MBSB Islamic Deposit Product Terms & Conditions

Transcription

1 1.0 GENERAL 1.1 These ( T&C ) mentioned herein are applicable for all MBSB Islamic deposit products such as Wadi ah Savings Account-i, Cheeky Savings Account-i, Cash Rich Savings Account-i, General Investment Account-i, Term Deposit-i, Junior Term Deposit-i and Money Market Deposit-i. 1.2 These products are governed by the relevant laws of Malaysia and Shariah principles. 2.0 APPLICABLE SHARIAH CONTRACTS 2.1 The following Shariah contracts are applicable for MBSB s Islamic deposit products; Wadi ah Yad Dhamanah: Based on the principle of Wadi ah Yad Dhamanah whereby the goods or deposits are deposited with another person (the depository) who is not the owner, for safe-keeping; As Wadi ah Yad Dhamanah is a safekeeping contract whereby permission to utilize the asset placed in custody is granted by the safekeeping depositor and the custodian (MBSB) guarantees the asset placed in custody; The depositors will give their consent to MBSB to deal with whole or any part of the monies as long as it does not contradict with Shariah principles; The depositors are not entitled to any of the profits but MBSB may provide returns to the depositor as a token of appreciation (Hibah) Mudarabah: Based on the principle of unrestricted Mudarabah whereby an agreement is entered into between a provider of funds (Depositor) and the entrepreneur (MBSB); Under this contract, Depositor agrees to place a specific sum of money from time to time for a specific period of time with the purpose of participating in the profits made from MBSB s investment fund. The return of profits earned (if any) on the investment amount will be distributed between MBSB and the Depositor according to a pre-determined Profit Sharing Ratio ( PSR ) which is agreed by both parties upon entering this contract; In the event of losses, the losses are to be borne by the Depositor, except in cases where there is evidence of negligence and/or willful wrongdoing by MBSB in managing the Depositor s funds. The funds received through the Mudarabah account will be utilized without restrictions in various modes of investment and financing in accordance with Shariah requirements Commodity Murabahah: Page 1 of 15

2 Commodity Murabahah ( CM ) or Tawarruq is generally defined as sale of goods at cost plus mark up on a deferred payment basis and subsequently sale of the assets to a third party on a cash basis. Under this deposit structure, a Customer appoints MBSB to buy commodity on behalf of the Customer from an external broker and resells it to MBSB under Murabahah contract on deferred payment; "Commodity" means Shariah compliant goods and/or commodities (excluding ribawi items in the category of medium of exchange such as currency, gold and silver) acceptable to MBSB, purchased under the platform of any commodity trader appointed by MBSB and duly approved by Shariah Advisory Committee (SAC) of MBSB which will be transacted as the underlying asset to facilitate the Tawarruq transaction; Under this arrangement, the Customer appoints MBSB as an agent for the purchase and sale transaction ("Commodity Trading") of the commodity in accordance with these T&C for the amount equivalent to the Customer's deposit placement amount with MBSB. MBSB will only act as the Customer s agent and will not assume, or be deemed to have assumed, any additional obligations to, or to have any special relationship with the Customer other than those that is envisioned in these T&C As the Customer's agent, MBSB shall, during the tenure or any renewal thereof, has the following power and authority:- a. to do and execute all acts with respect to the purchase of the Commodity on cash basis through purchase agreement, certificate and other instrument and to negotiate with commodity traders or suppliers ("The Supplier") on behalf of the Customer in relation thereto; and b. to sell the commodity on deferred payment to MBSB at cost plus profit ("Murabahah Sale Price") on behalf of the Customer and to do and execute all acts in relation thereto ("Sale Transaction(s)") Upon payment by the Customer of the commodity price which is equivalent to the deposit amount to MBSB, MBSB undertakes to purchase the commodity from the commodity trader or supplier; MBSB in its capacity as agent to Customer will then sell the commodity to MBSB under Murabahah contract on deferred payment. The Selling Price represents: i) the deposit amount; and ii) the profit on the deposits On the last day of the tenure ("Maturity Date"), MBSB shall pay the Selling Price to the Customer. The computation of the Selling Price will be based on the following formula:- i) Calculation of the Profit: Page 2 of 15

