1. Relationship between Bank & Customer 2.8.

2.8. The I-TDRs issued by the Bank shall be governed by these terms as well
1.1. For all profit bearing/Savings Account/Islamic Term Deposit Receipt (the as the Terms and Conditions for Islamic Term Deposits (the "I-TDR
“I-TDR”) of local or foreign currency, the relationship between Meezan Terms"). To the extent that these terms are not inconsistent with the I-TDR
Bank Ltd. (the “Bank”) and Customer shall be based on the Islamic Terms, they shall apply to the same extent and effect as if the I-TDR
principles of Mudarabah, where the Customer is the Rab ul Maal and the Holder is a Savings Account Holder of the Bank and the funds invested in
Bank is the Mudarib. The Bank as the Mudarib may invest or disinvest, at the I-TDRs are considered as amounts available in the Savings Accounts
its sole discretion, money/funds received by it from the Customers in any of the I-TDR Holders.
of the Businesses (the “Business”) which the Bank deems fit with the 2.9. No profit will be paid on Current Accounts (Pak Rupees/Foreign
approval of Bank’s Resident Shariah Board Member (the Currency) as these are on the basis of Qard.
“RSBM”)/Shariah Board of the Bank. There could be several saving
schemes/products and additional features in respect of such schemes and 3. General
I-TDRs as may be applicable from time to time which shall be stipulated 3.1. Current & Savings Accounts hereinafter shall be called as (the “Account”).
in product brochures and at the website of the Bank at 3.2. Upon receipt of duly filled Account Opening Form and the documentation
www.meezanbank.com (the “Bank’s website”). and information required thereunder or otherwise by the Bank and
1.2. Funds deposited by the Customer with the Bank under the Current Account biometric verification of Customer along with due diligence/verification
are on the basis of Qard and therefore shall be payable by the Bank upon of Customer inter alia in compliance with State Bank of Pakistan (the
demand without any profit. The Bank may at its discretion utilize such “SBP”) rules and regulations, the Bank may, at its sole discretion, open an
funds as it deems fit with the approval of the RSBM/Shariah Board of the Account and/or agree to provide the allied banking services (the
Bank. “Services”) to the Customer. In case the Customer is or becomes visually
impaired/physically or mentally handicapped, with shaky or simple
2. Profit & Loss sharing signature or illiterate, the Customer shall provide/execute additional
2.1. In the savings account/product the Bank, as Mudarib, shall share in the documents as per the requirements of the Bank and Account operations
profit on the basis of a predetermined percentage of the distributable profit shall remain subject to the policies of the Bank, as amended from time to
of the Business (the “Mudarib Share”). The ‘Distributable Profit of the time.
Business’ is defined as profit earned on depositor’s funds i.e., income of 3.3. In case of any change in the communication addresses and/or number
the Business minus all direct costs and expenses incurred in deriving that (including mailing address, electronic mail (the “Email”),
income minus Banks’ share as an investor. The Mudarib Share applicable telephone/mobile number(s), etc.), (the “Communication Details”), the
to the calculation of profit may be varied from time to time in line with the Customer shall immediately notify the updated Communication Details to
guidelines of RSBM and in accordance with the Clause 2.3 below. The the Bank. The Customer shall be solely responsible to get his/her
updated Mudarib Share and weightages can be obtained from the Bank Communication Details updated for each of his/her Account(s) and
upon request and shall also be available on Bank’s website. Service(s). The Bank shall not be liable for any wrong, incorrect, and/or
2.2. The Bank may at its option also participate in the Business as an investor. non-delivery of communication and/or any losses suffered by the
The Bank’s share in profit as an investor will be in proportion to the Bank’s Customer, as a result of the Customer failing to notify the Bank of the
equity invested in any pool before distribution of profit between Rab-ul- change in his/her Communication Details.
