy Cash Program (the “Easy Cash Amount”) along with the total interest payable for the period during which installments are payable by the Cardholder in respect of such amount (the “Installment Period”) will be charged to the relevant Card Account reducing the available Credit Limit and cash limit.
• The Bank shall transfer the Easy Cash Amount to the bank account in the UAE requested by the Cardholder by way of an electronic funds transfer provided that such bank account is in the name of the Cardholder.
• The Cardholder shall repay the Bank the Easy Cash Amount together with the interest payable in equal monthly installments during the Installment Period.
• The Easy Cash Amount issued by the Bank shall not be less than AED 1000 and in all cases shall not exceed seventy five per cent (75%) of the available Credit Limit of the Card as of the date of processing the Cardholder’s Easy Cash Program application.
• The interest rate applying to the Easy Cash Amount is a flat rate.
• If the Easy Cash Amount requested by the Cardholder exceeds more than the eligibility criteria at the time of transfer by the Bank, the Bank will automatically transfer only the amount to which the Cardholder is eligible.
• In case of early settlement of the Easy Cash Amount before the expiry of the Installment Period, an early settlement fee of AED 150 will be charged to the Card Account. Further, all interest, fee and charges will be borne by the Cardholder and no such amount will be waived by the Bank.
• The monthly installment applicable will appear on the monthly Card statement and must be paid on the applicable due date.
• Approval of Easy Cash Amount is at the sole discretion of the Bank.
• Al Masraf Points will not be credited in respect of the Easy Cash Program.
• It is the Cardholder’s sole responsibility to ensure that the information provided to the Bank is correct and valid.
• These terms and conditions are governed by and construed in accordance with the laws of the United Arab Emirates as applicable in the Emirate of Abu Dhabi and the laws of the Emirate of Abu Dhabi.
• In no event shall the Bank, any of its affiliates, or any of its officers, directors, employees or agents be liable or responsible for any loss, damage or expense arising out of or otherwise related to the Easy Cash Program.
• The Bank does not offer or provide any warranties, or accept any responsibility or liability of any kind in respect of the Easy Cash Program and hereby disclaims any and all express or implied warranties with respect of the same.
• The Bank shall not be in breach of its obligations or otherwise be liable to conduct the Easy Cash Program as a result of any Force Majeure Event. A Force Majeure Event in these terms and conditions, shall mean circumstances beyond the reasonable control of the Bank including, amongst other things, acts of God, industrial disputes, acts and regulations of any governmental or authority in any jurisdiction. In such circumstances, the Bank’s obligations to the Cardholder shall automatically stand discharged without the need to provide notice.
• The Bank reserves the right, at its absolute discretion, to amend and/or supplement these terms and conditions at any time without any prior notification to the Cardholder. Any such amendments or supplements shall be provided on the Bank’s website at http://www.almasraf.ae/
• The Card’s Credit Limit and cash limit will be blocked in respect of the amount that has been extended by the Bank to the Cardholder.
• The Easy Cash Program can be availed by a Cardholder for different tenures at different interest rates subject to the payment of fees and Charges imposed by the Bank as may be set forth by the Bank from time to time.
• The Bank shall charge a processing fee that is a percentage of the total Easy Cash Amount.
• The minimum Installment Period is three (3) months.
• In case the Card Account is overdue or delinquent, applications to participate in the Easy Cash Program shall be declined.
• The Bank is entitled to accelerate the repayment of all future monthly installments in the event of any of the following:
o The Cardholder’s failure to pay a monthly installment by the due date;
o An application for bankruptcy or if bankruptcy proceedings have been initiated against the Cardholder;
o A court order has been issued to freeze the accounts of the Cardholder; o The Cardholder’s death; or
o The Cardholder’s failure to repay the Bank any other outstanding amounts.
o In such cases, the remaining installments shall become immediately payable.
o If the Card Account is closed by the Cardholder or by the Bank before all repayment installments have been repaid, then the total of all of the remaining repayment installments shall be accelerated and charged to the final Card statement of account.
o The Easy Cash Amount will be credited to the Principal Cardholder’s account only.
o The Cardholder acknowledges that he/she has read the entire Terms and Conditions and accepts to be bound by them
15. BALANCE TRANSFER
i. Only non-Al Masraf credit cards with outstanding balances in AED are eligible to transfer outstanding balances to a Al Masraf Credit Card.
ii. The preferential interest rate is applicable only on the balance transferred.
iii. Balance Transfer is allowed up to a maximum utilization of 90% of the total credit limit.
iv. You must continue to make the required payments on your other bank credit card until you confirm that settlement has been processed. The Bank will not be liable for any new overdue payments or interest incurred.
v. Early settlement or Cancellation fees on Plans - AED 150 cancellation and total promotional interest applied from date of booking.
vi. Al Masraf reserves the right to amend or cease this offer without giving prior notice and to decline any balance transfer request at its sole discretion.
16. CONTACTLESS:
i. Unless and until you notify the bank of the loss of Al Masraf product, theft or any un authorized access of your card, you will be responsible for the unauthorized usage/transactions and you will indemnify & hold harmless the bank & its affiliates from any liability arising out of such unauthorized access/usage
ii. Your card has contactless technology. Subject to certain restrictions and limits, this allows you to use your card at certain merchants, without swiping and without the requirement to input your PIN or OTP.
iii. Al Masraf bank nor its affiliates shall not be responsible for any liability arising out of such transactions
iv. Card transactions done through a contactless feature will be subject to certain maximum value per transaction & maximum number of contactless transactions per day (refer to Al Masraf website for current limits). These limits are subject to change by the bank at its sole discretion. Such limits may also vary from merchant to merchant, country to country & type of cards.
v. If the card contactless transaction exceeds any of the limits referred to above, bank reserves the right to decline the transaction or you may be required to enter your card PIN or sign in order to complete the transaction.
