Account
means the account(s) you hold with us that are subject to these Terms and which are opened and operated in accordance with Islamic Shari’ah.
AED
means UAE dirham.
Applicable Laws
means any applicable law (including (but not limited to), any laws and regulations issued by the Central Bank of the UAE, resolutions issued by the Higher Shari’ah Authority together with the Shari’ah standards or any other regulator of ruya), regulation, ordinance, rule, judgment, decree, voluntary code, directive, sanction regime, court order, agreement between ruya and any government and regulatory authority, or agreement or treaty between government and regulatory authorities (in each case, whether local, foreign or international).
Application Form
means the application form for any ruya Offering submitted by the Customer to ruya.
ATM
means an automated teller machine at which you can make cash withdrawals and obtain certain information regarding your Account.
Branch
means any of ruya’s branches in the UAE.
Business Day
means Monday to Friday from 8 AM to 5 PM. Excluding any day which the Central Bank of the UAE declares is a bank holiday unless otherwise stipulated. Individual Branch timings may vary.
Charges
means the actual charges, fees, costs, commissions, and other expenses payable by you to ruya in relation to the ruya Offerings, or in connection with ruya’s compliance with any regulatory obligations as may be set out in the Schedule of Fees or otherwise prescribed by ruya from time to time.
CIF
means the unique number assigned to the Customer information file which we maintain for each of our Customers and which contains details of your banking relationship, including all accounts you hold with us.
Common Pool
means a common pool of assets in which ruya’s shareholders and depositors funds are commingled and invested by ruya in Shari’ah compliant investments.
Contact Centre
means ruya’s call centre which can be reached using the telephone numbers prescribed by ruya from time to time.
Customer
means anyone who uses, participates in, purchases or subscribes to any ruya Offering.
IBAN
means the International Bank Account Number allocated to your Account.
Internal Shari’ah Supervision Committee (the “ISSC”)
means the Internal Shari’ah Supervision Committee of ruya.
Investment Risk Reserve
means (without any guarantee of a profit, nor the avoidance of loss) the reserve established and calculated by ruya (in the manner and amount approved by the Internal Shari’ah Supervision Committee) to minimise the risk of future losses on Mudaraba based Savings Accounts or Investment Term Deposits and support profit, as the case may be. The Investment Risk Reserve is appropriated after allocating Mudarib Profit Share.
Investment Term
means the term of your Term Investment Deposit as nominated by you in the relevant Application Form, or applied by ruya upon the automatic renewal of the Term Investment Deposit.
Islamic Shari’ah
means Islamic Shari’ah as interpreted by the Internal Shari’ah Supervision Committee and the Higher Shari’ah Authority.
Liability
means any claims, demands, losses, damages, liabilities, actions, suits, proceedings, costs and expenses (including legal and any other professional advisers’ fees) and any other liability of whatever nature or description howsoever arising.
Mobile Banking
means the facility provided by us which allows you to access Account information, make funds transfers and access any other services we may provide on your mobile device via our Mobile Banking App.
Mobile Banking App
means our mobile application, as may be introduced, replaced, updated, upgraded or modified from time to time, which allows you to access Account information and services using your mobile device.
Mudarib
means ruya, which is responsible for the investment of your funds under a Mudaraba arrangement.
Mudarib Profit
has the meaning given in clause 34.1(b).
Mudarib Profit Share
means a percentage of profit approved by the Internal Shari’ah Supervision Committee and notified to you and accepted by you prior to the start of the Profit Period, as and when applicable.
Offering
any product, service, facility, benefit or reward program provided by ruya from time to time in compliance with Islamic Shari’ah.
Online Banking
means the facility that we make available on our Website, accessible through the internet network, which allows you to access Account information, make funds transfers and access any other services that we may provide online.
OTP
means a one-time password.
PIN
means a personal identification number.
Policies
means ruya’s own policies and procedures (as amended from time to time by ruya in its sole discretion) in accordance with the Personal Banking Terms and Conditions.
Product Specific Terms
means the terms and conditions applicable to the relevant ruya Offering made available on ruya’s Website from time to time (including any supplementary terms and conditions that may from time to time be in force).
Profit Distribution Policy
means ruya’s profit distribution policy from time to time approved by the Internal Shari’ah Supervision Committee.
Profit Period
means each calendar quarter.
Qard Hasan
means loan of an amount or asset by one party (lender) to another (borrower) with the condition of an equivalent return without the expectation of any consideration or profit.