Maal and Mudarib. 3.4. The Bank may accept cheques, drafts and other instruments payable/or
2.3. All the Customers/I-TDR Holders shall be assigned weightages (profit endorsed to the Customer for collection entirely at the Customer's own
distribution ratio for weighted average investment) based on the features risk. Uncleared instruments, though credited, shall not be drawn against,
of the saving scheme/product and/or I-TDR(s) held by the Customers, such and if the same is allowed to be drawn against, the Bank shall have the
as tenure, profit payment options and other applicable features for the right to debit the Account of the Customer without any intimation and/or
purposes of calculation of profit. The weightages applicable to all saving notice and without prejudice to Bank’s rights, if the proceeds of the
schemes/products/I-TDRs shall be announced at the end of every month instruments are not realized and/or credited in Customer’s Account.
and shall be available at Customer’s request and/or at Bank’s website. The 3.5. The Customer, with his/her free will, authorizes the Bank to debit any
weightages shall be announced at least 3 working days before the Account of the Customer maintained with the Bank and the Bank shall
beginning of the period concerned and shall not be changed during the subsequently inform the customer for all expenses, fees, commissions,
period. taxes, duties, Zakat, overdue against any finance facility/Services,
2.4. In case of Savings Accounts, unless otherwise indicated by the Bank, profit overdrawn amounts, international transactions in respect of conversion
would be applied on monthly basis. All accounts are finalized at the end of rates of foreign currency, erroneous transactions, fraudulent banking
the month by the Bank for calculation of profit or loss. transactions, parallel banking, reversal of credit entry erroneously made
2.5. Profit calculation method used as per the deposit product specification are due to bona fide error by the Bank or any other bank, and/or other charges
on a daily product basis (i.e. daily day end balance maintained in such and claims, damages, actual losses incurred, suffered or sustained by the
accounts calculated with the respective weightages applicable). Such Bank in connection with the opening/operation/maintenance of the
method associated with the respective deposit products is mentioned in the Account including withdrawals/transactions through the use of Internet
product brochure as well as available on Bank’s website. Banking, Mobile Banking, and/or ATM/Debit/Charge Card, whether
2.6. In the event of loss on either the capital or revenue account in respect of through ATM, POS or internet and/or providing the Services and/or for
the Business, all investors of the investment pool shall share in such loss any other banking services including Internet Banking, which the Bank
on a pro rata basis proportionately as per their investments. However, if may extend to the Customer unless exempted by SBP, Federal or
after due consideration of the matter, the RSBM/Shariah Board determines Provincial competent authorities.
that the loss incurred by the Business was caused by the gross negligence 3.6. Zakat shall be deducted from Customer's Savings Account(s) and I-
or willful default of the Bank, the Customers will not be liable to share in TDR(s) on individual investment basis under Zakat & Usher Ordinance
such loss. 1980 unless exempted in accordance with the provision(s) of the relevant
2.7. Redemption of any amount subject to I-TDRs/Savings Accounts by the law. Nevertheless, the Customer is advised to perform their own
Customer shall mean the transfer of its respective share in the Business calculation, in accordance with the injunctions of their respective Fiqah
along with all related risks and rewards as such redemption shall be on the and pay Zakat accordingly.
basis of the principal value of the investment, subject to the provisions in 3.7. In case sufficient amount is not available in the Account for settlement of
respect of Profit in Clause 2.1 and Loss in Clause 2.6 hereof. overdue against any finance facility, the same shall subsequently be
 reported in the Credit Information Bureau (CIB) of SBP as overdraft Dormant Account. In case an Account remains inoperative for ten (10)
extended on no markup/zero profit rate, as deemed necessary by the Bank. years, the funds lying in the Dormant Account shall be surrendered to the
3.8. The Customer authorizes the Bank and gives unconditional consent to SBP in compliance of prevailing rules and regulations. Accordingly, the
share personal data and details/information/documents of Customer, its Mudarabah agreement shall be considered terminated on 31st March of the
Accounts and transactions with any court, law enforcement agency, tax year of surrendering such funds to SBP and after the conclusion of this
and/or other governmental authority and consultants/service providers of activity, the Bank shall close the Account.