17. E-STATEMENT:
I understand and agree that the Monthly Card E-Statement will no longer be sent via mail as a hard copy and will only delivered on registered email address. The Non receipt of the Credit Card e-Statement due to incorrect email address (or any reason) shall not be construed to be sufficient reason for nonpayment of dues on time.
18. COOLING-OFF PERIOD
18.1 You have the right to refuse the Credit Card during the Cooling-off Period without any penalty and/or providing any reason.
18.2 Should you refuse the Credit Card within the Cooling-off Period, any fees or charges shall be refunded back to you net of any direct costs already incurred by the Bank. You must settle any outstanding balance/debt (other than fees levied by Al Masraf) in full immediately.
18.4 The Customer is required to notify the Bank of their withdrawal from the Credit Card within the Cooling-off Period in writing or via electronic means acceptable to the Bank.
18.5 The Bank may require you to waive your right to a Cooling-off Period for immediate processing of your Application. If you choose to waive your right to a Cooling-off Period, you will no longer be entitled to a refund of fees and/ or charges.
19. AL MASRAF POINTS ENROLMENT
You will be automatically enrolled into the Al Masraf Points Loyalty program. For Al Masraf Points, detailed terms and conditions, please visit www.almasraf.ae

For updated Credit Card Terms & Conditions, visit www.almasraf.ae

GENERAL TERMS AND CONDITIONS FOR CORPORATE CREDIT CARD

1. DEFINITIONS
i. “Al Masraf” means Arab Bank for Investment & Foreign Trade - Al Masraf, its successor(s) and/or assignee(s);
ii. “Application Form” means the Corporate Credit Card Application Form;
iii. “Corporate Card Account” means the credit card account maintained by Al Masraf opened in the name of the Customer for the purpose of issuance of a Corporate Cards to any Cardholders designated by the Customer. Al Masraf will record and post in the Corporate Card Account all credits and debits received or incurred by using the Corporate Cards pursuant to these terms and conditions and includes, without limitation, all debts incurred resulting from any Cash purchases, Cash Advances and/or Charges and/or liabilities arising out of or in connection with any Card Transaction or otherwise.
iv. Authorized Signatory/Attorney: means, any person who is duly authorized and has legal capacity (in such manner as may be reasonably acceptable to Al Masraf ) to execute or sign these Terms and Conditions or other document or application to be executed or signed under or in connection with the Corporate Credit Card on behalf of the Card Holder/Customer. The Authorized Signatory/Attorney commits that these Terms and Conditions are valid, legal and enforceable.
v. “Cash Advances” means any Cash Advance obtained by the use of the Card, the Card number or in any manner authorized by the Cardholder for cash debits to the Card Account;
vi. “Corporate Card” means the Al Masraf VISA Card and/or MasterCard issued to a Cardholder; vii. “Cardholder” means the Principal Cardholder / Customer or a Supplementary Cardholder for whose use a Card is issued by Al Masraf;
viii. “Cooling-Off Period” is a period of 5 Business days after agreeing to obtain the Corporate Credit Card, allows a Customer to reconsider the purchase and to withdraw from the Agreement without suffering any undue costs, obligations or inconvenience. The Cooling-off Period begins immediately after signing of the Agreement.
ix. “Credit Limit” means the maximum drawing permitted on the Card as determined and notified to the Principal Cardholder by Al Masraf from time to time . Al Masraf reserves absolute right to restrict the credit limit;
x. “Debit Balance” means the total of all Card payments, Cash Advances, interest, handling charges, fees and other sums debited by Al Masraf to the Card Account as reduced by any effective credits into the Card Account; Statement of Account : means the monthly or other periodic statement of Card account sent to the Customer showing the particulars of the current balance incurred by the Cardholder which are due and payable to Al Masraf”;
xi. Guarantee or Security : means any guarantee or security that includes but not limited salary, cheques, cash deposits, bank guarantee or promissory note etc. provided by the customer or any third party in a form acceptable by Al Masraf as a security for the performance of the Cardholder obligations and liabilities relating to Corporate Card”;
xii. “PIN” means a Personal Identification Number issued to the Cardholder; xiii. “Principal Cardholder” means a person in whose name a “Card Account” as defined below is maintained by Al Masraf ;
xiv. “Supplementary Cardholder” means a Cardholder nominated by the Principal Cardholder.
xv. Schedule of Fees and Charges: attached to the Application Form and also available on Al Masraf Website.
Cardholder under condition 3(below).
All the capitalized terms that are defined herein shall have the same meaning as listed hereunder or as otherwise described in the Corporate Credit Card Application Form or any other related documents. Those words indicating singular includes the plural and vice versa.
