Terms & Conditions

GLOSSARY

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.

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.

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, profit rates 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 (Plus and Max) available for certain Accounts.

If we make Plus and 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 (Plus segment) or clause ‎39 (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 (Plus segment) or clause ‎39 (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 may include 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

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;
· Smart 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.

YOUR INFORMATION

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.

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.

PAYMENTS IN AND OUT OF YOUR ACCOUNT

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

12.1. Withdrawals

A withdrawal may be made out of cleared funds credited to your Account in a number of ways:
· in cash through ruya ATMs and certain third-party ATMs supporting ruya approved schemes, in AED;
· funds transfer;
· against cheques written in the prescribed form;
· standing instructions;
· direct debits; or
· any other payment types indicated on our Website from time to time.

12.2. Payment instructions

We may act on any payment instruction in any format and sent or received via any channel acceptable to us and you acknowledge and agree that we will debit your Account if we reasonably believe the payment instruction to be given by you. You further acknowledge and agree that we have no obligation to verify the authenticity or validity of any payment instructions but if we are in doubt as to the authenticity or validity of any payment instruction, we may delay or refuse to carry out the payment instruction until such instruction has been confirmed by you. Where a payment instruction is subject to Customer authentication measures, we will consider the payment instruction to have been made by you.

You must ensure that your Account has sufficient cleared funds before effecting any withdrawal otherwise we will reject the payment instruction.
All payment instructions received by us are subject to cut-off times and daily limits as indicated on our Website from time to time. Payments may not be made instantly, and certain payment methods may attract higher fees and charges than other payment methods. Information on the fees and charges that apply to different payment methods are set out in our Schedule of Fees as published on our Website.

You are responsible for the accuracy of the payment instructions you provide. Neither we nor any third parties that we use in order to process your payments will be responsible to you for any loss, delay, error or omission arising out of any mode of communication or operational systems that are used for effecting any of your payments or transfers, where we are not at fault.

12.3. Transfers

A funds transfer is a transfer made based on a payment instruction:
· to transfer funds out of your Account to another account held by you, with us or any other bank or financial institution; or
· to pay or transfer funds out of your Account to another account held by a third party, with us or any other bank or financial institution.

In the UAE, banks only use the IBAN when they process funds transfers. We will only process a funds transfer within the UAE using the IBAN.
A funds transfer may be rejected by a payee bank for a number of reasons and in such circumstances the funds transfer will be reversed. You will be responsible for any costs, losses, correspondent banking and other routing changes, administrative charges and other costs, charges or losses actually and directly incurred in relation to any rejected funds transfer.

12.4. Standing instructions

A standing instruction is a payment instruction to make a regular payment. You must communicate any set-up, deferment, amendment or cancellation of a standing instruction to us in writing and submit that information sufficiently in advance of the due date. Any deferment, amendment or cancellation instructions received too close to the due date may not be processed in advance of the standing instruction being processed. In such case, we will give effect to the amendment or cancellation prior to the next standing instruction due date.

You must ensure that there are sufficient cleared funds credited to your Account to enable us to meet your standing instruction on your Account on the due date otherwise we will reject the payment instruction. If there are insufficient cleared funds credited to your Account on more than one occasion, we may exercise our discretion to cancel the standing instruction authority without providing notice. You will be responsible for ensuring that your future payment commitments are met via other means.

12.5. Direct debits

A direct debit means an AED payment to another bank using the UAE Direct Debit Scheme. You can set up a direct debit by signing a separate mandate form. Direct debits are subject to the additional terms set out on the mandate form.

13. Cancelling or changing a payment instruction

You acknowledge that once you have submitted a payment instruction, we may not, in certain circumstances, be able to process a request for the cancellation, reversal, stop payment or amendment of that payment instruction. For example, if you have asked us to make a payment immediately then it is unlikely that we will be able to cancel or amend the payments.

However, if we receive your request to cancel, reverse, stop payment or amend a previous instruction in reasonable time and in compliance with law, these Terms and Islamic Shari’ah, we shall use reasonable endeavours to give effect to such request. This is most likely when you have asked us to make a payment in the future, but in some circumstances it may be too late to cancel or amend where we have already processed the payment.

14. Payments made by mistake or fraud

If a payment is made into your Account as a result of fraud or a mistake, we may place a hold on the monies whilst we investigate. Where our investigation confirms that the payment was made as a result of fraud or mistake, you authorise us to debit your Account, including in circumstances where this leads to your Account going overdrawn, and then notify you of the action we have taken.

If a payment is made out of your Account as a result of a mistake, we may not be able to recover that payment. Where we are able to recover the payment, you authorise us to credit your Account to the value of the recovered payment and then notify you of the action we have taken.

Where we have made an error or omission that has resulted in your Account being credited or debited incorrectly, we will notify you within ten (10) Business Days of identifying the error or omission to let you know what has happened and the corrective action we will take.

15. Debit cards

15.1. Eligibility

Debit cards are not automatically issued for Accounts and you must therefore apply if you wish to have a debit card. Please refer to Part 2 of these Terms for further information on the features of each specific Account type.

We may apply fees and charges to your use of a debit card from time to time. Information on the fees and charges that apply to the use of your debit card are set out in our Schedule of Fees as published on our Website. You authorise us to debit any applicable fees and charges from your Account.

15.2. Using your debit card

We issue debit cards for the purposes of purchasing goods and services, whether through a retailer, the internet, by telephone or any other means with or without the physical presence of the debit card and to effect withdrawals, transfer or direct debits through certain ATMs.

Upon receipt of your debit card you must immediately follow any instruction that we provide regarding the activation and use of your card. If you do not follow these instructions, we may cancel the debit card.

We may impose certain limitations on debit card transactions as notified on our Website from time to time, including:
· a daily limit on the number of debit card transactions; and
· a limit on the value of debit card transactions, either individually or in aggregate per day.

You may only use your debit card for transactions which are legally acceptable in the UAE and compliant with Islamic Shari’ah. We may reject any debit card transaction where we reasonably believe this not to be the case.

In order to effect a debit card transaction you may be required to do any of the following:
· enter your PIN or other OTP or authentication measure when prompted;
· physically sign;
· use a contactless technology feature or similar; or
· take any additional actions that we require from time to time.

You can use your debit card at ruya ATMs or certain third-party ATMs supporting ruya approved schemes.

We may apply fees and charges for use of a ruya ATM and information on the fees and charges that apply to the use of ruya ATMs are set out in our Schedule of Fees, as published on our Website. Third party ATM providers may also apply fees and charges for use of an ATM. You are responsible for paying any fees and charges that the ATM provider may apply. If an ATM permits you to withdraw foreign currency, we will not be responsible for the exchange rate that is applied. In addition to any fees and charges applied by ATM providers, we may also apply certain fees and charges when you use certain ATMs.
15.3. Disputes with merchants

If the event of a dispute between you and a merchant in relation to any debit card transaction, your obligations to us will not be in any way affected by such dispute or by any claim or other rights you may have against the merchant.

15.4. Replacing, renewal, cancellation or expiry of your debit card

Your debit card has an expiry date. You will only be permitted to make a debit card transaction using a valid debit card. We will issue you with a new debit card shortly before the expiration of your existing debit card. We will issue the new debit card without a fee or charge. Where your debit card is lost, stolen or damaged, you may request a replacement debit card. We may charge a fee for a replacement debit card in these circumstances. Please refer to our Schedule of Fees as set out on our Website.