Bank without requiring any further consent/prior intimation to the 3.15. The death of a Customer should be immediately informed to the Bank
Customer. The Bank shall not be liable for any loss or damages suffered irrespective of the nature of Account and/or Account operating
by Customer due to disclosure of such information by Bank. instructions. Upon receiving notice of the demise of a Customer and/or
3.9. The Customer may perform withdrawal transactions through Bank’s becoming aware of the fact from any reliable source, the Bank shall
official Internet Banking and Mobile Banking application. Withdrawals immediately mark the Account as deceased and also shall not be obliged
can also be made through cheque and Debit Cards supplied by the Bank to allow any operation and/or withdrawal except on the production of
upon specific written request of the Customer. Cheques and other payment evidence of entitlement or right to operate the Account as per Bank’s
instructions are to be signed as per specimen signature supplied to the Bank satisfaction.
and alterations therein are to be authenticated by the Customer's complete 3.16. Bank reserves the right, at its sole discretion, to close Customer’s Account
signature. Any stop payment instructions shall be entertained by the Bank without any reason/cause by giving 15 days advance written notice. If the
if the instrument is not encashed or debit entry is not made from funds available in the Account are not withdrawn within the notice period,
Customer’s Account. All cash withdrawals in a currency/currencies other then after expiry of 15 days, the available balance in the Customer’s
than Pakistan Rupees shall be subject to the availability of sufficient Account will be sent through Payorder at the mailing address of Customer
currency notes with the Bank at the time of withdrawal. In case of available in Bank’s record. Furthermore, the Bank may also close the
bouncing of cheque(s) for multiple times, whether on various grounds or Account(s) having zero balance for a continuous period of 03 months.
otherwise, the Bank may at its discretion close any Account(s) with 3.17. The Customer may provide a written request on Bank’s prescribed form to
immediate effect by sending an intimation letter to the Customer. Any close his/her Account. Such request shall be entertained if the Account is
funds lying in such Account shall be sent to Customer in accordance with free from all restrictions as per Bank’s policy and related regulations.
clause 3.16 below. 3.18. Once an Account is closed, all the Services associated with the Account
3.10. If the Account is opened in the names of two or more persons, the balance will automatically stand terminated.
to the credit thereof at any time shall belong to the Customers jointly. Such 3.19. On closure of an Account, the Customer shall return the unused cheques
persons shall be jointly and severally liable for all liabilities incurred on and ATM/Debit/Charge Card(s) pertaining to the Account forthwith to the
the Account and the Services obtained by the Customers from Bank. Bank. Alternatively, for cheques, it may be confirmed to the satisfaction
3.11. Accounts with “Either or Survivor” operating instructions can be operated of the Bank in writing that the unused cheques have been destroyed.
by any authorized signatory without the need of joint signatures/approval 3.20. In respect of an Account opened in the name of minor, the Bank shall be
of all Account Holders. Herein, Account operations include execution of entitled to act as per the request and/or on the instructions received from
transaction(s) of whatsoever nature and/or obtaining Account related the person(s) whose name is given as guardian at the time of opening the
services such as I-TDR, locker, debit card, etc. Such transaction(s) and/or Account and accept the same as correct, accurate and duly authorized.
service(s) will be binding on all Account Holders. However, in order to 3.21. On the date, the minor attains the age of majority (18 years in case of
close such Account, signature of all Account Holders would be required. natural guardian or 21 years in case of guardian appointed by court),
3.12. In case of Joint Account, whether with either or survivor operating minor’s Account shall be marked as “Debit Blocked” and the guardian will
instructions or otherwise, in the event of the death of any of the Customers, be required to close minor’s Account. In case the guardian fails to
the balance shall be disposed of in accordance with the law/regulation officially close the minor Account, the Bank shall have the discretion to
prevalent at that time. The Bank shall not be liable for any transactions, close this Account and pay the credit balance (if any) in the Account to the
loss or damage that arise as a result of Bank acting in relation to the account erstwhile minor. However, orders of the court shall be followed by the
prior to the date on which the notice of the Customer’s death is received Bank, in case the guardian had been appointed by court.