2. Cooling-Off Period
i. You have the right to refuse the Corporate Credit Card during the Cooling-off Period without any penalty and/or providing any reason.
ii. Should you refuse the Corporate Credit Card within the Cooling-off Period, any fees or charges shall be refunded back to you net of any direct costs already incurred by the Bank. You must settle any outstanding balance/debt (other than fees levied by Al Masraf) in full immediately.
iii. The Customer is required to notify the Bank of their withdrawal from the Corporate Credit Card within the Cooling-off Period in writing or via electronic means acceptable to the Bank.
iv. The Bank may require you to waive your right to a Cooling-off Period for immediate processing of your Application. If you choose to waive your right to a Cooling-off Period, you will no longer be entitled to a refund of fees and/ or charges.
3. USE OF THE CARD
The use of the card is for the purchase of good or services which the payment may be charged to the card account” or “Cash Advances Transactions” The Card must be signed by the Cardholder immediately on receipt and may only be used:
i. By the Cardholder,
ii. Subject to the terms and conditions current at the time of use.
iii. Within the available balance in his/her Card Account,
iv. During the validity period embossed on the Card,
v. Subject to the right of Al Masraf, in its absolute discretion and without prior notice, at any time to withdraw the right to use the Card for, or to refuse any request for authorization of any particular Card payment or Cash Advance and to communicate any such withdrawal or refusal to any third party.
4. SUPPLEMENTARY CARDS
Al Masraf may issue Supplementary Cards to persons nominated by the Principal Cardholder. However, the Principal Cardholder will be irrevocably and fully liable for all amounts which may arise from the use of such Supplementary Card(s) or Card number(s).
5. RENEWAL
Al Masraf will renew the Cards at its respective expiry date and will debit the renewal fee, if applicable to the Card Account and will continue to do so until and unless the Cardholder instructs Al Masraf in writing to stop the renewal of either the Primary or the Supplementary or both Cards at least 45 days prior to the Card Expiry Date, in this case, the Security will be released after the return of the card to Al Masraf for cancellation and full settlement of all the amounts outstanding under the Card Account.
6. THE CARD ACCOUNT
i. Al Masraf will debit the Card Account with the amounts of all fees, Card payments and Cash Advances, any other liabilities of the Cardholder and any loss incurred by Al Masraf arising from the use of the Card. The Principal Cardholder will be liable to pay Al Masraf all amounts so debited whether or not a Sale or Cash Advance Voucher is signed by a Cardholder.
ii. Al Masraf may set-off the liability of the Principal Cardholder under this agreement against another account of the Principal Cardholder with Al Masraf.
iii. Al Masraf will normally send a periodic statement showing details of all amounts debited to the Card Account.
iv. The data and information contained in the periodic statement of account sent to the Cardholder by Al Masraf shall form conclusive evidence of the Cardholder’s indebtedness thereof.
v. The amount of any Card payment or Cash Advance in a currency other than UAE Dirhams will be converted at a rate of exchange determined by Al Masraf for the date when the Card payment or Cash Advance is debited to the Card Account.
vi. Subject to any limitation imposed by law, all amounts due in connection with the Card Account will be immediately payable in full on the commission of an act of bankruptcy by or on the death of, the Principal Cardholder or, at Al Masraf’s discretion.
vii. If the Cardholder does not repay the indebtedness to Al Masraf on its first request, the Cardholder herewith authorizes Al Masraf to set off the outstanding balance due from his possessions held as Security without having to notify or inform him beforehand. This authorization is irrevocable and the Cardholder cannot cancel it without first obtaining Al Masraf’s written consent.
7. INTEREST
i. If the outstanding amount, as shown on the monthly statement of card account, is not paid in full on or before the due date, interest shall be levied on the amount outstanding from the transaction date.
ii. Cash Advance transactions will attract interest from the date of the relevant transaction.
iii. Al Masraf shall have the right, from time to time, at its own discretion and subject to the rates prevailing in the market, to modify the applicable interest rates by serving a notice to the Cardholder. The new interest rate shall be applied as of the date determined by Al Masraf in the notice served to the Cardholder without the need to obtain the Cardholder’s consent.
8. WITHDRAWAL OF USE OF THE CARD
Al Masraf may at any time without notice cancel or suspend the right to use the Card or refuse to re-issue, renew or replace any Card, without affecting the Cardholder’s obligations made in this agreement which shall remain in force until all liabilities of the Card have been fully and satisfactorily settled.
9. TERMINATION
i. The Principal Cardholder may terminate the Card Account by written notice to Al Masraf. Such termination shall only be effective on the return to and receipt by Al Masraf of all Cards issued for use on the Card Account and the settlement of all liabilities of the Cardholder. All usage prior to termination will be binding on the Cardholder. Until termination of the Card Account, Al Masraf may re-issue Cards from time to time for use by the Cardholders in accordance with these Terms and Conditions.
ii. The Security will be released after 30 days from the date of the Card(s) being physically returned to Al Masraf for cancellation and full settlement of all amounts outstanding under the Card Account.
iii. Al Masraf shall, at all times, have the right to immediately terminate these Terms and Conditions for convenience without providing any reason for such termination. Al Masraf reserves the right to cancel the Cards and close the Cards Account in the event of misuse or breach of these Terms and Conditions by the Cardholder or the Customer. In all of these events Al Masraf shall not be responsible for any damages arising because of such cancellation and the Customer will not be entitled for a refund of the annual membership fee or any part of it.