We reserve the right to cancel your debit card at any time or to cancel your PIN, OTP or other security measures with respect to your debit card.

Your debit card is and remains our property and you must surrender your debit card to us immediately upon request. If your debit card is replaced, cancelled or expired, or your Account is closed for any reason, you are required to immediately return your debit card to us or otherwise destroy it.

You remain liable for any Liability incurred in respect of your debit card prior to the date on which the debit card is replaced, renewed, cancelled or expired.
16. Cheques

16.1. Eligibility

You may be able to obtain a chequebook if you hold a Current Account with us. All other Account types are not eligible to receive a chequebook.
The provision of chequebooks is made in our absolute discretion. Please refer to Part 2 of these Terms for further information on the features of each specific Account type.

16.2. Payments

You should ensure that you have sufficient funds in your Account before writing a cheque. If you write a cheque and you do not have sufficient funds in your Account when that cheque is presented for payment, you may face charges under UAE law.

You could also face court action against you to recover monies you owe and your ability to leave the UAE could be restricted. We may also close your Account in accordance with clause ‎22.3 (Our right to close your Account) of these Terms.

16.3. Settlement

If you pay a cheque into your Account, it will usually take up to two (2) Business Days before the funds appear in your Account. However, this may take longer if we think there are credit or fraud prevention reasons why we cannot credit your Account within the usual timeframe.

Post-dated cheques will be submitted for processing on or shortly after the date appearing on the cheque. You could also face court action against you to recover monies you owe and your ability to leave the UAE could be restricted. We may also close your Account in accordance with clause ‎22.3 (Our right to close your Account) of these Terms.

17. Disputes and unauthorised transactions

You must report to us any unauthorised transactions on your Account as soon as you notice them and we may 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.

Depending on the outcome of our investigation, we may either reject your dispute or accept it. If we accept your dispute, we will credit your Account with the value of the disputed transaction. Where you report a transaction as unauthorised and our investigation determines that the transaction was authorised, we may impose an administrative fee for the purposes of covering the costs of our investigation.

18. Restricting your Account access

18.1. When we will freeze, block or put a hold on your Account

We may at any time and in our sole discretion freeze, block or put a hold on your Account, including suspending the use of electronic or virtual banking facilities, blocking payment transactions (including those initiated by a debit card or through the presentation of a cheque) into and out of your Account or putting a hold on your Account. We will do this if we think it is necessary because:
· we have been instructed to do so by the Central Bank of the UAE;
· we need to recover funds you owe to us (such as unpaid fees);
· we have evidence that you have acted dishonestly or fraudulently or that you have been convicted of a crime;
· we suspect your Account is or has been used for any unlawful purpose, including where we suspect that a money laundering, fraud or other financial crime has been committed using your Account, or we have concerns about the security of your Account; or
· we receive notice or other evidence of the death of an individual Customer, including a Joint Account holder, your nominee, or in the case of a Minor Account the father or legal guardian.

We will usually give you advance notice before we freeze, block or put a hold on your Account and provide you with information on the reasons why we have taken that decision. However, we may not provide you with advance notice or an explanation of our reasons where to do so would cause us to be in breach of any law or regulation, Islamic Shari’ah or otherwise compromise our reasonable security measures. We will also notify you within twenty-four (24) hours of freezing, blocking or putting a hold on your Account to let you know the action we have taken, any action we expect you to take and how to contact us. We will not notify you in circumstances where to do so would cause us to be in breach of any applicable law or Islamic Shari’ah or we reasonably suspect your Account is being used for the purposes of financial crime.

We may still receive deposits into your Account even where we freeze, block or put a hold on your Account.

We will not:
· block an amount of funds greater than the outstanding amount you owe us at the time of the blockage; or
· block funds used for repayment of any financing provided by ruya.

You agree that we will not be responsible for, and you will indemnify and hold us harmless for any Liability arising as a result of a decision to freeze, block or put a hold on your Account.

19. Overdrafts

You must ensure that your Account has sufficient cleared funds at all times as we will not ordinarily allow you to become overdrawn on your Account.

However, an unarranged overdraft may arise in exceptional circumstances, including where we are entitled to apply fees or charges to your Account and you do not have sufficient funds in your Account to cover such fees or charges. Where this occurs, you must immediately pay the overdrawn amount into your Account.

We will not charge any profit on any overdrawn amount in these circumstances, but failure to repay the overdraft immediately may impact your ability to use your Account, or any of its features or functionality.

INFORMATION ABOUT OUR RELATIONSHIP WITH YOU

20. Changes to this agreement

20.1. How and when we can make changes

We can make changes to these Terms at any time and your acceptance of these Terms constitutes your express consent to this. We will let you know of any changes via email, post or through our Online Banking or Mobile Banking platform.

We will let you know in advance of most changes and will give you at least sixty (60) calendar days’ notice before the changes to the Terms take effect. However, we may occasionally need to make changes without telling you in advance. This may include where:
· we are making the change as a result of legal and/or regulatory changes;
· the changes being made are in your interest;
· the changes are to make these Terms clearer to you.

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. Where we are able to give you notice, the updated Terms will come into effect sixty (60) calendar days after we have given you notice. 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. If we do not hear from you, we will assume that you have accepted the change and your continued use of your Account will be deemed acceptance of the updated Terms.

20.2. Changes to fees and charges

We may also make changes to the fees and charges set out in our Schedule of Fees, which includes introducing new fees and charges. If we increase any fee or charge, we will give you at least sixty (60) calendar days’ notice in advance of any change being made. 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. If we do not hear from you, we will assume that you have accepted the change and your continued use of your Account will be deemed acceptance of the updated Terms.

If there is no increase to the fee or charge then we do not need to tell you in advance. However, we will let you know of the relevant change as soon as possible after it is made.

Our current Schedule of Fees is always available on our Website.

21. Our right of set-off

21.1. What is the right of set-off?

We have a right of set-off over your Account and any other products or facilities we provide to you. This means that if you owe us money, we can take funds from any Account you hold to reduce the amount you owe to us.

We may use our right of set-off where, for example:
· you have money in your Account held with us (including any Joint Account); and
· you owe us money in connection with any product or facility provided to you.

In these circumstances, we could use the money held in your Account (or any Joint Account) to reduce the sums you owe to us. We may also exercise our right of set-off in respect of any sums we owe to you. For example, if we owe money to you we can use our right of set-off to reduce the amount of any outstanding debt that you owe us.

21.2. Using our right of set-off

We will always consider your circumstances, as well as any applicable legal or regulatory requirements, before exercising our right of set-off.
Whilst we will not usually tell you before exercising our right of set-off, we will tell you as soon as possible after we have done so.

21.3. Circumstances where we cannot use a right of set off

We cannot use our right of set-off in certain circumstances. This includes where:
· we are required by law to hold money in an Account in your name or someone else’s name; and/or
· we are prevented from doing so by law, Islamic Shari’ah or a court.

22. Closing your Account or ending this agreement

22.1. Your cooling-off period

If you decide that you do not wish to have your Account, you may close your Account and terminate your agreement with us within five (5) complete Business Days of agreeing to these Terms. This is known as your “cooling-off period”.