Rab Al Mal
means you, the Customer of ruya, who places the funds under a Saving Account for investment.
ruya
refers to us, Ruya Community Islamic Bank L.L.C.
ruya ATM
means our own branded and operated ATMs.
Schedule of Fees
means the list of fees and other charges which may apply to your Account. Our Schedule of Fees is published on our Website or you can request a copy from us at any time.
Self-service terminal
means an interactive terminal or device (including an ATM) that you operate and that facilitates a banking transaction, which may include for example payments into and out of your Account and payments to third parties such as a utility provider, as well as providing information, which may include all or some of your Account information.
Telephone Banking
means the facility provided by us which allows you to access Account information, make funds transfers and access any other services that we may provide via the telephone.
Terms
means these terms and conditions.
Term Investment Deposit
means such product titled as Term Investment Deposit based on unrestricted Mudaraba and offered by ruya in accordance with its relevant Application Form and applicable Product Specific Terms.
UAE
means the United Arab Emirates, and “Emirate” means any one of the seven emirates.
Unrestricted Mudaraba
means the Mudaraba entered into between you and ruya whereby you, by accepting these Terms and Conditions, appoint ruya as Mudarib to invest the funds in Shari’ah compliant investments on an unrestricted basis in the Common Pool.
Website
means www.ruyabank.ae.
Weighted Average Balance
means the average daily balance of a Savings Account over a Profit Period, with every deposit made into a Savings Account being recognised for this purpose on the Business Day after it is has cleared into a Savings Account and every withdrawal made from a Savings Account being recognised for this purpose on the day of its withdrawal.
PART 1: GENERAL TERMS AND CONDITIONS
INFORMATION ABOUT OUR AGREEMENT WITH YOU
1. INTRODUCTION
1.1. Applicability of these Terms
By opening an Account with us, you are entering into an agreement with us, Ruya Community Islamic Bank LLC. This agreement sets out the terms that govern your personal banking relationship with us.
These Terms shall apply throughout your banking relationship with us. Where you choose to obtain additional products and services from us, we will provide you with additional terms that will apply to those specific products and services. In the event of conflict or inconsistency between terms, these Terms shall take precedence unless otherwise specified. It is important that you understand these Terms. You should therefore read these Terms carefully and contact us if you need help in understanding anything or you need us to provide you with information in a different format. We have also included a Glossary section to help you understand specific words we use in these Terms.
If you fail to comply with any of these Terms, we have the right to disable your Account and block your access to our services
1.2. Who we are
Our registered office is Building No. 4, Marsa Ajman, Liwara 1, Ajman, United Arab Emirates. We are licensed by the Central Bank of the UAE as an Islamic Specialized Bank pursuant to the Specialized Banks with Low Risk Regulation (Circular No. 13/2021).
As an Islamic Specialized Bank, we are licensed to carry on Islamic banking services in or from the UAE.
2. How we contact each other
2.1. How to contact us
You can contact us using any of the methods set out below:
· by email to hello@ruyabank.ae;
· by telephone on 800ruya (8007892); and/or
· by post to PO Box 1474, Building No. 4, Marsa Ajman, Liwara 1, Ajman, United Arab Emirates.
You can also find us online at www.ruyabank.ae.
2.2. How we will contact you
We will contact you using the contact details you provide to us. This may include contacting you by post, email, SMS, telephone or any other electronic means. It is really important that you ensure that your contact details are correct and up to date. If your contact details change, you must let us know immediately. If you do not, we will not be responsible if you do not receive information, notices or other important information from us.
Please note that we may record and monitor telephone calls with you to help improve our services, or for security reasons.
2.3. Language
These Terms are available in English and Arabic. We will always try to communicate with you in both English and Arabic, however, there may be times when it is not possible to communicate with you in Arabic. In these circumstances, we will send our communications in English only.
3. Membership segments
3.1. How we determine your membership segment
Standard is our standard membership segment and all of our Accounts will automatically belong to this segment. We may, at our absolute discretion, make additional membership segments(Max) available for certain Accounts.
If we make Max membership segments available for your Account, these will only be available to you if you either:
· meet the criteria for the applicable membership segment set out in clause 38 (Max segment); or
· choose or accept to pay a monthly fee for membership of the relevant segment.