iv. Upon the termination of these Terms and Conditions or cancellation of the Card for any reason, all amounts outstanding on the Card Account shall fall due and shall be payable immediately. The Customer must pay in full the total amount outstanding on the Card Account and Transactions which are already debited to the Card Account or shown on a Statement of Account/E-Statement Account (after decision) and shall be liable for all other amounts including Transactions and Cash Advances, interest, fees and other charges which are not yet debited to the Card Account or shown on a Statement of Account/an E-Statement of Account (after decision). 10. SAFEGUARDING THE CARD AND PIN
i. The Card and related PIN are issued by Al Masraf at the full risk of the Cardholder. Al Masraf shall not be held responsible in any way whatsoever for the loss/misuse of the Card and/or PIN
ii. Cardholder will exercise every possible care to prevent the Card and related PIN from being lost or stolen and will notify Al Masraf immediately and confirm in writing any loss or theft of the same.
iii. Al Masraf will not be held responsible in case a lost or stolen Card is used prior to receipt by Al Masraf of written notice of such loss or theft.
iv. The Customer/Cardholder agree and acknowledge that they shall be liable to Al Masraf for all Corporate Card Transactions made with the PIN whether or without the knowledge of the Customer/Cardholder.
11. REFUNDS AND CARDHOLDER CLAIMS
i. The Customer has a period of 30 days from the dated of the relevant statement of Account to contest a transaction charged to the Card Account. After elapse of the period, the statement of Account shall be deemed to be accepted.
ii. The Card Account will be credited with a refund in respect of a Card payment or Cash Advance only upon receipt by Al Masraf of a refund voucher or other refund verification acceptable to it. Subject to any rights vested in the Principal Cardholder by law, no claim by a Cardholder against a third party may be the subject of a defense or counter claim against Al Masraf.
iii. Al Masraf shall not be liable in any way if the Card is not honored by a third party.
iv. Al Masraf shall not be responsible for goods or services purchased by the Cardholder on the Card and in all circumstances the Cardholder must honor all vouchers / transactions executed.
12. VARIATION OF TERMS AND CONDITIONS
i. Al Masraf may vary these Terms and Conditions at any time or times whether or not a similar variation is made to the Terms and Conditions with any other Cardholder(s). Subject to the requirements of law, notification of any such variation shall be given to the Principal Cardholder by Al Masraf either in writing or by publication thereof by such means as Al Masraf may select and a variation so notified shall be binding on the Cardholder.
ii. Al Masraf will consider that the Cardholder has accepted the changes if the Cardholder keeps or uses the Card thereafter.
iii. If the Cardholder does not accept such changes, then the Cardholder may wish to terminate the Card Account in accordance with clause 8 (Termination).
13. GENERAL
i. Al Masraf will not maintain copies of signed Card transaction vouchers (sale vouchers). In case of a dispute, the Al Masraf may, upon the written request of the Cardholder, provide a photocopy or microfiche copy of the disputed transaction voucher as a documentary proof of the debit transaction, provided that such request is presented to Al Masraf within 30 days from the relevant statement date. In no event will such request be entertained if the disputed transaction date is over 60 days.
ii. Cardholder must verify all Card transactions appearing on his/her Card statement. In case of any discrepancy(ies) or dispute, Cardholder must notify the Branch Manager or the Al Masraf Card Centre in writing within 15 days of the statement date, failing which, all Card transactions will be confirmed as correct.
iii. Card may be collected by the Cardholder from the Bank or will be sent by Courier to the address notified to Al Masraf by the Cardholder at the sole risk of Cardholder.
iv. Cardholder shall sign the Card immediately upon receipt and such signatures will constitute binding and conclusive evidence of the confirmation of the Cardholder to be bound by the Terms & Conditions notwithstanding that Al Masraf is not notified of the Cardholder’s receipt of the Card.
v. Al Masraf issues Cards on the understanding that goods, tickets or services obtained with a Card will not be resold or returned for cash refund. However, goods or tickets may be returned for credit to the Card Account provided the merchant accepts such returns.
vi. Card must not be used for any unlawful purpose, including the purchase of goods and services prohibited by local law/jurisdiction.
vii. To ensure international acceptability, information about a Card Account may be transferred confidentially within the worldwide VISA and/or MasterCard networks, at Al Masraf’s sole discretion.
viii. The Cardholder hereby consents that Al Masraf may at its sole discretion or if required to do so, disclose any information concerning the Card Account, any data relating to Cardholder and any credit facility availed or to be availed by Cardholder (including and not limited to details of credit card transactions, repayment history and defaults) which Al Masraf deems fit:
• To its agent(s) (if any) appointed at any time in connection with the administration of the Card,
• To any member of Al Masraf group, its subsidiaries, affiliates, associates, service providers, assignees, agents, insurers, third party contractors or any other bank or financial institution,
• To Etihad credit bureau, agency and/or any other institution as required in order for Al Masraf to consider Cardholder’s application or provide the Cardholder with its services.
