Note: (Please refer to our website and other publications for the full Terms & Conditions)
The following words and expressions shall, unless the context otherwise requires, have the following meaning.
ACE means Advisory Committee of Experts, a panel of eminent scholars, jurists and experts of Islamic jurisprudence, banking and finance constituted by the bank to guide its operations
Mudarabah Savings Account or MSA means this product offered by the bank based on the Shariah contract of Mudarabah.
Mudarib: means the entrepreneurial partner in a Mudarabah partnership who provides the expertise and management.
Rabb-ul-Maal: means the investor that contributes funds in a Mudarabah partnership
Website and our Website means Bank's website at www.tajbank.comas modified and/or re-designed from time to time.
2.1 The relationship between the bank and Customers holding Mudarabah Saving and/or Mudarabah Time Deposit Account shall be based on the principle of Unrestricted Mudarabah, where the bank shall be Mudarib and Customers shall be Rabb-ul-Maal.
2.2 Funds deposited by you in Mudarabah Savings and/or Time deposit Accounts shall be collected in pool(s) of funds. We may, at our sole discretion, also contribute our own funds to the pool(s). The funds in such pool(s) shall, at our sole discretion, be invested or disinvested in Business(s).
2.3 Share of Profit/Losses on deposit shall be determined as provided under Article 4 (of the full T&C) and distributed amongst pool members by crediting or debiting as applicable, their respective Accounts monthly by the 5th day of the next month or any other day as may be decided.
Notwithstanding any provision to the contrary contained in these Terms, we shall have the right at any time and our sole discretion to consolidate, combine and/or merge all or any accounts in your name or related company by virtue of common directorship, without prior notice and such right to consolidate, combine and/or merger shall include the right to adjust or set-off any indebtedness which you may have towards us, irrespective of the currency or currencies involved. If pursuant to such consolidation, combination or merge, a shortfall or deficiency arises in our favor, then you will be bound to pay the same upon our first demand.
If we accept or incur any liability on your request, then we shall have a lien on all funds, monies, securities and other properties of whatsoever nature in our possession belonging to you for due discharge of your liability. In the event of your default, we shall have the right to take such steps, as we may deem fit, including steps to dispose of or realize your properties, and use the proceeds of such disposal or realization in settlement of all your outstanding towards us.
We reserve the right to revise and/or amend any of these Terms at any time and without any prior notice to you, including without limitation, the charges applied in respect of services.
In order to comply with local or foreign law, regulations, voluntary codes, directives, judgments or court orders, and any authorities, regulators or enforcement agencies, policies, good practice, government sanctions or embargoes, reporting requirements under financial transactions legislation and demands or requests of any authority, regulator, tribunal, enforcement agencies, exchange bodies, the bank may:
i. Be prohibited from entering or concluding transactions involving certain persons or entities (e.g. person or entity that is itself sanctioned or is connected to or dealing with (directly or indirectly) any person or entity that is sanctioned under economic and trade sanctions imposed by any regulator in any jurisdiction.
ii. Report suspicious transactions or potential breaches of sanctions to authority in any jurisdiction to which the bank may need or decide to disclose.
iii. Intercept and investigate any payment messages and other information or communications sent to or by the Customer or on behalf of the Customer and may delay, block or refuse to make any payment and payment screening may cause a delay in processing certain information.
iv. Take any action it believes to be necessary, which includes the freezing of funds, preventing operation of an account, refusing a request for funds from the Customer, not allowing Customer to use a product, or delaying or cancelling a transaction.
In case of any dispute between the bank and a customer, a sole Arbitrator shall be appointed, upon application by the aggrieved party, by the Chief Judge of the jurisdiction where the dispute arose. The sole Arbitrator shall be versed in Islamic commercial and financial transaction jurisprudence. The arbitral award shall be final and binding on both parties.
These terms and conditions shall be governed by and construed in accordance with the principles of Islamic commercial jurisprudence, the applicable laws of jurisdiction within the Federal Republic of Nigeria, and the laws of Nigeria, provided they shall not be inconsistent with the governing principles of Islamic commercial law.
I/we declare and confirm that I/we have received complete copy of Account Opening Form, read and understood the Bank's Terms and Conditions governing the conduct of the account. Which have been signed by me/us in complete acceptance thereof. I/we agree to observe and be bound by the said Terms and Conditions and any changes, supplements or modifications thereto that may be made by the bank from time to time.