You may exercise this right by contacting us using the details set out in clause ‎2.1 (How to contact us) above. If you choose to close your Account during your cooling-off period, we will refund any fees you have paid to us after deducting any reasonable, direct and actual costs we have incurred with respect to your Account. We will disclose in advance and in writing the details of any such costs.

22.2. Your right to close your Account

You may close your Account at any time by telling us verbally or in writing using the details set out in clause ‎2.1 (How to contact us) above. If you close your Account within six (6) months of opening it, you may incur a fee as determined by us. There are no fees to pay if you close your Account after six (6) months of opening it.

After receiving a request to close your Account we will acknowledge your request in writing within two (2) complete Business Days and let you know the process for closing your Account. Your Account closure should be complete within seven (7) complete Business Days from when we receive your request. We will provide you with written confirmation of the closure, together with any other information or documentation which we are required to provide to you.

22.3. Our right to close your Account

We may also close your Account for any reason at any time. In most circumstances, we will write to you to give you sixty (60) calendar days’ notice in advance of closing your Account and the reasons for the closure.

However, there could be circumstances where we are entitled or required to close your Account without giving you notice or telling you of the reasons for the closure.

This may include where:
· you have persistently broken any of these Terms;
· you have given us any false information;
· we have reasonable grounds to suspect there may be potential financial crime or fraud risks associated with your Account;
· you have used or tried your use your Account illegally;
· a court or regulatory authority requests us to close your Account;
· it would breach our legal and/or regulatory obligations to keep your Account open; and/or
· there is any other valid reason which means we need to close your Account without notice.

22.4. Account closure statement

After closing your Account, we will issue you with a financial closing Account statement within seven (7) complete Business Days from the date you requested the closure, or the date we notified you of the closure (as applicable).

22.5. Closure conditions

It is your responsibility to take certain steps when your Account is closed. This includes:
· destroying any debit cards connected with your Account;
· destroying any unused cheques and ensuring that you have made alternative payment arrangements for any outstanding cheques;
· downloading any statements or information you need from the Mobile Banking or Online Banking platform; and
· cancelling any regular payments into or out of your Account. Any payments made to your Account after it has been closed will be rejected and the funds returned to the payer.

You must also pay any amount you owe to us before we can close your Account. In addition, it is a requirement of some of our other products that you hold an Account with us. As a result, you would need to pay any outstanding balances on these products in full, together with any applicable fees and charges, in order to close your Account.

If you have any funds in your Account at the time of closure, we will pay these to you in your preferred payment method, or transfer them to an alternative nominated account.

23. Dormant Accounts

23.1. When may we classify your Account as a dormant account?

We may classify your Account as a dormant account if for a period of three (3) years or more we have not received any communication from you and there have been no debit or credit transactions (other than those initiated by us) initiated on the Account or any other account held with us for a period of three (3) years.

When we classify your Account as a dormant account we will provide you with written notice of our decision using the latest contact details communicated to us. We will also send you reminders informing you of the impending dormancy of your account. If we do not receive a response to our written notice within three (3) months of it being sent, we will proceed to classify your Account as a dormant account.

We may be required to inform certain regulatory authorities, including the Central Bank of the UAE, of our decision to classify your Account as a dormant account.

23.2. Treatment of dormant accounts

Any amount standing to the credit of your Account will remain your property irrespective of your Account being classified as a dormant account. We will transfer amounts standing to the credit of your Account to a dormant account ledger that we maintain. No fees other than those agreed will be applied to a dormant account.

Please note that Account statements will not be generated for dormant accounts but all other communications will continue without interruption.

Should your Account be dormant for a period of five (5) years or more, we are required to transfer amounts standing to the credit of your Account to a dormant account ledger maintained by the Central Bank of the UAE.

23.3. Reactivation of dormant accounts

You may request to reactivate a dormant account at any time by submitting a reactivation request alongside relevant information and documentation confirming your identity. Your Account will be reactivated once we are satisfied with the information and documentation we have received. Please note that until the reactivation of a dormant account, no transactions on that Account will be processed, other than credit transactions.

24. Transfer of your Account

We can transfer all of our rights in relation to your Account to another bank or financial institution that purchases those rights. Any such transfer will be in line with Islamic Shari’ah.

We can transfer all of our obligations in relation to your Account but only to someone who is authorised or recognised by the Central Bank of the UAE as being able to accept deposits. If we are considering transferring your Account, we may share your information with third parties in relation to the transfer.
You cannot transfer any of your rights and obligations in relation to your Account, or your Account itself, to anyone else.

OTHER IMPORTANT INFORMATION

25. Islamic Shari’ah

You acknowledge and agree that these Terms are subject to Islamic Shari’ah as interpreted by the Higher Shari’ah Authority and our Internal Shari’ah Supervision Committee.

26. Complaints

26.1. How to make a complaint

If you have a complaint, please contact us to let us know and we will try to resolve it. You can make a complaint either verbally or in writing using the following methods:
· by email to hello@ruyabank.ae;
· by telephone on 800ruya (8007892);
· by post to PO Box 1474, Building No. 4, Marsa Ajman, Liwara 1, Ajman, United Arab Emirates;
· through the Contact us on our Online Banking platform; and/or
· through the Contact us section on our Mobile Banking platform.

We will let you know that we have received your complaint within two (2) Business Days. We will also let you know of our complaints process and keep you updated on the progress of your complaint as we look into it.

We will provide you with a written response setting out our final decision on your complaint, including detailed reasons for our decision, within thirty (30) Business Days of receiving your complaint.

26.2. If we cannot resolve your complaint

If we cannot resolve your complaint, or you remain dissatisfied, you may also complain to our regulator, the Central Bank of the UAE (www.centralbank.ae).

27. Guarantee scheme

There is currently no government deposit protection scheme in place in the UAE. As a result, deposits held in your Account are not protected in the event we are unable to meet our financial responsibilities. This will not prejudice any rights with respect to any amount guaranteed by ruya, as directed by Islamic Shari’ah.

28. Liability

28.1. Your liability

Except in the case of fraud, gross negligence or wilful misconduct on our part, you agree that you shall indemnify us for Liability that we suffer as a result of any third-party claims brought against us in connection with our provision of the Account and related services to you or otherwise when acting on your instructions.

28.2. Our liability

You agree that we shall not be liable for any Liability arising out of or in connection with any event outside our control including (without limitation) force majeure, war, riots, hostilities, terrorist activity, local or national emergency, fire, natural calamities, explosions, strikes, court orders, legal restraints, any change in any law, failure of equipment or software, technical, power, communication or network malfunction or breakdown.

You agree that we shall only be liable to you for direct and actual costs which have been finally judicially determined to have been caused by any fraud, negligence, misconduct or breach of contract on our part. You also agree that we are not liable for any indirect, incidental, or consequential loss, howsoever caused, whether foreseeable or not and regardless of whether we have received actual or constructive notice. This will not prejudice any rights with respect to any amount guaranteed by ruya, as directed by Islamic Shari’ah.

We expressly exclude any liability for loss or damage which may be caused when we are acting in good faith and in compliance with these Terms and any applicable laws or where you are not acting in compliance with these Terms.