3 Profit = P x R x T/365 or 366 Where: P = Principal Amount R = Profit Rate (%) given upon the placement T = Tenure (number of days, from placement date to maturity date) ii) Calculation of the Selling Price: Selling Price = Deposit Amount + Profit (total profit received) Illustration: Deposit Amount Profit Rate Tenure No of Days 365 RM10, % p.a. 12 months Placement date 1/1/2017 Maturity date 1/1/2018 Profit Payment Selling Price RM RM10, The Customer shall be entitled to request and take physical delivery of the commodity. In the event the Customer were to exercise such right to take physical delivery, all costs and expenses in respect thereof shall be borne by the Customer. 3.0 OPENING OF ACCOUNT 3.1 An account shall be opened by completing the relevant forms made available by MBSB and by providing the necessary documents and information required in compliance with MBSB's procedures for opening of the account. The acceptance of any application for the opening of account and the continuance of the account shall be at the discretion of MBSB. 3.2 Deposits are to be made in Ringgit Malaysia ( RM ) currency only. 3.3 The following are the features for MBSB s Islamic deposit products; Wadi ah Savings Account-i; This account is based on the Shariah contract of Wadi ah Yad Dhamanah; This account is offered to individuals (residents and non-residents) who are at least eighteen (18) years old and non-individuals i.e. sole-proprietorship, associations, clubs, NGOs and societies; Individuals can open an account under their personal name or jointly with another person and subject to a maximum number of accountholders being three (3) persons; Page 3 of 15

4 The initial deposit for opening of this account is RM or any amount as advised by MBSB Cheeky Savings Account-i; This account is based on the Shariah contract of Wadi ah Yad Dhamanah; This account is offered to individuals below the age of eighteen (18) years old subject to the account being operated by a trustee; Trustee is a parent and/or legal guardian who is above the age of eighteen (18) years old and is allowed to operate the account whilst the child will be the beneficiary of the account; The initial deposit for opening of this account is RM or any amount as advised by MBSB; When the beneficiary reaches the age of eighteen (18) years old, Customer will need to be present at MBSB's Sales and Service Center ( SSC ) where the account was opened ( Home SSC ) to convert his/her account accordingly CashRich Savings Account-i; This account is based on the Shariah contract of Wadi ah Yad Dhamanah; This account is offered to individuals only (residents and non-residents) who is at least eighteen (18) years old; Individuals are eligible to open an account under their personal name or jointly with another person and subject to a maximum number of account holders being three (3) persons; The initial deposit for opening of this account is RM or any amount as advised by MBSB General Investment Account-i; This account is based on the Shariah contract of Mudarabah; This account is offered to individuals (residents and non-residents) who have attained the age of eighteen (18) years old and non-individuals i.e. corporates, commercials, government bodies, small-medium enterprises ( SME ), partnerships, sole-proprietorships, associations, clubs and societies; Individuals are eligible to open an account under their personal name or jointly with another person subject to a maximum number of three (3) account holders; Page 4 of 15