If we make additional membership segments available for your Account, you may need to pay a monthly fee in order to access them. Your membership segment will determine the features and benefits provided to you in connection with your Account. Information on the features and benefits available for each available membership segment can be found on our Website.
3.2. Upgrading your membership segment
If additional membership segments are available for your Account, but you do not meet the eligibility criteria for those segments, you can choose to upgrade your membership segment by either accepting to fulfil the applicable criteria for the membership segment or by accepting to pay a monthly fee. Further information on upgrading is available on our Online Banking and Mobile Banking platforms.
3.3. Downgrading your membership segment
We have the right to downgrade your membership segment if you fail to meet the eligibility criteria set out in clause 38 (Max segment). You will be responsible for any actual charges associated with the membership segment downgrade, as determined by us, including but not limited to the charge for a new debit card. Decisions as to whether to downgrade your membership segment are made at our absolute discretion. If you do not wish to accept the changes, you are free to close your Account in accordance with clause 22.2 (Your right to close your Account) of these Terms.
3.4. Changes to segment eligibility criteria or benefits
We have the right to change the eligibility criteria or benefits associated with any membership segment at any time and at our absolute discretion. Where possible, we will give you at least sixty (60) days’ notice in advance of the change. However, we may occasionally need to make changes without telling you in advance. This includes scenarios only where:
· we are making the change as a result of legal and/or regulatory changes;
· the changes being made are in your interest.
Where we are unable to give you advance notice, we will let you know of the change as soon as possible after it is made.
4. Third party services
From time to time we may introduce to you third parties who can provide you with additional financial products and services. We may also introduce to you third parties who can provide you with takaful products and services. You agree to us sharing your information with such third parties for these purposes.
Any additional products and services provided by third parties may be governed by specific terms and conditions separate from these Terms.
We may earn commission or receive remuneration when making such introductions and you acknowledge and agree that we shall not be accountable to you for any commission earned or remuneration received.
INFORMATION ABOUT YOUR ACCOUNT
5. General Account conditions
5.1. Personal use
These Terms govern our personal banking relationship with you. A personal account is an account used to make or receive personal account payments. You are not permitted to use your Account for business purposes. If we suspect that you may be using your Account for business purposes, we will be entitled to close your Account in accordance with clause 22.3 (Our right to close your Account) of these Terms.
5.2. Additional terms
These Terms shall apply throughout your banking relationship with us. Where you choose to obtain additional products and services from us, we will provide you with additional terms that will apply to those specific products and services.
5.3. Telephone, Online and Mobile Banking
We are a digital bank and therefore we will provide you with banking services primarily via our Online Banking and Mobile Banking platforms. The provision of these services will be governed by the provisions set out in Part 2 of these Terms. You must read those provisions and ensure you understand them before using our Online Banking or Mobile Banking platform.
6. Account types
6.1. Overview of Account types
We offer a number of different personal bank accounts. This includes the following account types:
· Current Account;
· Saving Account;
· Joint Account; and
· Minor Account.
The features and specifications available for each Account type will differ. You should refer to the relevant clause in Part 2 of these Terms to understand the features and specifications which apply to your specific Account type.
You are free to apply to open a number of different Account types with us. You may only open one of any particular Account type with us, unless we agree otherwise. Any additional Accounts of the same type will be made available in our sole discretion. Any application will be subject to you providing us with the required information and meeting the relevant eligibility criteria for the additional Account type. Any additional Account will also be subject to these Terms.
6.2. Changing your Account type
We may change your Account type if we think another Account would be more appropriate for you. We will only do this where:
· you no longer meet the eligibility criteria for an Account type; or
· we are withdrawing a type of Account.
We will give you sixty (60) calendar days’ notice before changing your Account type. If you do not want us to make the change, you will be able to close your Account with us.
It may also be possible for you to request a change to your Account type, provided you meet the applicable eligibility criteria for the new Account. Changes to your Account type are made at our absolute discretion. If you would like to discuss changing your Account type, you should contact us using the details set out in clause 2.1 (How to contact us).
7. Protecting your Account
7.1. Keeping your Account secure
It is important that you keep your Account secure in order to prevent your account from being used fraudulently. This means you should ensure that you keep your security details and payment tools safe and secure. This includes ensuring that:
· physical instruments, such as cards and chequebooks, are kept securely and that they are securely destroyed once they are expired or no longer required;
· information and access to any digital versions of cards or digital wallets are kept secure and cannot be accessed by anyone other than you;
· no one else has access to important information, such as passwords, one-time passwords (commonly referred to as OTPs), PINs, security codes and any personal data, as well as any biometric data (such as fingerprints or voice ID); and
· any confidential information that we send to you, such as security details, OTPs or PINs are safely and securely destroyed.