29. No waiver

The rights and remedies set out in these Terms are cumulative and not exclusive of any rights or remedies provided by law. If we do not exercise some of our rights, or there is a delay in exercising any of our rights, this does not mean that we waive or amend any of our other rights in these Terms.

30. Dispute resolution and governing law

This agreement is governed by the laws of the UAE, together with any local applicable Emirate laws to the extent that such laws do not contradict with Islamic Shari’ah. In case of conflict, Islamic Shari’ah shall prevail.

Any dispute arising between us shall be subject to the courts of the UAE.

PART 2: PRODUCT AND FEATURE SPECIFIC TERMS AND CONDITIONS

31. Current Account

A Current Account is a Qard Hasan where you deposit cash with us. You can use your Current Account for day-to-day transactions.

31.1. Eligibility

You can apply to open a Current Account if:
· you are at least 18 years old;
· you are a UAE resident; and
· you earn at least AED 3,000 per month.

No minimum deposit is required to open a Current Account and you are not required to maintain a minimum balance in your Account.

31.2. Account features and benefits

Your Current Account provides you with a range of features and benefits. These include:
· We will issue you with a debit card linked to your Current Account, if you apply for one. We may, in our absolute discretion, also issue you with one chequebook linked to your Current Account free of charge. We will charge you for any additional chequebooks issued. You will be able to use your debit card to make withdrawals from and check your Account balance and information at certain ATMs.
· You can make cash deposits into and withdrawals from your Current Account at any time.
· Your Current Account will automatically belong to the Standard membership segment. You may have access to the Plus or Max membership segments depending on the availability of these segments and your eligibility (as determined in accordance with clause ‎3.1 (How we determine your membership segment) of these Terms).
· You can manage your Current Account using Online Banking and Mobile Banking.

31.3. Account-specific terms

There are a number of specific terms that apply to your Current Account, in addition to the applicable provisions set out elsewhere in these Terms. You should read these Account specific terms carefully and contact us if you need help in understanding anything.
· Profit: We do not pay profit on credit balances in your Current Account.
· Salary threshold: If your salary falls below AED 3,000 per month, you must notify us as soon as possible. We reserve the right to convert your Current Account to a

Smart Account if you no longer meet the salary threshold for a Current Account.
· Transaction limits: Your Current Account will have an automatic transaction limit of AED 10,000 per day for ATM withdrawals and AED 50,000 for point-of-sale and e-commerce transactions. You can modify this limit at any time via Online Banking or Mobile Banking. We may increase your transaction limit for ATM withdrawals depending on your membership segment (see clauses ‎37 (Standard segment), ‎38 (Plus segment) and ‎39 (Max segment) of these Terms).

32. Smart Account

A Smart Account is a non-checking current account that can be used for day-to-day transactions.

32.1. Eligibility

You can apply to open a Smart Account if:
· you are at least 18 years old;
· you are a UAE resident; and
· you earn less than AED 3,000 per month.

No minimum deposit is required to open a Smart Account and you are not required to maintain a minimum balance in your Account.

32.2. Account features and benefits

Your Smart Account provides you with a range of features and benefits. These include:
· We will issue you with a debit card linked to your Smart Account, if you apply for one. You will be able to use your debit card to make withdrawals from and check your Account balance and information at certain ATMs. Please note that chequebooks are not available for Smart Accounts.
· Your Smart Account will automatically be in the Standard membership segment. Plus and Max membership segments are not available for Smart Accounts.
· You can manage your Smart Account using Online Banking and Mobile Banking.
· You can make cash deposits into and withdrawals from your Smart Account at any time.

32.3. Account-specific terms

There are a number of specific terms that apply to your Smart Account, in addition to the applicable provisions set out elsewhere in these Terms. You should read these Account specific terms carefully and contact us if you need help in understanding anything.
· Profit: We do not pay profit on credit balances in your Smart Account.
· Salary threshold: If your salary increases to AED 3,000 or more per month, you can request that we convert your Smart Account to a Current Account.
· Transaction limits: Your Smart Account will have an automatic transaction limit of AED 10,000 per day for ATM withdrawals and AED 50,000 for point-of-sale and e-commerce transactions. You can modify this limit at any time via Online Banking or Mobile Banking.

33. Joint Account

A Joint Account is a Current Account that you share with another person.

33.1. Eligibility

You may be able to apply to open a Joint Account with a maximum of one other person. Joint Accounts are made available at our absolute discretion.

If you open a Joint Account, you will each be Joint Account Holders. Each Joint Account Holder must:
· be at least 18 years old;
· be a UAE resident; and
· earn at least AED 3,000 per month.

No minimum deposit is required to open a Joint Account and you are not required to maintain a minimum balance in your Account.

33.2. Account features and benefits

Your Joint Account provides you with a range of features and benefits. These include:
· We will issue you and the other Joint Account Holder with debit cards linked to your Joint Account, if you apply for them. We may, in our absolute discretion, also issue you with one or more chequebooks (depending on the Account conditions you choose) linked to your Joint Account. The first chequebook we may issue to each

Joint Account Holder will be free of charge. We will charge you for any additional chequebooks issued.
· Each Joint Account Holder can manage the Joint Account using Online Banking and Mobile Banking.

Your Joint Account will be a Current Account and will therefore have the features and benefits set out in clause ‎31.2 (Account features and benefits) of these Terms.

33.3. Account-specific terms

There are a number of specific terms that apply to your Joint Account, in addition to the applicable provisions set out elsewhere in these Terms. You should read these Account specific terms carefully and contact us if you need help in understanding anything.

(a) Setting up your Joint Account: If you or the other Joint Account Holder is not an existing ruya Customer, you or they will need to go through our standard Customer onboarding process before we can open your Joint Account. When opening a Joint Account, you will need to choose whether your Joint Account has “OR” or “AND” conditions. Your Joint Account will operate differently depending on which conditions you choose.

“OR” conditions:
· Each Joint Account Holder can access and operate the Joint Account individually (including withdrawing funds and making payments) without the approval of the other Joint Account Holder.
· Where applicable, each Joint Account Holder has their own debit card with segment-specific limits.
· If we make chequebooks available for your Joint Account, we will issue each Joint Account Holder with their own chequebook. Cheques require the signature of one Joint Account Holder only.

“AND” conditions:
· A debit card can be issued to one or both Joint Account Holders at their request. The Joint Account Holders must agree a usage limit for each debit card linked to the Joint Account. If one of the Joint Account Holders requests a debit card, we will ask them to specify a usage limit and we will send a notification to the other Joint Account Holder asking them to accept or reject the limit. A debit card will only be issued once the other Joint Account Holder has accepted the usage limit for that card.
· Each Joint Account Holder can carry out transactions using their debit card within the usage limits for the debit card agreed between the Joint Account Holders. Joint Account Holders cannot carry out any other transactions (payments or withdrawals) without the approval of the other Joint Account Holder. When a Joint Account Holder initiates a transaction, the other Joint Account Holder receives a notification asking them to approve the transaction. The other Joint Account Holder must approve it before the transaction is executed.
· If we make a chequebook available for your Joint Account, we will issue only one chequebook. Cheques must be signed by both Joint Account Holders.