5 For non-individuals, all legitimate entities must be registered with Registrar of Societies or Companies Commission of Malaysia; The initial deposit for the opening of this account is RM 1, or any amount as advised by MBSB; The tenure of deposit placement is between one (1) month to a maximum of sixty (60) months or as advised by MBSB. The profit rate for this account will be determined by MBSB; Partial withdrawal is not allowed for this account Term Deposit-i (TD-i); This account is based on the Shariah contract of Commodity Murabahah; This account is offered to individuals (residents and non-residents) who have attained the age of eighteen (18) years old and non-individuals i.e. corporates, commercials, government bodies, small-medium enterprises ( SME ), partnerships, sole-proprietorships, associations, clubs and societies; Individuals are eligible to open an account under their personal name or jointly with another person subject to a maximum number of account holders being three (3) persons; For non-individuals, all legitimate entities must be registered with Registrar of Societies or Companies Commission of Malaysia; The initial deposit for the opening of this account is RM or any amount as advised by MBSB; The tenure of deposit placement is between one (1) month to a maximum of sixty (60) months or as advised by MBSB. The profit rate for this account will be determined by MBSB; Partial withdrawal is not allowed for this account Junior Term Deposit-i (JTD-i): This account is based on the Shariah contract of Commodity Murabahah; This account is offered to individuals below the age of eighteen (18) years old and subject to the account being operated by a trustee. Companies, corporations, partnerships, associations and clubs are not allowed to open a JTD-i account; Trustee is a parent and/or legal guardian who is above the age of eighteen (18) years old and is allowed to operate the account whilst the child will be the beneficiary of the account; Page 5 of 15

6 When the beneficiary reaches the age of eighteen (18) years old, all benefits under this account will be revoked. Customer will need to be present at the Home SSC to convert his/her account accordingly; The initial deposit for opening of this account is RM or any amount as advised by MBSB; The tenure of the deposit placement is between one (1) month to a maximum of sixty (60) months, or any tenure as advised by MBSB. The profit rate for this account will be determined by MBSB; Partial withdrawal is not allowed for this account Money Market Deposit-i (MMD-i): This account is based on the Shariah contract of Commodity Murabahah; This account is open for non-individuals only i.e. corporate bodies, government bodies, federal government, state government, public authorities, multi-national corporations and etc; The tenure of deposit placement for this account is between one (1) day to a maximum of three hundred and sixty five (365) days or any tenure as advised by MBSB. The profit rates shall be determined by MBSB from time to time. 4.0 HIBAH / PROFIT RATE 4.1 Wadi ah Savings Account-i / Cheeky Savings Account-i / CashRich Savings Account-i MBSB may at its own discretion provide Hibah to the account holder as a token of appreciation. Hibah (if any) determined by MBSB will be credited on a monthly basis or at any intervals as determined by MBSB; The posting of Hibah, if any, will be indicated when Customers present their Savings Account-i Passbook to MBSB for updating General Investment Account-i (GIA-i) MBSB shall provide the profit in the form of dividend to the account holder but the profit paid shall not be lower than the Profit Sharing Ratio between the parties Profit Sharing Ratio means the pre-determined Profit Sharing Ratio to be shared between Customer as capital provider and MBSB as entrepreneur Any communication on the profit rate prior to GIA-i placement will be on the indicative rate and the actual return will only be defined upon the maturity date Term Deposit-i (TD-i) and Junior Term Deposit-i (JDT-i) Page 6 of 15

7 The contracted profit rate on deposit placement is determined upfront upon placement/ renewal as set out in the TD-i and JTD-i receipt; Customer may withdraw the profit paid during the tenure however, in the event the Customer decides to terminate the TD-i and JTD-i prior to the maturity of the tenure, MBSB reserves the right to retract the profit withdrawn by the Customer from the principal amount during account upliftment. 5.0 DEPOSITS 5.1 Deposits can be made via cash or cheque or telegraphic-transfer or transfers from other MBSB deposit accounts or any other medium as approved by MBSB; 5.2 Deposits as mentioned in 5.1 (except telegraphic transfer) should be made by completing the deposit slip, which is available at all MBSB's SSCs. When Customers perform a deposit transaction on their account, they will receive a copy of the deposit slip; 5.3 For any deposit placement made by cheque, the account is only valid upon cheque clearance. Cheques and other instruments deposited but are subsequently dishonored will be returned to the Customer s last registered address by post at their own risk and expense; 5.4 A Savings Account-i Passbook will be issued to the Customer upon opening of a Savings Account-i; 5.5 GIA-i certificate will be issued to the Customer upon the placement of GIA-i; 5.6 Term Deposit-i Advice will be issued to the Customer upon the placement of TD-i or JTD-i. 6.0 WITHDRAWALS 6.1 Wadi ah Savings Account-i / Cheeky Savings Account-i / CashRich Savings Account-i All withdrawals must be performed by the Customer for individual accountholders, Trustee for Cheeky Account-i and authorized signatories for non-individual accounts, at the Home SSC or any of MBSB s SSCs; Customers must bring along their Savings Account-i Passbook together with their identification documents required by MBSB and complete a withdrawal slip when making a withdrawal at SSC. 6.2 General Investment Account-i (GIA-i) In the event the Customer intends to terminate his/her account, the Customer shall fill-up the application for additional placement / withdrawal of deposit for individual form and for non-individual to furnish a letter of instruction bearing the authorized signature(s) registered with MBSB; All withdrawals / upliftments must be made by the accountholders or authorized signatories at the Home SSC only. Interbranch withdrawal / upliftment is not allowed; Page 7 of 15