If we call you, we will need to check that we are dealing with you, however, we will never ask for your full security details.
7.2. Who can use your Account
These Terms govern the relationship between us and you, as Account holder(s). As a result, only Account holder(s) can use your Account and give us instructions. If you have a Joint Account, each Joint Account Holder can use the Account in accordance with the conditions that apply to your Joint Account (see clause 33.2 (Account features and benefits) of these Terms).
In certain circumstances, you may authorise another person to operate your Account for you. If you want to authorise another person to operate your Account, you will need to sign a power of attorney in a form acceptable to the UAE courts. Following the signing of an acceptable form of power of attorney, we will deal with that person as if they were you for the purposes of your Account.
7.3. Fraud prevention
If we suspect there has been fraudulent misuse of your Account, our fraud prevention procedures may lead to your payment being delayed or not sent at all. We may need to contact you for the purposes of fraud prevention in order to establish whether you have initiated a specific payment instruction or request some additional security information from you. If we are unable to contact you we will act on the basis that you have not authorised the queried payment requests and will not make these payments. We will not be liable for any losses in the event of a delay or if the payment is not processed for this reason.
You must report to us any unusual transactions on your Account as soon as you notice them and we may need to carry out an investigation. Equally, if we believe there is any suspicious or unusual activity happening on your Account, we may also need to carry out an investigation. As part of this investigation, we may require you to provide additional information and documentation. It is important that you provide us with this information and documentation as soon as possible, otherwise this may lead to delayed or cancelled payments or even us restricting or closing your Account.
If you believe that someone has used (or tried to use) your Account for fraudulent purposes you should contact us immediately using the details set out in clause 2.1 (How to contact us) above. You must also contact us immediately if any of your physical devices (such as cards, chequebooks or security tokens) have been lost or stolen or someone has obtained access to your security details (such as PINs or passwords).
We will not be liable for any losses incurred prior to you telling us any of your physical devices, security details or Accounts have been lost, stolen or accessed by a third party. You acknowledge that we may report any suspicious or illegal activities or transactions to law enforcement or supervisory authorities in the UAE or elsewhere.
8. Account information and statements
8.1. Your Account information
You will always be able to access information about transactions on your Account and your Account balance. This can be done through Online Banking and Mobile Banking. You will also be able to check certain Account information through a self-service terminal, including ruya ATMs and certain third-party ATMs which are connected to UAE Switch, GCC Net and Plus or Visa Net payment systems.
We will send you notifications of transactions on your Account as they occur by free SMS to your mobile telephone or any other electronic channels.
8.2. Account statements
We will provide you with an Account statement each month showing key information related to your Account, including information on all transactions that have occurred on your Account in that month. The Account statement will be sent to you by electronic means and is provided to you free of charge.
You must review your Account statements carefully and let us know within thirty (30) calendar days of the statement date if you see any entries or transactions that you do not recognise or you think are incorrect.
You must also retain Account statements and other correspondence received from us securely for future reference.
9. Information
9.1. Know Your Customer (KYC)
We are required under law to know who our Customers are and we will ask you to provide ‘know your customer’ or ‘KYC’ information and documents for this purpose, both when you open your Account and throughout your relationship with us.
You agree to provide us with all information and documents that we request for the purposes of complying with our KYC obligations. You also agree to inform us of any changes in KYC information or documents provided to us when you opened your Account or subsequently and to provide any updated information or documents that we may request.
This information may include, amongst other things, information on your identity, your place of domicile, residence, citizenship and your source of wealth. We will also request certain documents, including for example, your passport, your Emirates ID or other identification documents.
You acknowledge that if you do not provide the information requested in a timely manner, or if you do not provide or withdraw any consents that we may need to process, transfer or disclose your information for the purposes of enabling us to meet our obligations, or if we have suspicions of financial crime or an associated risk, we may be unable to provide, or continue to provide, your Account and reserve the right to end our relationship with you and we may transfer or close your Account where permitted under law and Islamic Shari’ah.