(b) Account information: Each Joint Account Holder can access full Account information for the Joint Account via our Online Banking and Mobile Banking, including the overall balance of the Joint Account and all transactions (whether made by them or the other Joint Account Holder).
Each Joint Account Holder will also receive full Account statements and notifications of all transactions made using the Joint Account in accordance with clause ‎8 (Account information and statements) of these Terms.

(c) Membership segment: Your Joint Account will belong to the Standard membership segment. The Plus and Max membership segments are not available for Joint Accounts, irrespective of whether either or both of the Joint Account Holders have other Accounts belonging to the Plus or Max membership segments.

(d) Disputes: We will not get involved should any dispute arise between Joint Account Holders. However, once we become aware of any such dispute, we will suspend the Joint Account and will not act on any further instructions from either Joint Account Holder. Instead, we will only act in accordance with a written agreement provided from both of the Joint Account Holders or if we are required to act under law or court order. We will not be liable for any loss resulting from any such action taken by us.

(e) Death: If one of the Joint Account Holders dies, the other Joint Account Holder must notify us as soon as possible. After we become aware that a Joint Account Holder has died, the Joint Account will be frozen until we receive appropriate court documents to direct us on how to handle the Joint Account.

34. Savings Account

A Savings Account is a profit earning cash deposit Account that can be used for day to-day transactions and its funds are invested as an Unrestricted Mudaraba.

34.1. Unrestricted Mudaraba

(a) ruya (as Mudarib) will invest cash that you (as Rab Al Maal) deposit into a Savings Account, commingled with ruya’s shareholders funds, in a Common Pool.

(b) At the end of each Profit Period, ruya (as Mudarib) will declare the net profit or loss attributable to the Common Pool (such amount being the Mudaraba Profit). After its declaration of Mudaraba Profit, ruya will calculate and distribute the Mudarib Profit Share (if any) in accordance with its Profit Distribution Policy.

(c) After deducting the Mudarib Profit Share (if any) from the Mudaraba Profit, ruya will calculate and distribute (by crediting to or deducting from a Savings Account) the profit or loss attributable to a Savings Account (held by you as Rab Al Maal) in accordance with its Profit Distribution Policy. Profit and loss attributable to and payable on a Savings Account is to be calculated by ruya on the basis of the Weighted Average Balance of that Savings Account and the integrated weightage points which have been attributed to that Savings Account by ruya in accordance with its Profit Distribution Policy. ruya’s declaration of Mudaraba Profit and calculation and distribution of profit or loss attributable to a Savings Account is final and binding. You are not permitted to dispute the outcome or basis of this declaration or calculation.

(d) The Mudharaba Account Holders authorise ruya, to retain, if required, a certain percentage of the Mudharaba profit of the realised profits due to be allocated in the Investment Risk Reserves but shall not exceed certain percentage of such share as the percentage applied and declared by ruya, if any, upon approval by the ruya’s ISSC on the same, for the purposes of protecting against the future loss for which ruya shall not be liable and maintaining the stability and sustainability of the regular allocation of the profits on the Mudharaba Account Holders as per the market rates in the future under the conditions set out by the ISSC.

(e) The Investment Risk Reserve balance shall be invested for such reserve on Unrestricted Mudaraba basis under the terms and conditions of the Savings Account.

(f) The Mudharaba Account holders shall authorize ruya to pay the zakat of the Investment Risk Reserves balance and dispense the same as may be determined by the ISSC.

34.2. Eligibility

You can apply to open a Savings Account if:
· you are at least 18 years old; and
· you are a UAE resident.

No minimum deposit is required to open a Savings Account and you are not required to maintain a minimum balance in your Account.

34.3. Account features and benefits

Your Savings Account provides you with a range of features and benefits. These include:
· We will issue you with a debit card linked to your Savings Account, if you apply for one. Please note that chequebooks are not available for Savings Accounts.
· You can make cash deposits into and withdrawals from your Savings Account at any time.
· Your Savings Account will automatically belong to the Standard membership segment. You may have access to the Plus or Max membership segments depending on the availability of these segments and your eligibility (as determined in accordance with clause ‎3.1 (How we determine your membership segment) of these Terms).
· You can manage your Savings Account using Online Banking and Mobile Banking.

34.4. Account-specific terms

There are a number of specific terms that apply to your Savings Account, in addition to the applicable provisions set out elsewhere in these Terms. You should read these Account specific terms carefully and contact us if you need help in understanding anything.

(a) Profit:
• ruya’s obligation to distribute profit and loss and its operation of your Savings Account will be subject to compliance with all Applicable Laws and Islamic Shari’ah.
• The distributed profit rate applicable to a Savings Account for a Profit Period will be published on its Website, or will be at the rate notified to you by ruya from time to time.
• No profit nor any specific profit rate is guaranteed and losses attributable to the Common Pool in which your cash deposit is invested may be deducted from the amounts deposited in a Savings Account.
• The deposit in a Savings Account is not guaranteed, unless ruya acts with gross negligence or wilful misconduct, and any losses may be deducted from the amounts deposited in a Savings Account.
• In order to try to maintain the profit rate for each Profit Period, and offset future losses, ruya may deduct an Investment Risk Reserve from any profit.
• If you choose to close your Account with us any time prior to the profit declaration date, as decided by ruya from time to time, you forfeit any rights to accrued profits.

(b) Transaction limits: Your Savings Account will have an automatic transaction limit of AED 10,000 per day for ATM withdrawals and AED 50,000 for POS and e-commerce transactions. You can modify this limit at any time via the Online Banking and Mobile Banking. We may increase your transaction limit for ATM withdrawals depending on your membership segment (see clauses ‎37 (Standard segment), ‎38 (Plus segment) and ‎39 (Max segment) of these Terms).

35. Minor Account

We may make Minor Accounts available to our Customers in our absolute discretion. If you are the father or legal guardian of a child under the age of 18 (a minor), you may be able to open a Savings Account for them (a Minor Account). You must operate the Minor Account on the minor’s behalf until they turn 18 years old.

35.1. Eligibility

You can apply to open a Minor Account if:
· you are the father or legal guardian of a minor and wish to open an Account on their behalf;
· you have provided us with satisfactory evidence of your relationship with the minor. We will verify your relationship on the basis of identity documents (if you are the minor’s father) or a Shari’ah or civil court order (if you are the minor’s legal guardian); and
· you meet the eligibility requirements to open a Savings Account (see clause ‎34.2 (Eligibility) of these Terms).

No minimum deposit is required to open a Minor Account and you are not required to maintain a minimum balance in your Account.

35.2. Account features and benefits

Your Minor Account provides you with a range of features and benefits. These include:
· We will issue a debit card linked to the Minor Account, if you apply for one, which can be used within specified transaction limits. The father or legal guardian has sole responsibility for the use of the debit card. Please note that chequebooks are not available for Minor Accounts.
· The father or legal guardian can manage the Minor Account via Online Banking and Mobile Banking.

Please note that the Minor Account can be operated solely by the minor’s father or legal guardian until the minor reaches the age of 18. When the minor reaches the age of 18, the father or legal guardian can choose to convert the Minor Account to a Savings Account.

When the minor reaches the age of 18, the Minor Account must be converted to a Savings Account (see clause ‎35.3(d) of these Terms).

35.3. Account-specific terms

There are a number of specific terms that apply to your Minor Account, in addition to the applicable provisions set out elsewhere in these Terms. You should read these Account specific terms carefully and contact us if you need help in understanding anything.