by the Bank in writing. 3.22. In the event of death of a guardian of minor Customer before the minor
3.13. Notwithstanding anything contained herein or in any Customer's has not attained age of majority, the Account operation shall be suspended
instructions (including instructions for operation account on either or until the minor attains age of majority or a guardian is appointed by the
survivor) or in Bank's policies, the operation and maintenance of joint court or a direction for operation of such account is issued by a court, in
account shall be subject to (i) principles, as enunciated in Shariah, (ii) accordance with a certified copy of court order. On attaining age of
prevailing laws, including laws on inheritance/succession and (iii) majority, the minor Customer shall be required to open a new Account and
applicable judgments of superior courts. the balance in minor’s Account shall be transferred to such new Account.
3.14. Any Account including similar account opened for any product/Services 3.23. In the event of death of minor Customer, the Account shall be treated in
including Foreign Currency Account that has no customer-initiated accordance with succession law/law of inheritance and in similar manner
transaction (debit or credit) or any customer-initiated activity for more than if the Customer was not a minor.
12 months shall be designated as Dormant Account (the “Dormant 3.24. The Customer may request the Bank to allow operations of Account
Account”). Debit/Credit of Bank’s system generated transactions of through a third-party by submitting Bank’s prescribed mandate form.
money in the Dormant Account(s) shall not reactivate the Dormant However, it shall be subjective to the judgment of the Bank to reject or
Account. Similarly, credits received in Account on account of inward approve such request. The Bank also reserves the right to revoke its
remittances, clearing, cash deposits or other such transactions shall not approval of the third-party mandate at any time, irrespective of approving
reactivate the Dormant Account. Withdrawals from the Dormant Account Customer’s mandate request earlier. All mandates and powers shall cease
shall be subject to the approval of the relevant Branch Manager/Manager to exist on death of Customer.
Operations or in accordance with the Bank’s prevailing policies on the 3.25. The Customer shall make all transactions through prescribed channels and
subject. Dormant Account of a Customer shall be reactivated by the Bank immediately get official receipt of transactions. The Bank shall not be held
upon receiving Customer’s specific request (all Customers in case of joint liable for losses sustained by the Customer while dealing with Bank's
operating instructions) from registered channels and also fulfilling other employees on personal/private/non-official terms and matters.
formalities as required by the Bank for reactivation of Customer’s
3.26. Safe custody of access tools of Customer(s) Account(s) such as 3.36. Maximum credit balance limit in Meezan Senior Citizen Account shall be
ATM/Debit/Charge Card(s), PIN, T-Pin, Cheque(s), e-banking as per Bank’s prevailing Key Fact Statement available in branches and at
username/password, other personal information, etc. is exclusively Bank’s website. Any transaction exceeding the credit threshold limit shall
Customer’s responsibility. The Customer shall not disclose any such not be allowed. However, credit of any profit on savings deposit/ I-TDR
confidential information with any person irrespective of their confirmed in this Account beyond total credit balance limit will be permitted.
capacity or posing as Bank’s employee(s), SBP official(s) and/or 3.37. Interpretation of the Terms and Conditions by the Bank will be considered
official(s) of any other government department in any mode of final and binding. In case of any dispute(s), matter shall be referred to the
communication. The Customer shall be solely responsible for any kind of SBP and decision of the SBP will be final and binding.
loss/damage/fraud that arises in case of disclosure of any such
personal/sensitive information from Customer’s end either through call, 4. Alternate Distribution Channels
SMS, mail, Email, whaling, phishing, vishing, pharming, spoofing, 4.1. The Customer consents that Bank is entitled to communicate with the
shoulder surfing, any virus/malware in Customer’s device(s), and/or Customer to market its products and services via SMS, Email(s) and other
through any such medium whatsoever. channels.