• To debt collection agencies, court(s), tribunal(s), regulatory body(ies), lawyers, auditors, any third party reward, loyalty, privileges or co-branding programme service providers or any co-branding partners of the Bank and other professional advisors engaged by the Bank or any other entity that the Bank may engage or communicate with for the purpose of providing benefits to you;
• Cardholder’s consent for collection and sharing of Information as described above is mandatory and the Cardholder acknowledges that Al Masraf may not be able to provide a requested product and/or service if such consent is not given or revoked at any time. A future withdrawal of expressed consent by a Cardholder shall not affect the lawfulness of processing of Information based on the prior expressed consent. Unless specified otherwise, the withdrawal shall take effect within 30 calendar days of the Cardholder requesting the withdrawal with Al Masraf.
ix. Al Masraf may in certain cases be obligated to report information and account balances of Cardholder whom it deems, due to reasonable expectation, to be a foreign resident, citizen or person of a foreign government or jurisdiction. This information will only be shared with the relevant foreign tax authority or government of that foreign jurisdiction. Cardholder acknowledges that Al Masraf will perform this duty without any liability on its part and it shall not be considered a breach of any duty of confidentiality owed to the Cardholder.
x. Cardholder authorizes Al Masraf to obtain and/or verify, from time to time, any information or data relating to Cardholder as Al Masraf may deem appropriate from any third party as Al Masraf in its sole discretion may determine. Cardholder also understands that he/she will receive marketing communication in the form of e- mail or SMS from Al Masraf from time to time.
xi. The Cardholder shall immediately notify Al Masraf in writing, of any change of his/her name, telephone/Mobile number, email and/or home/office address.
xii. Al Masraf shall not be liable if it is unable to perform its obligations due (directly or indirectly) to the failure of any machine, data processing system or transaction link, or anything outside the control of Al Masraf, its agents or sub-contractors. Even if Al Masraf is unable to produce or send a statement, the Principal Cardholder’s liability shall continue.
xiii. Registration for Internet shopping: Cardholder agrees to register for VBV/Secure code as outlined in the relevant VBV/Secure code booklet and agrees to be fully liable for any transactions conducted via Internet without registration should they be reported as unauthorized/fraudulent later.
xiv. These Terms & Conditions shall be construed and governed by the laws for the time being in force in the United Arab Emirates.
xv. Al Masraf shall have the right, at any time and in its sole discretion, to merge the accounts of all cards in one account. As conditional precedent, for approving any application to issue a Card, Al Masraf may, at its absolute discretion, require the Customer to provide a Guarantee acceptable to Al Masraf such as and without limitation, cheques and/ or pledge and/or assign a cash deposit and/or bank guarantee and/or other form of security in favor of Al Masraf for any amount determined by Al Masraf.
The Customer acknowledge and agree that Al Masraf shall continue to maintain this guarantee for a period not less than 120 days from the date of cancelling all the Cards issued under the Card account whether such cancellation is determined by Al Masraf or at the request of the Customer.
Al Masraf reserves the right to contact the Cardholder for the purpose of verification of Card transactions/ performing security check/ advising replacement of the Card. The Customer agrees to cooperate with Al Masraf in all such cases.
xvi. Notwithstanding anything to the contrary contained in these Terms and Conditions, it is hereby expressly agreed and declared that the Authorized Signatory/Attorney and the Customer/Card Holder shall be jointly and personally liable and bound even in the absence of any such actions as foresaid and until settlement by way of payment of all the amounts outstanding under the Card Account together with interest accrued thereon at the stipulated rate and all expenses incurred in case of taking legal action against the relevant party if should deem appropriate to Al Masraf and on its own option but Al Masraf is not bound to do so.
14. EASY PAYMENT PLAN (EPP) TERMS & CONDITIONS
The following terms and conditions are applicable to the Easy Payment Plan.
13.1 GENERAL
i. The Easy Payment Plan (EPP) is available to Al Masraf credit cardholders (“Cardholders”).
ii. The purpose of the EPP is to enable the Cardholder to purchase selected goods and services using the Credit Limit available on the Cardholder’s Card Account and to repay the amount of the purchase in equal monthly installments in accordance with these EPP terms and conditions.
13.2. ELIGIBILITY
The EPP is offered exclusively to the Cardholder, as long as the Cardholder’s Card Account is in good standing as per these Terms and Conditions. Every Cardholder is automatically eligible to participate in the EPP. Transactions made by both Primary and Supplementary Cardholders can be converted into EPP. However, the request to convert the transaction into EPP can be made only by Primary Cardholder.
13.3. CONDUCTING AN EPP TRANSACTION
0% EPP (EPP where interest is not required to be paid to Al Masraf)
i. The 0% EPP will be available for select goods and services offered by specific merchants determined by Al Masraf from time to time.
ii. When availing of the EPP for the select goods and services, the total amount payable to Al Masraf (the “Total EPP Price”) will be the sum of the purchase price of the goods and services and the deferred payment charges.
iii. The select goods and services offered by the specific merchants, the applicable deferred payment charges, the number of monthly installments to be paid and the total period over which such monthly installments shall be paid (the “EPP Term”) with respect to each good and service shall be determined by Al Masraf from time to time and communicated to the Cardholder accordingly (hereinafter referred to as the “Offer”).
iv. The deferred payment charges and the EPP Term may vary from one Offer to another.
v. Al Masraf will authorize an EPP transaction provided that the amount of the EPP transaction is within the Cardholder’s available Credit Limit and that the Card Account is in good standing as per these Terms and Conditions at the time of the transaction.
vi. If the Cardholder is interested in availing of any Offer under the EPP, the Cardholder has to make the purchase at the specific merchant. The Cardholder will have to subsequently call Al Masraf Call Centre on 600 52 9999 or any other number determined by Al Masraf and request to convert the transaction to an EPP transaction. Al Masraf will process the Cardholder’s request in accordance with these EPP terms and conditions and the terms applicable to the specific Offer in respect of the deferred payment charges and the EPP Term. If Al Masraf approves conversion of the transaction to an EPP transaction, the Cardholder will be notified as to the deferred payment charges, the EPP Term and the EPP Monthly Installments on the first Statement of Account following the date of conversion of the transaction to an EPP transaction.
vii. Only transactions within 45 days from the date of purchase will be eligible for EPP.
viii. In case of cancellation of EPP, there will be a charge determined by Al Masraf in its discretion to process the cancellation.