8 6.2.3 Accountholders must be present at the Home SSC and produce their GIA-i certificate for withdrawal / upliftment unless there is a written consent by the accountholders or authorized signatories to instruct the Home SSC to transfer the amount to any specific deposit account as stated at the point of account opening; The Customer hereby agrees that MBSB s determination of any amount payable to the Customer under the GIA-i, except for manifest error shall be final, conclusive and binding against the Customer; Partial withdrawal is not allowed. 6.3 Term Deposit-i (TD-i) and Junior Term Deposit-i (JDT-i) In the event the Customer intends to terminate his/her account, the Customer shall complete the application for additional placement / withdrawal of deposit for individual form and for non-individual to furnish a letter of instruction bearing the authorized signature(s) registered with MBSB; All withdrawal / upliftment must be made by the account holders or authorized signatories at the Home SSC only. Interbranch withdrawal / upliftment is not allowed; Customer must be present at the Home SSC for TD-i /JTD-i withdrawal unless there is a written consent by the account holders or authorized signatories to instruct the Home SSC to transfer the amount to any specific deposit account as stated at the point of account opening; Partial withdrawal is not allowed. 7.0 EARLY UPLIFTMENT/ PREMATURE WITHDRAWAL 7.1 General Investment Account-i (GIA-i) In the event the Customer(s) performs early upliftment / premature withdrawal from their GIA-i before the maturity date, the following conditions shall apply: i) For placement tenure below three (3) months, no profit will be paid if the placement is withdrawn/uplifted prior to the full completion of the contracted period; or ii) iii) For placement tenure exceeding three (3) months where the said placement is withdrawn/ uplifted before the completion of three (3) months, no profit shall be paid; and For contracted period of more than three (3) months, eligible profit payable will be calculated at half of the prevailing Board Rate for all completed months, provided that the minimum three (3) months placement has been completed. Page 8 of 15

9 7.2 Term Deposit-i (TD-i) and Junior Term Deposit-i (JTD-i) In the event that the Customer uplifts the Term Deposit-i or Junior Term Deposit-i prior to maturity, the Customer hereby agrees to provide rebate (ibra') on the agreed Selling Price based on the following:- i) For placement where the contracted tenure is below three (3) months, no profit will be paid if the placement is withdrawn / uplifted prior to the full completion of the contracted period; or ii) iii) For placement tenure exceeding three (3) months where the said placement is withdrawn / uplifted before the completion of three (3) months, no profit shall be paid; and For placement tenure of more than three (3) months, eligible profit payable will be calculated at half of the prevailing Board Rate for all completed months, provided that the minimum three (3) months placement has been completed. The computation of rebate (ibra') is based on the following formula:- Rebate (Ibra ) = Selling Price - [(P x R x T/365 x 50%) + P] Where: Selling Price = Principal Amount + Profit P = Principal Amount T = Number of completed days R = Profit Rate (Prevailing Board Rate for completed months) Illustration on computation of rebate during premature withdrawal:- Original placement:- Deposit Amount RM10, Contracted Profit Rate 3.40% p.a. Tenure 12 months No. of Days 365 Placement date 1/1/2017 Maturity date 1/1/2018 Profit Payment (a) RM Selling Price upon maturity (b) RM10, In the event of premature withdrawal:- Early / premature withdrawal On 1/7/2017 No. of completed days 181 Prevailing Board rate for completed months 3.25% p.a. Profit payment upon premature withdrawal (c) RM Page 9 of 15