3.27. In case of loss or theft of cheque book/cheque, the customer shall 4.2. The ATM/Debit/Charge Card (the “Card”) represents a Shariah-
immediately notify the concerned branch of Bank in writing for such Compliant Business entity and shall not be in any way used for purchase
loss/theft. The Customer takes the liability for any loss or damages, if the of Shariah non-compliant products or services (both locally and
incident of loss/theft of cheque book/cheque is not reported to the internationally). The declaration of a product or service as Haram by the
respective branch before payment. RSBM/Shariah Board shall not be challengeable by the Customer. The
3.28. The Customer declares that all sums deposited, held and/or transferred in Bank reserves its right to discontinue the Card Service and/or Business
his/her Account along with all transactions in the Account shall not be in relationship with the Customer if non-compliance is encountered.
contravention of applicable laws, including but not limited to Benami 4.3. The Card shall only be used by the Customer personally and is not
Transactions (Prohibition) Act, 2017. transferable. If the Customer authorizes any other person to use his/her
3.29. The Bank reserves the right to block operations of Customer’s Account(s) Card, despite this prohibition, then the Customer shall be exclusively
in case of any suspicious/fraudulent transaction(s) and/or in compliance of responsible for all risks and consequences; this includes usage of Card at
policies of the Bank, all prevailing laws, instructions from governmental ATM, POS terminals, internet and/or any other manner whatsoever.
agencies, SBP’s regulations, rules, directions, circulars, decrees, by-laws 4.4. In the event of loss or theft of the Card, the Customer shall immediately
applicable to the Bank, RSBM/Shariah Board guidelines, dispute by joint notify the Bank for such loss and/or theft by making contact to Bank’s 24/7
accountholder(s), and also due to any reason/cause where the Bank deems Call Center at (+92-21) 111-331-331 and (+92-21) 111-331-332 (the “Call
fit to block the Account(s) without any necessary intimation to the Center”) for the purpose of reporting loss/theft and deactivation of the
Customer. The Account operations may be restored by the Bank after the Card. The Customer may also deactivate his/her Card through Bank’s SMS
Bank is completely satisfied with such restoration. The Bank shall not be Banking Service, Internet Banking, and Mobile Banking application. The
liable for any loss or damage that may arise due to Customer’s Account(s) Customer shall be liable for any unauthorized use of the lost or stolen Card
being blocked by the Bank. in case of delay in notifying the Bank of the loss or theft of the Card.
3.30. The Bank may transfer the Account(s) of its Customer(s) to any of its 4.5. For security reasons, international/overseas transactions requiring physical
branch and/or change the location of branch as and when required with due presence of Card (such as POS, ATM, cash withdrawals, etc.) are disabled
intimation to the Customer(s) through any appropriate mode of on Cards. Customer can enable/disable these international transactions
communication selected by the Bank. through Bank’s Call Center. The international transactions which do not
3.31. The Customer shall be under obligation to solely bear any and/or all taxes, require physical presence of Card (such as e-commerce, etc.) are enabled
duties, levies and charges in relation to the Services, deposit, credit, debit, by default for international transactions. International/overseas
transfer of amount(s) in/from Account and/or in respect of operation and transactions in foreign currency shall only be made for personal use and
maintenance of Account. The Customer unconditionally assumes all the transactions must be within the annual/periodic limit prescribed by the
obligations in respect of payment of stamp and other duties, Bank and/or SBP from time to time.
chargeable/payable on signing/execution of account opening form and/or 4.6. Customer acknowledges that SMS facility, Mobile Banking, and Internet
on any connected and ancillary document(s)/instrument(s). Banking is dependent on telecommunications infrastructure, connectivity
3.32. The Customer undertakes that he/she will only use the Account for and services within Pakistan. Customer accepts that timeliness of alerts
Shariah-compliant activities or transactions and shall not conduct any sent by the Bank will depend on factors affecting the telecommunications
Shariah non-compliant activity or transaction through this Account. industry. Neither the Bank nor its Service Providers shall be liable for non-
3.33. Customer shall abide by terms & conditions of other products and Services delivery or late delivery of alerts, error, loss, distortion in transmission of
subscribed by Customer, in addition to these Terms and Conditions. and wrongful transmission of alerts to the Customer.