EPP (where interest is required to be paid to Al Masraf )
i. The EPP will be available for all goods and services offered by any merchant inside and outside the UAE, subject to minimum transaction amount to be determined by Al Masraf from time to time.
ii. When availing the EPP, the total amount payable to Al Masraf (the “Total EPP Price”) will be the sum of the purchase price of the goods and services, the interest payable and the deferred payment charges.
iii. The applicable deferred payment charges, the interest payable and the number of monthly installments to be paid and the total period over which such installments shall be paid (the “EPP Term”) with respect to each good and service shall be determined by Al Masraf from time to time and communicated to the Cardholder accordingly (hereinafter referred to as the “Offer”).
iv. The deferred payment charges, interest rate payable and the EPP Term may vary according to the customer profile with Al Masraf.
v. Al Masraf will authorize an EPP transaction provided that the amount of the EPP transaction is within the Cardholder’s available Credit Limit and that the Card Account is in good standing as per these Terms and Conditions at the time of the transaction.
vi. If the Cardholder is interested in availing of any Offer under the EPP, the Cardholder has to make the purchase. The Cardholder will have to subsequently call Al Masraf Call Centre on 600 52 9999 or any other number determined by Al Masraf and request to convert the transaction to an EPP transaction. Al Masraf will process the Cardholder’s request in accordance with these EPP terms and conditions and the terms applicable to the specific. Offer in respect of the deferred payment charges and the EPP Term. If Al Masraf approves conversion of the transaction to an EPP transaction, the Cardholder will be notified as to the deferred payment charges, the EPP Term and the EPP Monthly Installments on the first Statement of Account following the date of conversion of the transaction to an EPP transaction.
vii. Cash withdrawal or any other cash like transactions through ATM or any other means cannot be converted to EPP.
viii. Only transactions within 45 days from the date of purchase will be eligible for EPP. ix. In case of cancellation of EPP, there will be a charge determined by Al Masraf in its discretion process the cancellation.
13.4. BILLING AND PAYMENT OF THE EPP INSTALMENTS
i. The amount to be paid every month, the “EPP Monthly Installment,” will be computed by dividing the total sum of the transaction amount converted to EPP, the deferred payment charges and the interest charges by the EPP term.
ii. The EPP Monthly Installments will be charged to the Card Account starting from the Statement of Account immediately following the EPP booking date and every month thereafter until the full payment of the Total EPP Price.
iii. When a Cardholder makes a purchase(s) under the EPP, the Minimum Payment Due for the Card Account will be the sum of the EPP Monthly Installment(s) plus all other outstanding transactions multiplied by the required payment percentage determined by Al Masraf , plus any excess amounts over the Credit Limit and all past due amounts, if any.
iv. If the Cardholder pays less than the Minimum Payment Due by the Payment Due Date specified in the Statement of Account, interest and charges as per EPP Terms and Conditions and the Al Masraf Credit Card Terms and Conditions hereof and the Schedule of Fees and Charges will be applicable.
v. In case of early settlement of EPP transaction before the EPP term, an early settlement fee will be charged to the Cardholder applicable. If the Cardholder:
a. Fails to make payment in full of two (2) consecutive or four inconsecutive EPP Monthly Installments and/or,
b. Defaults any of his obligations under these terms and conditions or the general terms and conditions of the credit cards and/or,
c. Fails to pay due amounts to Al Masraf on Payment Due Date, then the entire outstanding balance of the Card shall immediately become due and payable by the Cardholder, and Al Masraf shall have right to demand the immediate payment thereof at its discretion.
vi. If the Card Account is closed prior to the payment in full of the Total EPP Price, the unbilled amount of the Total EPP Price will be immediately billed to the Cardholder. The entire outstanding balance of the Card Account shall immediately become due and payable by the Cardholder, and Al Masraf shall have the right to demand the immediate payment thereof at its discretion.
MODIFICATIONS, AMENDMENTS AND CANCELLATION
i. Al Masraf is entitled at any time and without any prior notice or liability to the Cardholder in any manner whatsoever to terminate the EPP or cancel or vary its benefits or features, or vary, or add or delete any of the EPP terms and conditions. However, the termination of the EPP shall not affect the transactions concluded by the Cardholder and accepted by Al Masraf under the EPP before such decision nor the Cardholder’s obligations to pay the EPP Monthly Installments with respect to such transactions. Al Masraf is also entitled to determine a floor limit for the minimum purchase amount allowable under the EPP for each particular Offer.
ii. Al Masraf shall be entitled to disallow or refuse any transaction submitted by the Cardholder to it under the EPP without providing any reason whatsoever.