(a) Opening a Minor Account: You do not need to be an existing ruya Customer to open a Minor Account. If you are an existing ruya Customer, you can open an additional Account on behalf of a minor via our Mobile Banking channel by selecting “Minor Account” and providing the following information:
· a copy of minor’s Emirates ID, front and back (if the minor is a UAE national);
· a copy of the main page of the minor’s passport;
· a copy of the visa page of the minor’s passport (if the minor is not a UAE national);
· Shari’ah or civil court document (if you are the minor’s legal guardian);
· mobile number and email address of the minor (if different from yours); and
· confirmation of whether the minor is subject to tax in any country other than the UAE.
If you are not an existing ruya Customer, you will need to go through our standard Customer onboarding process before you can open a Minor Account. We will apply the same onboarding process and KYC checks to you as we would if you were opening an Account on your own behalf.

(b) Savings Account Terms: The terms set out in clause ‎34.4(a) of these Terms also apply to Minor Accounts.

(d) Conversion to a Savings Account: When the minor turns 18, the Minor Account will automatically convert from a Minor Account to a Savings Account. We will send reminders to the father or legal guardian via SMS and/or email (i) ninety (90) calendar days in advance of the date on which the minor turns 18, and (ii) thirty (30) calendar days in advance of the date on which the minor turns 18 to let them know what will happen to the Minor Account on that date.

When we convert the Minor Account to a Savings Account, the minor will be able to operate their Account themselves and their father or legal guardian will no longer have access to the Account.

Before the minor can operate their Account themselves, we will need to complete our standard Customer onboarding process for them. We will therefore temporarily deactivate the Account on the date that the minor turns 18 until we have completed this process.

Once we have completed the Customer onboarding process, we will:
· reactivate the Account as a Savings Account with the new Customer details;
· remove the father or legal guardian’s details from the Account;
· cancel any debit card linked to the Minor Account and, if applied for, issue a new debit card linked to the Savings Account; and
· send a notification to the father or legal guardian informing them that they no longer have access to the Account and that the debit card linked to the Minor Account has been cancelled.

When we convert the Minor Account to a Savings Account, the membership segment for the Savings Account will be determined in accordance with clause ‎3.1 (How we determine your membership segment) of these Terms.

(e) Membership segment: Your Minor Account will automatically belong to the same membership segment as your guardian.

36. Term Investment Deposit

A Term Investment Deposit is based on the contract of Mudaraba where one or more partners as investors provide the capital to an entrepreneur (in this case, ruya) to invest in a Shari’ah-compliant business activity to generate profit.

36.1. Unrestricted Mudaraba

(a) ruya (as Mudarib) will invest cash that you (as Rab Al Maal) deposit into a Linked Account, commingled with ruya’s shareholders funds, in a Common Pool.

(c) ruya will calculate and distribute (by crediting to or deducting from a Linked Account) the profit or loss attributable to a Term Investment Deposit in accordance with its Profit Distribution Policy. Profit and loss attributable to and payable on a Term Investment Deposit is to be calculated by ruya on the basis of the Weighted Average Balance of that Term Investment Deposit and the integrated weightage points which have been attributed to that Term Investment Deposit by ruya in accordance with its Profit Distribution Policy. ruya’s declaration of Mudaraba Profit and calculation and distribution of profit or loss attributable to a Term Investment Deposit is final and binding. You are not permitted to dispute the outcome or basis of this declaration or calculation.

(e) The Investment Risk Reserve balance shall be invested for such reserve on Unrestricted Mudaraba basis under the terms and conditions of the Savings Account.

(f) The Mudharaba Account holders shall authorize ruya to pay the zakat of the Investment Risk Reserves balance and dispense the same as may be determined by the ISSC.

36.2. Eligibility

In order to hold a Term Investment Deposit, you must hold a Savings Account or Current Account with ruya that you nominate as being linked to your Term Investment Deposit (a “Linked Account”), and you must continue to hold a Linked Account throughout the Investment Term of a Term Investment Deposit, however, you can change your Linked Account from time to time by using the relevant Form.

A Term Investment Deposit does not entitle you to a debit card or a chequebook.

36.3. Account features and benefits

Your Term Investment Deposit provides you with a range of features and benefits. These include:
· Your Linked Account will automatically belong to the Standard membership segment. You may have access to the Plus or Max membership segments depending on the availability of these segments and your eligibility (as determined in accordance with clause ‎3.1 (How we determine your membership segment) of these Terms).
· You can manage your Linked Account using Online Banking and Mobile Banking.

36.4. Account-specific terms

There are a number of specific terms that apply to your Term Investment Deposit, in addition to the applicable provisions set out elsewhere in these Terms. You should read these Account specific terms carefully and contact us if you need help in understanding anything.

(a) Profit:

• ruya’s obligation to distribute profit and loss and its operation of your Term Investment Deposit will be subject to compliance with all Applicable Laws and Islamic Shari’ah.
• The profit rate applicable to a Term Investment Deposit for a Profit Period will be published on ruya’s Website, or will notified to you by ruya from time to time.
• No profit nor any specific profit rate is guaranteed and losses attributable to the Common Pool in which your cash deposit is invested may be deducted from the amounts deposited in a Linked Account.
• The deposit in a Term Investment Deposit is not guaranteed, unless ruya acts with gross negligence or wilful misconduct, and any losses may be deducted from the amounts deposited in a Term Investment Deposit.
• In order to try to maintain the profit rate for each Profit Period, and offset future losses, ruya may deduct an Investment Risk Reserve from any profit.
• Profit will be calculated from the Business Day after the Term Investment Deposit is funded in full until the end of the Investment Term.
• If you choose to close your Account with us any time prior to the profit declaration date, as decided by ruya from time to time, you forfeit any rights to accrued profits.

(b) You can apply to open a Term Investment Deposit by completing the relevant Application Form.

(d) The Investment Term will commence on the Business Day after the Term Investment Deposit is funded in full.

(e) A Term Investment Deposit cannot be increased, but you can have multiple Term Investment Deposits.

(f) You can only withdraw amounts from your Term Investment Deposit to your Linked Account at the end of the Investment Term.

(g) Unless otherwise agreed by ruya (in its sole discretion), you cannot make a withdrawal from or terminate a Term Investment Deposit during the Investment Term.

(h) Any withdrawal or termination of a Term Investment Deposit prior to the end of an Investment Term will be subject to the consent of ruya (which can be withheld at its sole discretion).

(i) Any profits paid or payable on a Term Investment Deposit that is withdrawn or terminated before the end of an Investment Term will be adjusted in accordance with the Profit Distribution Policy, and you authorise ruya to deduct from your Linked Account or the Term Investment Deposit any profit paid or payable on a Term Investment Deposit to account for this adjustment.

(j) You can elect to have your Term Investment Deposit transferred to your Linked Account at the end of the Investment Term in the relevant Application Form.

(k) If you do not elect to have your Term Investment Deposit transferred to your Linked Account at the end of the Investment Term, it will be automatically renewed:
• for the Investment Term you have selected for renewals in the relevant Application Form; or
• if no Investment Term has been selected, for the Investment Term selected by ruya (in its sole discretion).

(l) The profit rate applicable to any renewal of a Term Investment Deposit may be different to the profit rate applicable to the original Term Investment Deposit.