10 (RM10,000 x 3.25% x 181/365 x 50%) Rebate (Ibra ) (a) - (c) RM Total Selling Price upon premature withdrawal (b) (c) RM10, For early upliftment / premature withdrawal, MBSB may also charge the Customer any holding, handling and brokerage fees/charges charged by any third party Commodity Trader for the sale and purchase of the Commodity and it will be deducted from the Selling Price; The Customer hereby agrees that MBSB s determination of any amount payable to the Customer under the Account except for manifest error shall be final, conclusive and binding against the Customer. 8.0 RENEWAL OF DEPOSIT 8.1 General Investment Account-i In the event the maturity date falls on a non-working day, any renewal instruction by the Customer will be carried-out on the next working day. However, the profits will still continue to be accrued until the new renewal date; If the Customer does not renew the GIA-i, account after the maturity date, MBSB shall automatically renew the account upon the expiry of the prevailing placement period; However, this auto renewal will be applicable for a total tenure of not more than seven (7) years, otherwise, it will be subject to Clause 21.0 hereunder; Any changes to the Profit Sharing Ratio and indicative profit rate of the renewed GIA-i, accounts will be as per MBSB s prevailing board rates which will be posted via general notice at branch premises or on visual screen or terminal or MBSB s corporate website at or in any way as MBSB deems fit. The changes to the Profit Sharing Ratio and indicative profit rate will only take effect upon expiry of the existing placement tenure Term Deposit-i (TD-i) & Junior Term Deposit-i (JTD-i) If the Customer does not renew the TD-i or JTD-i account after the maturity date, MBSB shall automatically renew the account upon the expiry of the prevailing placement period, and the provision under Clause shall apply for the computation of Selling Price; However, this auto renewal will be applicable for a total tenure of not more than seven (7) years, otherwise, it will be subject to Clause 21.0 hereunder; Any changes to the profit rate of the renewed TD-i or JTD-i accounts will be as per MBSB s prevailing Board Rate which will be posted via general notice at branch premises or on visual screen or terminal or MBSB s corporate website at Page 10 of 15

11 or in any way as MBSB deems fit. The changes to the profit rate will only take effect upon expiry of the existing placement tenure. 9.0 PLEDGE AS SECURITY 9.1 The GIA-i or TD-i account may be pledged as a security for the performance or discharge of any obligation or any liability of the Customer to MBSB, where applicable. Otherwise, the GIA-i and TD-i shall not be pledged or charged for any other reasons whatsoever CONSOLIDATION AND RIGHT TO SET-OFF 10.1 MBSB, in addition to any general lien or other similar right to which it is entitled by law, may at any time, with sufficient notice, consolidate any or all of the facility accounts (if any) with the Customer s liabilities to MBSB and set-off or transfer any sum or sums standing in the credit of any one or more of MBSB s accounts in or towards satisfaction of any of the liabilities to MBSB whether such liabilities to MBSB be primary or collateral or joint and several; 10.2 The Customer agrees that MBSB shall be entitled to freeze the Available Balance (or any part thereof) equivalent to any Customer's indebtedness (whether actual, contingent, present or future) due to MBSB plus any accruing profit or other charges ("Indebtedness") and provide a notice of seven (7) days to the Customer to settle the Indebtedness; 10.3 In the event the Customer fails to make good the Indebtedness within the said seven (7) days period, MBSB shall be entitled to set off absolutely such part of the Available Balance with the total sum of the indebtedness (even if it involves uplifting any Islamic Term Deposits or GIA before maturity); 10.4 For avoidance of doubt, MBSB's right of set-off herein can be exercised by MBSB: even on Joint Account, even though the Indebtedness is due from any one of the Joint Accountholders to MBSB; where the Available Balance in an Account which is credit with another Account of the Accountholder which is in debit balance with sums due to MBSB; and even in the event of Accountholder's demise, bankruptcy / insolvency, composition with its creditors or any legal proceedings against the Accountholder PARTNERSHIPS 11.1 The Customer must promptly notify MBSB in writing for any change in the partners, change in account name or change in authorized signatories SAVINGS ACCOUNT-i PASSBOOK 12.1 Savings Account-i Passbook which is neither transferable nor assignable must be presented at MBSB branch counter for withdrawal transactions; 12.2 Any payment made by MBSB upon the production of the Savings Account-i Passbook by the Trustee for Cheeky Account-i and by the authorized signatories for non-individual accounts, Page 11 of 15