13.5. PRODUCT LIABILITY
Al Masraf will not be liable for any damage or loss incurred by the Cardholder arising out of the purchase, installation, and use or otherwise of the good(s) and/or service(s) under the EPP nor shall Al Masraf be responsible in any way for the quality of the goods and/or services purchased under the EPP. Any complaint as to the quality of the goods purchased or services rendered through the EPP shall be referred to the relevant supplier or merchant and shall not affect the Cardholder’s obligation to continue paying the EPP Monthly Installments to Al Masraf. The purchase of the goods and/or services under the EPP shall be subject to the terms and conditions of the seller or provider of the goods and/or services, which are of no concern to Al Masraf or to the obligation of the Cardholder to pay the EPP Monthly Installments to Al Masraf.
The Customer shall remain liable towards Al Masraf for the payment of outstanding amount and the Charges of all the Cards issued by the Cardholders designated by the Customer despite the cancellation of these cards, the misuse of the Cards by the Cardholders, the terminations of the Cardholders employment contracts with the Customer (if any), the death of the Cardholders and/or any other reason whatsoever.
Al Masraf shall not be liable for any dispute brought to Al Masraf’s notice by the Cardholder after 30 days from the date of the relevant statement of account.
13.6. INDEMNITY CLAUSE:
The Customer / Card holder undertakes and agrees to indemnify Al Masraf against any loss, damage, liability, costs and expenses whether legal or otherwise which Al Masraf may incur by reason of this Terms and Conditions or any breach thereof or any breach thereof of the enforcement of Al Masraf’s right as herein provided. All costs and expenses in such regard may be debited to the Card Account and shall be paid by the Customer.
13.7. “FRAUDULENT TRANSACTIONS” CLAUSE
If the Cardholder and/ or Customer commits or attempts to commit a fraudulent transaction of any nature as determined by Al Masraf, or applicable laws, Al Masraf has the right to immediately cancel the Card in addition to any other legal action in accordance with the applicable laws. The Customer shall be fully liable all amounts and damages incurred by Al Masraf, or third parties as a result of this fraudulent acts. Al Masraf shall have to take all necessary legal actions against the Customer and report it before competent authorities.
ACCEPTANCE OF TELEPHONIC INSTRUCTIONS
i. The Cardholder authorizes Al Masraf to accept telephone instructions given to Al Masraf to convert a transaction into EPP whenever Al Masraf receives a telephone call from the Cardholder.
ii. The Cardholder agrees that the confirmation by the caller of the Cardholder’s identity will be sufficient evidence for Al Masraf to identify the caller and to act upon his/her instructions.
iii. The Cardholder agrees to the recording of such telephone calls by Al Masraf and accepts such recordings as evidence before a Court of Law or any other legal proceedings with regards to all the particulars of the EPP including, but not limited to issuance of the EPP, the Total EPP Price, the EPP Term, the EPP Monthly Installments etc.
13.8. MISCELLANEOU
Al Masraf shall not be responsible for any delay in the transmission to Al Masraf of evidence of an EPP transaction by the specified merchants or any other third party.
13.9. APPLICABLE LAW These Terms & Conditions shall be construed and governed by the federal laws for the time being in force in the United Arab Emirates as they are applied in the Emirate of Abu Dhabi and the laws of the Emirate of Abu Dhabi. 15. EASY CASH TERMS & CONDITION
i. The total amount advanced to the Cardholder by Al Masraf under the Easy Cash Program (the “Easy Cash Amount”) along with the total interest payable for the period during which installments are payable by the Cardholder in respect of such amount (the “Installment Period”) will be charged to the relevant Card Account reducing the available Credit Limit and cash limit.
ii. Al Masraf shall transfer the Easy Cash Amount to Al Masraf account in the UAE requested by the Cardholder by way of an electronic funds transfer provided that such Al Masraf account is in the name of the Cardholder. iii. The Cardholder shall repay Al Masraf the Easy Cash Amount together with the interest payable in equal monthly installments during the Installment Period.
iv. The Easy Cash Amount issued by Al Masraf shall not be less than AED 1000 and in all cases shall not exceed seventy five per cent (75%) of the available Credit Limit of the Card as of the date of processing the Cardholder’s Easy Cash Program application.
v. The interest rate applying to the Easy Cash Amount is a flat rate.
vi. If the Easy Cash Amount requested by the Cardholder exceeds more than the eligibility criteria at the time of transfer by Al Masraf, Al Masraf will automatically transfer only the amount to which the Cardholder is eligible. vii. In case of early settlement of the Easy Cash Amount before the expiry of the Installment Period, an early settlement fee of AED 150 will be charged to the Card Account. Further, all interest, fee and charges will be borne by the Cardholder and no such amount will be waived by Al Masraf.
viii. The monthly installment applicable will appear on the monthly Card statement and must be paid on the applicable due date.
ix. Approval of Easy Cash Amount is at the sole discretion of Al Masraf.
x. Al Masraf Points will not be credited in respect of the Easy Cash Program.
xi. It is the Cardholder’s sole responsibility to ensure that the information provided to Al Masraf is correct and valid. These terms and conditions are governed by and construed in accordance with the laws of the United Arab Emirates as applicable in the Emirate of Abu Dhabi and the laws of the Emirate of Abu Dhabi.
xii. In no event shall Al Masraf, any of its affiliates, or any of its officers, directors, employees or agents be liable or responsible for any loss, damage or expense arising out of or otherwise related to the Easy Cash Program.