PART 3: MEMBERSHIP SEGMENTS

37. Standard segment

37.1. Eligibility

Standard is our default membership segment and applies to all Accounts, unless we make additional segments available for certain Accounts. You will automatically be a member of the Standard segment if:
· you have a Smart Account; or
· you have a Current Account, Minor Account, Savings Account, and:
· we have not made any other membership segments available for your Account; or
· you do not meet the eligibility criteria for either the Plus or Max membership segment (as set out below) and you have not upgraded to either the Plus or Max membership segment by paying the relevant membership fee.

37.2. Features and benefits

Accounts in the Standard membership segment have a daily ATM withdrawal limit of AED 10,000 and a daily limit of AED 50,000 for point-of-sale and e-commerce transactions.

Please see our Website for details of the other features and benefits of the Standard segment.

38. Plus segment

38.1. Eligibility

If we make the Plus segment available, you will be eligible for this segment if you open a Current Account, Minor Account or Savings Account and your monthly salary is AED 20,000 or more. If you are not automatically a member of the Plus segment, you may upgrade to this segment in accordance with clause ‎3.2 (Upgrading your membership segment) of these Terms.

To remain a member of the Plus segment, you must meet at least one of the following criteria:
· your monthly salary is AED 20,000 or more and is paid into your Account each month;
· your Account has an average monthly balance of AED 10,000 or more; or
· the monthly spending on your Account totals AED 5,000 or more.

If you do not meet any of these criteria but wish to continue being a member of the Plus segment, you will need to pay a monthly fee for membership of the Plus segment. Please refer to our Schedule of Fees for details of the monthly Plus membership fee.

38.2. Features and benefits

Current Accounts and Savings Accounts in the Plus segment have a daily ATM withdrawal limit of AED 25,000 and a daily limit of AED 75,000 for point-of-sale and e-commerce transactions.

Please see our Website for details of the other features and benefits of the Plus segment.

39. Max segment

39.1. Eligibility

If we make the Max segment available, you will be eligible for this segment if you open a Current Account, Minor Account or Savings Account and your monthly salary is AED 50,000 or more. If you are not automatically a member of the Max segment, you may upgrade to this segment in accordance with clause ‎3.2 (Upgrading your membership segment) of these Terms.

To remain a member of the Max segment, you must meet at least one of the following criteria:
· your monthly salary is AED 50,000 or more and is paid into your Account each month;
· your Account has an average monthly balance of AED 30,000 or more; or
· the monthly spending on your Account totals AED 10,000 or more.

If you do not meet any of these criteria but wish to continue being a member of the Max segment, you will need to pay a monthly fee for membership of the Max segment. Please refer to our Schedule of Fees for details of the monthly Max membership fee.

39.2. Features and benefits

Current Accounts and Savings Accounts in the Max segment have a daily ATM withdrawal limit of AED 50,000 and a daily limit of AED 100,000 for point-of-sale and e-commerce transactions.

Please see our Website for details of the other features and benefits of the Max segment.

PART 4: WAYS OF BANKING WITH US

40. Digital banking terms (online and mobile banking)

40.1. Accessing digital banking

When you open an Account with us, you will receive access to our Online Banking and Mobile Banking platforms. You will be required to create log in details to allow you to access your Account through our Online and Mobile Banking platforms.

You may use a computer, a mobile phone or any other electronic device to access Online Banking and can connect to our Online Banking site via www.ruyabank.ae.

To use the Mobile Banking App, please download and install our Mobile Banking App from Google Play Store for Android and Apple App Store for IOS.

If you need assistance with accessing our Online Banking or Mobile Banking platforms, please contact us using the details set out in clause ‎2.1 (How to contact us) of these Terms.

40.2. Services available

Through our Online Banking and Mobile Banking platforms, we can provide you with a wide range of services for all of your banking needs including everything you need to manage your Account. The services provided through our Online Banking and Mobile Banking platforms include but are not limited to:
· checking your Account balance;
· viewing your Account statements;
· requesting transfers of funds between your Account(s);
· setting up direct debits and standing orders;
· initiating local and international transfers;
· making bill payments;
· opening additional Accounts; and
· closing your Account;
· and any other services as offered by ruya from time to time.

The services that are available to you may vary depending on the device you are using and the type of Account that you have.

40.3. Security

Online Banking and Mobile Banking are provided for your sole and exclusive use. You should not permit any other person to gain access to your Account through these platforms.

You must protect your personal login information at all times when transacting or communicating through our Online Banking and Mobile Banking platforms. The following security tips are designed to assist you.

To keep your Account safe, you should:
· take all reasonable steps to keep your security details, including your passwords and log in details, safe;
· not leave the device you are using unattended when you are logged in to Online Banking or Mobile Banking; and
· not store your passwords and log in details on a device used to access your Account.

Please be aware that if you give your Online Banking or Mobile Banking log in details to a third party, we are not responsible for what they do with your Account details or information.

We will never:
· ask you to provide us or any person with your full security details;
· send someone to collect cash, your PIN, your debit card or your chequebook if you are a victim of fraud; or
· ask you to transfer money to a new Account in connection with suspected fraud.

If you are in doubt, please contact us using the details set out in clause ‎2.1 (How to contact us) or by calling the number on the back of your debit card. If you know or suspect that someone else knows your log in details or if you suspect that someone may have used your Account without your permission, please let us know immediately by contacting us using the details set out in clause ‎2.1 (How to contact us) or by calling the number on the back of your debit card. You can contact us using these channels at any time.

Please immediately notify us if you are aware of or suspect that a third party has or may have access to your Account, or you are aware of any unauthorised transactions on your Account.

To enhance security, we advise you to avoid accessing your Account through our Online Banking and Mobile Banking platforms when using a public device or when connected to a public network as this may not be secure.

40.4. Your instructions

You are responsible for the accuracy and authenticity of the instructions provided to us via Online Banking and/or Mobile Banking and we shall not be required to independently verify your instructions.

We may refuse to comply with any instructions if we have reason to believe that:
· your instructions will lead to direct or indirect loss to you or us; or
· approving your instruction would contradict Islamic Shari’ah.

40.5. Records and statements

You can access your statements through our Online Banking and Mobile Banking platforms unless you ask for them on paper. In the event that your statements are unavailable through our Online Banking or Mobile Banking platforms, we will send your statements to you by post to the address registered on your Account.

40.6. Joint Accounts

If you are a Joint Account Holder, you can access full information in relation to the Joint Account using our Online Banking and Mobile Banking Services. You can also use our Online Banking and Mobile Banking services to approve transactions made by the other Joint Account Holder.

40.7. Upgrades and availability

From time to time, we may make changes to our Online Banking and Mobile Banking services (such as introducing new features or making updates to our Mobile Banking App). Depending on the update, you may not be able to use our Online Banking or Mobile Banking services until you have updated your browser or software or downloaded the latest version of our Mobile Banking App.

There may be times when our Online Banking and/or Mobile Banking services are unavailable for you to use or some of the features may be slower than normal due to maintenance, repairs or upgrades to our systems or the systems of any third party used to provide and support our Online Banking and Mobile Banking services.

We will notify you in advance of any planned interruptions to our Online Banking or Mobile Banking services which are expected to last more than four (4) hours.