3.34. The charges/fees for providing services will be recovered on such rate and 4.7. The instructions received through Interactive Voice Response (the “IVR”)
frequency as decided by the Bank as per prevailing Schedule of Charges after verification of Telephone Personal Identification Number (the “T-
(the “Schedule of Charges”) and no request or claim for refund would be PIN”) or through oral instruction received via Call Center after providing
entertained. The Bank reserves the right to discontinue/suspend the positive verifications about Customer and/or his/her Account, or from
Services due to non-payment/non-recovery of associated charges. ATM, Mobile Banking application, Internet Banking, shall be deemed to
3.35. The Customer agrees and undertakes that any transaction authorized by the be proper and provided by the Customer. Accordingly, the Bank shall be
Customer shall not be from or for benefit of the entities, individuals or entitled to rely on any such instructions. The Customer shall not reveal
organization banned/ restricted by any national or international authorities. Personal Identification Number (the “PIN”) and T-PIN to any person
The Customer shall ensure strict compliance of prevailing laws, SBP’s including Call Center representative, staff at branches and/or any other
rules, regulations and/or circulars for opening, operating and maintaining staff of the Bank or posing to be staff of the Bank or any governmental
of Account including but not limited to Anti Money Laundering and authority. The PIN and T-PIN shall be confidential numbers generated by
FATF. The transactions shall not be in contravention of SBP’s Anti- the Customer through ATMs or by calling Bank's Call Centre and using
Money Laundering, Combating Financing of Terrorism & Countering IVR (Interactive Voice Response) technology respectively. The Customer
Proliferation Financing (AML/CFT/CPF) Regulations as amended from shall manually enter relevant T-PIN using keypad/touchpad of phone/other
time to time. such devices (and not verbally) for Telephone Banking
 Services/Transactions. The PIN and T-PIN may be changed by the usage of the Card and return it to the Bank after cutting the magnetic stripe
Customer subsequently at his/her own risk and discretion. and chip of the Card in half.
4.8. The Customer authorizes the Bank to record the conversation held between 4.18. Bank reserves its right to offer discounts on purchases made through Cards
Customer and Bank’s Call Center agent or any other officer of Bank and and can also change the terms and conditions of discounts at any time
use the same as evidence, if required. without any notice and without assigning any reason to Customer. The
4.9. The Customer expressly acknowledges that he/she is fully aware and customer should ensure availability of discount on his/her Card before
cognizant of the various risks (e.g. technical forgery, phishing, skimming, making purchase. In case of change in discount or its terms by any
programming of bogus Email address etc.) inherent and associated with restaurant and/or offering entity, Bank shall not be held liable for any kind
Alternate Distribution Channels and fraudulent activities arising from and of compensation to Customer and Customer shall bear and/or pay all
out of such transmissions or communications and is fully prepared to charges without any delay.
accept such risks. The Bank shall not be liable for any risks related thereto 4.19. The Bank may periodically collect and use technical data and related
and the Customer hereby fully, irrevocably and forever waives, releases, information, including, but not limited to, technical information about the
discharges, relinquishes the Bank from any and all claims, obligations and Customer's device to facilitate the updates to the Bank's services. The Bank
rights whatsoever and howsoever arising, that the Customer may have may use this information to improve its products and/or to provide services
against the Bank (if any) which arises or may arise as a result of the Bank or technologies to the Customer as long as this is done in a manner that
acting on any notifications received by the Customer under these Terms does not personally identify the Customer.
and Conditions through electronic communication.
4.10. The Bank shall issue account statements (the "Account Statement") to the 5. Premium Banking
Customer at such intervals required by Customer or as per directives issued 5.1 Premium Banking services are offered by the Bank at its sole discretion to
by SBP or make them available through Internet Banking and/or Email to Customer(s) meeting the criteria (the “Premium Banking”) set for
the Customer. Customer shall inform the Bank regarding any discrepancy Premium Banking. Criteria for availing Premium Banking services is
in Account Statement within forty-five (45) days from the issuance date of mentioned in Bank’s Schedule of Charges available in Branches and at
Account Statement, if otherwise, the Account Statement would be Bank’s website, which may be changed from time to time at Bank’s
considered as correct and accepted by the Customer. The Bank may, at its discretion. Premium Banking services may be discontinued if criteria
sole discretion, reverse the transaction and/or charges on the basis of the mentioned in the Bank’s Schedule of Charges is not maintained.