Al Masraf does not offer or provide any warranties, or accept any responsibility or liability of any kind in respect of the Easy Cash Program and hereby disclaims any and all express or implied warranties with respect of the same.
xiii. Al Masraf shall not be in breach of its obligations or otherwise be liable to conduct the Easy Cash Program as a result of any Force Majeure Event. A Force Majeure Event in these terms and conditions, shall mean circumstances beyond the reasonable control of Al Masraf including, amongst other things, acts of God, industrial disputes, acts and regulations of any governmental or authority in any jurisdiction. In such circumstances, Al Masraf’s obligations to the Cardholder shall automatically stand discharged without the need to provide notice.
xiv. Al Masraf reserves the right, at its absolute discretion, to amend and/or supplement these terms and conditions at any time without any prior notification to the Cardholder. Any such amendments or supplements shall be provided on Al Masraf’s website at http://www.almasraf.ae/ xv. The Card’s Credit Limit and cash limit will be blocked in respect of the amount that has been extended by Al Masraf to the Cardholder.
xvi. The Easy Cash Program can be availed by a Cardholder for different tenures at different interest rates subject to the payment of fees and Charges imposed by Al Masraf as may be set forth by Al Masraf from time to time.
xvii. Al Masraf shall charge a processing fee that is a percentage of the total Easy Cash Amount.
xviii. The minimum Installment Period is three (3) months.
xix. In case the Card Account is overdue or delinquent, applications to participate in the Easy Cash Program shall be declined.
xx. Al Masraf is entitled to accelerate the repayment of all future monthly installments in the event of any of the following:
• The Cardholder’s failure to pay a monthly installment by the due date;
• An application for bankruptcy or if bankruptcy proceedings have been initiated against the Cardholder;
• A court order has been issued to freeze the accounts of the Cardholder;
• The Cardholder’s death; or
• The Cardholder’s failure to repay Al Masraf any other outstanding amounts.
• In such cases, the remaining installments shall become immediately payable.
• If the Card Account is closed by the Cardholder or by Al Masraf before all repayment installments have been repaid, then the total of all of the remaining repayment installments shall be accelerated and charged to the final Card statement of account.
• The Easy Cash Amount will be credited to the Principal Cardholder’s account only.
• The Cardholder acknowledges that he/she has read the entire Terms and Conditions and accepts to be bound by them.
16. BALANCE TRANSFER
i. Only non-Al Masraf credit cards with outstanding balances in AED are eligible to transfer outstanding balances to a Al Masraf Credit Card.
ii. The preferential interest rate is applicable only on the balance transferred.
iii. Balance Transfer is allowed up to a maximum utilization of 90% of the total credit limit.
iv. You must continue to make the required payments on your other Al Masraf credit card until you confirm that settlement has been processed. Al Masraf will not be liable for any new overdue payments or interest incurred.
v. Early settlement or Cancellation fees on Plans – AED.150 cancellation and total promotional interest applied from date of booking.
vi. Al Masraf reserves the right to amend or cease this offer without giving prior notice and to decline any balance transfer request at its sole discretion.
17. CONTACTLESS:
i. Unless and until you notify Al Masraf of the loss of Al Masraf product, theft or any unauthorized access of your card, you will be responsible for the unauthorized usage/transactions and you will indemnify & hold harmless Al Masraf & its affiliates from any liability arising out of such unauthorized access/usage ii. Your card has contactless technology. Subject to certain restrictions and limits, this allows you to use your card at certain merchants, without swiping and without the requirement to input your PIN or OTP.
iii. Al Masraf nor its affiliates shall not be responsible for any liability arising out of such transactions iv. Card transactions done through a contactless feature will be subject to certain maximum value per transaction & maximum number of contactless transactions per day (refer to Al Masraf website for current limits). These limits are subject to change by Al Masraf at its sole discretion. Such limits may also vary from merchant to merchant, country to country & type of cards.
v. If the card contactless transaction exceeds any of the limits referred to above, Al Masraf reserves the right to decline the transaction or you may be required to enter your card PIN or sign in order to complete the transaction.
18. E-STATEMENT:
I understand and agree that the Monthly Card E-Statement will no longer be sent via mail as a hard copy and will only delivered on registered email address. The Non receipt of the Credit Card e-Statement due to incorrect email address (or any reason) shall not be construed to be sufficient reason for nonpayment of dues on time.
19. AL MASRAF POINTS ENROLMENT
You will be automatically enrolled into the Al Masraf Points Loyalty program. All Al Masraf Points earned across all Corporate Cards will be earned cumulatively at the corporate primary account holder & only the primary account holder can redeem the Al Masraf reward points.
For Al Masraf Points, detailed terms and conditions, please visit www.almasraf.ae
20. ATM Cash Withdrawal Limits Revision for Debit Cards
Updates on ATM Cash Withdrawal Limit for Al Masraf Debit Cards
ATM cash withdrawal limit revised to AED 20,000 for your Al Masraf Debit Card, effective December 25, 2023.
Terms & conditions:
- The daily ATM cash withdrawal limit for Al Masraf Debit Cards has been revised to AED 20,000.
- This revised limit applies to all Debit Cards across all customer segments.
- Customers who require a temporary increase in daily ATM cash withdrawal limit may contact Al Masraf Call Center at 600 52 9999 to submit a request.
- The temporary increase in the ATM cash withdrawal limit will reset to AED 20,000 at the start of each day.
- The revised ATM cash withdrawal limit is subject to the terms and conditions of Al Masraf’s Debit Card agreement.

For any questions or concerns, please contact the Al Masraf Bank Call Center at 600 52 9999.