Where there is an unforeseen interruption to our Online Banking or Mobile Banking services which is expected to last more than four (4) hours, we will notify you of the interruption by posting a notice on our Website and, if possible, by sending you an SMS or email notification. Where possible, we will also notify you of alternative services that you can use whilst our Online Banking or Mobile Banking services are unavailable.

We will not be responsible for any losses you suffer as a result of such unavailability or where our Online Banking and Mobile Banking services are not working properly for reasons outside our control. If our Online Banking or Mobile Banking services are unavailable, it is your responsibility to use alternative services (for example, visiting a Branch) if you need to access your Account.

Please contact us using the details set out in clause ‎2.1 (How to contact us) of these Terms if you are unable to access your Account through our Online Banking and

Mobile Banking platforms and we will do what we can to help.

40.8. Suspending or cancelling your access to digital banking

We may suspend or cancel your access to our Online Banking or Mobile Banking platforms for any reason at any time. In most circumstances, we will write to you to give you sixty (60) calendar days’ notice in advance of suspending or cancelling your access to Online Banking and/or Mobile Banking and the reasons for the suspension or cancellation.

However, there could be circumstances where we are entitled or required to suspend or cancel your access to Online Banking and/or Mobile Banking without giving you notice or telling you the reasons. This may include where:
· you have persistently breached any of these Terms;
· you have given us any false information;
· we have reasonable grounds to suspect there may be potential financial crime or fraud risk associated with your Account;
· we have reasonable grounds to suspect that your security details have not been kept safe;
· we believe it is appropriate in order to protect your Account;
· there is any other valid reason which means we need to suspend or cancel your access to your Account through Online Banking or Mobile Banking without notice;
· we are not able to contact you; and/or
· you have not used your Account for more than one (1) year.

41. Telephone Banking

41.1. Accessing Telephone Banking

Registration is required to access your Account through Telephone Banking. To register for Telephone Banking you will be required to create log in details.
Each time you would like to access Telephone Banking, you will be required to provide us with your log in details pertaining to your Account for authentication purposes. We shall also have the right to ask for further information for authentication purposes, at our discretion.

41.2. Services available

Our Telephone Banking services allow you to access various Account services including but not limited to:
· checking your Account balance;
· card management, including blocking, activation and PIN generation/reset;
· identifying ATM locations;
· account services, including balance inquiry, your previous five (5) transactions and chequebook requests; and
· and any other services as offered by ruya from time to time.

41.3. Security

You must protect your personal log in details at all times.

To keep your Account safe, you should take all reasonable steps to keep your security details, including your Telephone Banking log in details, safe. Please be aware that if you give your Telephone Banking log in details to a third party, we are not responsible for what they do with your Account details or Account information.

If you know or suspect that someone knows your Telephone Banking log in details or if you suspect that someone may have used or has access to your Account without your permission, please let us know immediately by contacting us using the details set out in clause ‎2.1 (How to contact us) or by calling the number on the back of your debit card.

We will never ask you to provide us or any person with your full security details. If you are in doubt, please contact us using the details set out in clause ‎2.1 (How to contact us) or by calling the number on the back of your debit card.

To enhance security, we advise you to avoid accessing your Account through Telephone Banking when in a public place.

41.4. Your instructions

All instructions provided by you must be in a manner acceptable to us. You are responsible for the accuracy and authenticity of the instructions provided to us and we shall not be required to independently verify your instructions.
We may refuse to comply with any instructions if we have reason to believe that your instructions will lead to direct or indirect loss to you or us.

41.5. Joint Accounts

If you have a Joint Account, you will be able to access Telephone Banking services in accordance with your Joint Account conditions. We will act on instructions given by one or both Joint Account Holders through Telephone Banking in accordance with the conditions which apply to your Joint Account. Please refer to clause

‎33.3 (Account-specific terms) of Part 2 of these Terms.

For Joint Account with “OR” conditions, all transactions initiated by a Joint Account Holder via Telephone Banking shall be binding on both of the Joint Account Holders, jointly and severally.

For Joint Accounts with “AND” conditions, any transaction initiated by a Joint Account Holder via Telephone Banking shall only be binding on both of the Joint Account Holders, jointly and severally, where the other Joint Account Holder has approved the transaction.

41.6. Availability

There may be times when Telephone Banking is unavailable for you to use due to maintenance, repairs or upgrades to our systems or the systems of any third party used to provide and support our Telephone Banking services. We will aim to notify you in advance of any scheduled maintenance work but may not always be able to do so.

We will not be responsible for any losses you suffer as a result of such unavailability or where Telephone Banking is not working properly for reasons outside our control. If our Telephone Banking services are unavailable, it is your responsibility to use alternative services (for example, Online Banking or Mobile Banking) if you need to access your Account.

41.7. Suspending or cancelling your access to Telephone Banking

We may suspend or cancel your access to Telephone Banking for any reason at any time. In most circumstances, we will write to you to give you sixty (60) calendar days’ notice in advance of suspending or cancelling access to your Telephone Banking and where possible, the reasons for the suspension or cancellation.

However, there could be circumstances where we are entitled or required to suspend or cancel your access to Telephone Banking without giving your notice or telling you of the reasons for the suspension or cancellation. This may include where:
· you have persistently breached any of these Terms;
· you have given us any false information;
· we have reasonable grounds to suspect there may be a potential financial crime or fraud risk associated with your Account;
· we have reasonable grounds to suspect that your security details have not been kept safe;
· we believe it is appropriate in order to protect your Account;
· there is any other valid reason which means we need to suspend or cancel your access to your Account through Telephone Banking without notice;
· we are not able to contact you; and/or
· you have not used your Account for more than one (1) year.

PART 5: REWARD PROGRAMMES

42. Reward programmes

42.1. General

We may offer reward programmes to you to allow you to accumulate and spend reward points when using an eligible Account.

Any reward programme will be governed by separate terms which will be made available through our Website.

Any reward programme, along with its separate terms, shall be duly reviewed and approved by ruya’s ISSC before being offered to you.

42.2. No monetary value

Any reward points issued under a reward programme created by us have no monetary value and do not constitute property or currency of any kind.

42.3. Changes to reward programme

We have the right to terminate, suspend or make changes to our reward programmes at any time.

We will let you know in advance of most changes to our reward programmes and will give you at least sixty (60) calendar days’ notice before the changes to our reward programme terms take effect. However, we may occasionally need to make changes without telling you in advance. This may include where:
· we are making the change as a result of legal and/or regulatory changes;
· the changes being made are in your interest;
· the changes are to make the reward programme terms clearer to you; and/or
· there is any other valid reason which means there is not time to give you notice.

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.

42.4. Our rights

We have the right to remove reward programme membership or reward points from your Account where you have breached any applicable reward programme terms and conditions or these Terms.

We have no obligation to provide a refund or compensation for reward points if your Account is terminated or suspended for any reason.

PART 6: FEES AND CHARGES

43. Information on fees and charges

All information with respect fees and charges will be stipulated in our Schedule of Fees (made available on our Website at www.ruyabank.ae which apply at the time that you accept these Terms and throughout your banking relationship with us.

We will give you prior notice of new fees and charges or any variation of fees and charges in accordance with clause ‎20.2 (Changes to fees and charges) of Part 1 of these Terms.