relevant documentation and investigation of the disputed transaction. 6. Amendments
4.11. In case, Account Statement is sent through Email, the Bank shall not be 6.1 The Bank may, at any time, with prior intimation to Customer, revise
held responsible for any misuse of the information so relayed, incomplete and/or change any of these Terms and Conditions and/or the features or
information, use of Email account by unauthorized user, if Email Services pertaining to the Account(s) including without limitation, the
containing Account Statement goes into junk mails or gets bounced charges leviable in respect of the Services in accordance with Schedule of
back/could not be delivered due to any reasons whatsoever in nature Charges which the Bank deems appropriate in its discretion. Such
including Email inbox being full, server unavailability, etc. revisions and/or changes shall be effective from the date specified by the
4.12. All Card(s) will be regulated by the Terms & Conditions which will be
Bank and will be notified to the Customer(s) in advance either through
provided with the Welcome Pack at the time of Card issuance. In case of SMS, mail, Email or by affixing a notice to that effect at a conspicuous
disagreement, kindly do not activate the Card and return it to Bank's place within the premises of the Bank’s concerned branch(es) or at Bank’s
Branch, after cutting magnetic stripe and chip of the Card in half. website. The Customer agrees that notification in any of the said modes
Similarly, whenever a lost or stolen Card is retrieved, the Customer shall including display at Bank’s website shall be deemed to have been duly
cut the magnetic stripe & chip of the Card and return the Card to the Bank. communicated and received by the Customer. If the Customer does not
4.13. The Customer(s) acknowledges that all Cards, except PayPak Debit Card, agree with the revised terms, the Customer may terminate relationship with
can be used for international ATM, POS and E-commerce transactions. In the Bank before the effective date of such revisions. The Customer
case the Customer wants to discontinue this facility he/she may inform the acknowledges that continuation of his/her relationship with the Bank after
Bank by calling our 24/7 Call Centre. effective date of revisions shall be deemed his/her unconditional
4.14. Card(s) is/are linked with Customer's Account(s) so Customers are
acceptance of the revised terms and conditions, without seeking
required to maintain an Account with the Bank in order to use the Card. Customer’s consent on such revision; hence the Customer hereby
On closure of Account, Customer shall forthwith return to Bank the unconditionally gives his consent/agreement to Bank’s unilateral right of
Card(s) after cutting the magnetic stripe & chip of Card(s) in half. Card revision/change/amendment in Terms & Conditions in the manner.
shall stand cancelled and deactivated automatically on closure of Account.
4.15. If the Customer uses the Card for purchase of goods and/or services 7. Governing Law
through internet sites, mobile applications or portals, the Customer shall 7.1 All funds deposited in the Account to be opened pursuant to this Account
be solely responsible for the security of such use at all times. The Customer Opening Form and all transactions in relation thereto will be governed by
agrees that entering the Card information in the internet sites or portals the Terms and Conditions for Accounts and Services, Policies of the Bank,
shall be sufficient proof of the authenticity of such instructions. Any use and/or all prevailing laws, SBP’s regulations, rules, directions, circulars,
of Card information by the internet sites, mobile applications or portals decrees, by-laws applicable to the Bank and all amendments that may be
shall be at the risk and cost of the Customer. made from time to time, provided that such laws do not contradict the
4.16. Unless cancelled otherwise, the Card is valid only up to the Expiry Date Islamic Shariah. In case of any contradiction, the rules of Islamic Shariah
mentioned on the Card. The Customer shall ensure that upon the expiry of as per the directives of the RSBM/Shariah Board of the Bank shall prevail.