9.2. Tax obligations
We are subject to information gathering and reporting requirements designed to combat tax evasion and protect the integrity of tax systems. These requirements require us to collect and report certain information relating to our Customers’ tax statuses. You agree to provide us with all information and documents that we request for the purposes of complying with our tax obligations, including tax information or self-certifications. This information may include amongst other things, information on your Account, transaction information, place of domicile, residence, citizenship or incorporation and any further information, documents or certifications about your identity, tax residence, nationality or the source of any funds deposited with us that we may request from time to time.
If you do not provide the information requested in a timely manner then we may make our own judgement with respect to your status, including whether you are reportable to any UAE or foreign tax or revenue authority. Such action may mean we or other persons are required to withhold amounts from your Account as may be legally required by any UAE or foreign tax or revenue authority and pay such amounts to that authority.
You acknowledge that if you do not provide the information requested in a timely manner, or if you do not provide or withdraw any consents that we may need to process, transfer or disclose your information for the purposes of enabling us to meet our obligations, or if we have suspicions of financial crime or an associated risk, we may be unable to provide, or continue to provide, your Account and reserve the right to end our relationship with you and we may transfer or close your Account where permitted under the law and Islamic Shari’ah.
9.3. Credit bureaus
We are required under law to both request information from, and provide information to, Al Etihad Credit Bureau when opening your Account and regarding any services provided to you.
You agree and consent to us obtaining information, on an ongoing basis, from Al Etihad Credit Bureau, any other authorised credit reference agency or credit bureau or from other public sources. We will use this information to verify your identity, to assess your eligibility for an Account, to collect any amounts due and outstanding from you and to maintain our overall relationship with you (including marketing or promoting financial services or related products and market research).
You also agree and consent to us providing information to Al Etihad Credit Bureau or any other authorised credit reference agency or credit bureau.
9.4. How we will use your information
We will use all of your information as we explain in our privacy notice, which can be found here: www.ruyabank.ae. This privacy notice explains:
· what information we collect from you;
· what we do with this information (including how we use it for marketing purposes);
· with whom we share your information; and
· for how long we keep your information.
10. Tax
10.1. No tax advice
We will not provide you with tax advice. You are solely responsible for understanding and complying with your tax obligations arising as a result of our services both in the UAE and overseas. You should be aware that some countries operate tax regimes that have an extra territorial effect, meaning they could apply to you regardless of your place of domicile, residence, citizenship or incorporation. We do not have a responsibility in respect of your tax obligations anywhere in the world as a result of opening and operating your Account. We advise you to obtain, where appropriate, independent legal, regulatory, tax and accounting advice.
You represent and warrant that you are not relying on any representation, statement or other information provided by us as legal, regulatory, tax or accounting advice and that prior to making use of your Account you have obtained appropriate independent legal, regulatory, tax and accounting advice.
11. Paying money into your Account
11.1. Deposits
A deposit may be paid into your Account in a number of ways, including:
· transferring funds from another account held by you, with us or any other bank or financial institution;
· transferring funds from another account held by a third party, with us or any other bank or financial institution;
· depositing cash, cheques or other instruments; or
· any other way indicated on our Website from time to time.
We may in our absolute discretion refuse to credit your Account with any amount deposited by a third party. The time it takes a payment to reach your Account depends on the type of payment made and the time of day the payment was made.
If you pay cash into your Account using a self-service terminal, it will appear in your Account only after we verify and accept the deposit. Our records of the amount deposited as verified and cleared by us are the conclusive record of the amount of the deposit.
12. Making payments from your Account
Means Monday to Friday from 8 AM to 5 PM. Excluding any day which the Central Bank of the UAE declares is a bank holiday unless otherwise stipulated. Individual Branch timings may vary.
Means the actual charges, fees, costs, commissions, and other expenses payable by you to ruya in relation to the ruya Offerings, or in connection with ruya’s compliance with any regulatory obligations as may be set out in the Schedule of Fees or otherwise prescribed by ruya from time to time.
Means the unique number assigned to the Customer information file which we maintain for each of our Customers and which contains details of your banking relationship, including all accounts you hold with us.
Means a common pool of assets in which ruya’s shareholders and depositors funds are commingled and invested by ruya in Shari’ah compliant investments.
Means anyone who uses, participates in, purchases or subscribes to any ruya Offering.
Means the International Bank Account Number allocated to your Account.
Fees & Charges are based upon in which ruya’s shareholders and depositors funds are commingled and invested by ruya in Shari’ah compliant investments.
Means the International Bank Account Number allocated to your Account.