the Card, it is destroyed, by cutting the magnetic stripe and chip of the
Card in half and returning it to the Bank for renewal of Card. The fee will 8. Indemnification
be charged for issuance of new Card as per Bank's Schedule of Charges. 8.1 The Customer shall indemnify the Bank from and against all actual losses
4.17. The Bank may terminate the Card by written notice without assigning any arising out of and in relation to: (i) Customer’s opening/
reason for termination. Following the termination thereof, the Card shall operating/maintaining the Account in contravention of these Terms and
be immediately cancelled whether or not the Card is returned to the Bank Conditions, (ii) Bank’s acting or refraining to act on Customer’s
by the Customer. Similarly, the Customer may at any time terminate the instruction(s), (iii) Customer’s misconduct/negligence/fraud, (iv) Breach
of any of Terms and Conditions including but not limited to any
misrepresentation to the Bank and/or contravention of any prevailing law,
 rules, regulations, and SBP’s guidelines. The indemnities as stated in these xi. I/We hereby certify that all information herein is true and correct,
Terms and Conditions shall survive and continue notwithstanding including the contact information and other information uploaded /
Account/Services closure and termination. provided digitally during the opening of this Account.
• Declarations:
i. I/We declare and confirm that I/we have received, read and understood
Bank's T&Cs governing the Account(s) which have been digitally
accepted by me/us using an electronic checkbox.. I/We agree to observe
and be bound by the said T&Cs and any changes, supplements or
modifications thereto that may be made by the Bank and notified to me/us
in advance at least 30 days. Furthermore, I/we acknowledge having
received a copy of this Account Opening Form including these T&Cs.
I/We agree to inform the Bank of any changes in the information provided
in this form (including FATCA & CRS declarations) or in the related
documents within a span of 15 days.
ii. Where required by domestic or overseas regulators or tax authorities, I
consent and agree that the Bank may withhold from my account(s) such
amounts as may be required according to applicable laws, regulations and
directives.
iii. I acknowledge that the information contained in FATCA and CRS forms
and information regarding the Customer and any Reportable Account(s)
may be provided to the tax authorities of the country/jurisdiction in which
this account(s) is/are maintained and exchanged with tax authorities of
another country/jurisdiction or countries/jurisdictions in which the
Customer may be tax resident pursuant to intergovernmental agreements
to exchange financial account information.
iv. I will indemnify and hold harmless the Bank from any actual loss, action,
cost, expense (including, but not limited to sums paid in settlement of
claims, reasonable attorneys’ and consultant fees, and expert fees), claim,
damages, or liability which arises or is incurred by the Bank in discharging
its obligations under FATCA and/or as a result of disclosures to the US
tax authorities.
v. Subject to clause 3.16 of account closure, if the due profit and/or account
balance amount is less than Rs. 100/- or equivalent, then I/we authorize
the Bank to donate the amount to Bank’s approved charitable
organizations on my/our behalf (having Shariah-compliant mechanism in
place to distribute charity as per Shariah principles).
vi. I agree and acknowledge that the Bank’s staff has shared all necessary
details about prevalent banking frauds including impersonation by
fraudsters, whaling, phishing, vishing, pharming, spoofing, shoulder
surfing, etc.
vii. For Savings Accounts/I-TDRs only: I/we also agree to enter into the joint
pool with all Account Holders on the basis of Shirkat-ul-Aqd, and into
Mudarabah with the Bank to participate in profit and loss of the pool
subject to the Terms and Conditions mentioned above. In case of early exit
from Mudarabah based investments i.e., redemption/encashment of
Savings Accounts/I-TDRs and payment of applicable profit, both the
existing Savings Accounts/I-TDR holders and Customer shall waive any
of their remaining rights and return and shall be deemed to have implicitly
exchanged mutual relief from commitment (Mubara’ah) for any aspects
that cannot be practically catered for.
viii. I/We hereby acknowledge and agree that acceptance via electronic
checkbox, wherever required for the purpose of account opening,
maintenance, and operations, shall be considered legally binding. Such
acceptance shall possess equal validity as handwritten/wet signatures.
ix. Furthermore, I provide my consent for online account opening and use of
information/documents provided in the account opening process for all
due diligence and supervisory functions.
x. I/We understand and acknowledge that if I/we fail to complete my/our
account opening application/request and provide relevant
information/documentation within 90 (ninety) days, the Bank shall close
my/our account opening application/request.