12 shall have the same effect as if the payment has been made to the Customer personally and MBSB will not be responsible for any loss thereby suffered by the Customer or by any other party; 12.3 The Savings Account-i Passbook shall not be tampered or altered with respect to matters relating to the transactions either by the Customers or by any other party. The Customers should examine their Savings Account-i Passbook to satisfy themselves that the correct entries have been made before leaving MBSB s SSC premises; 12.4 The Savings Account-i Passbook should be presented to MBSB as and when required by MBSB for any or unposted items to be entered. The passbook is for the Customer s reference and does not necessarily indicate the correct balance of the account as deposits may have been made or items charged without an entry having been posted in the Savings Account-i Passbook DEPOSITOR'S CAPACITY TO CONTRACT 13.1 The Customer must have the capacity to enter into a contract. Under MBSB s policy, only an individual who has attained the age of eighteen (18) years old may open an account under his/her own name. A minor may also open an account but the account shall be opened jointly and operated only by the parent/legal guardian ( Trustee ); 13.2 Savings Account-i can be closed at the request of the Customer, by operation of law or at the discretion of MBSB. MBSB shall be entitled to freeze the account in the event of death, bankruptcy or insanity of the accountholder LOSS / DAMAGE OF SAVINGS ACCOUNT-i PASSBOOK 14.1 In the event the Savings Account-i passbook is lost or damaged, the Customer shall immediately notify MBSB by coming in person to the nearest SSC. MBSB will levy a charge for every issuance of a replacement passbook subject to the Customer executing MBSB's standard indemnity form LOSS / DAMAGE OF GIA-i CERTIFICATE / TERM DEPOSIT-i ADVICE 15.1 The Customer is to keep the GIA-i Certificate / Term Deposit-i Advice safely and is required to immediately report, in writing, its loss or theft to MBSB. The replacement of a lost GIA-i Certificate / Term Deposit-i Advice may be issued against a duly signed and stamped Letter of Indemnity, subject to payment of a stamp duty and service fee of RM or any amount as advised by MBSB from time to time; 15.2 Replacement of a lost GIA-i Certificate / Term Deposit-i Advice shall only be done at the home SSC where the account was opened and is governed by the terms and conditions governing the operations of the GIA-i / Term Deposit-i CLOSURE OF ACCOUNT 16.1 MBSB reserves the right to close a Customer s account upon the Customer s request, by operation of law or at the discretion of MBSB; Page 12 of 15

13 16.2 The Account shall be closed / terminated upon occurrence of any of the following events; i) Bankruptcy or liquidation of the Customer; or ii) Withdrawal by the Customer on all or a part of the deposit amount placed; or iii) The Customer commits a breach of any of the terms and conditions herein; or iv) Instruction of any law enforcement agencies; or v) Dormant Account with available balances which is nil or RM10.00 and below In addition to MBSB's rights contained in Clause 16.2 above, the Customer agrees that MBSB reserves the right to close any account at the absolute discretion of MBSB without the necessity to give any reasons, by giving adequate notice to the Customer (where deemed fit / appropriate) The Customer shall comply with all of MBSB's requirements and procedures for account closure including paying any service charges imposed by MBSB for closing the account (if any) IN THE EVENT OF DEATH 17.1 Subject to any legislation applicable thereto, on the death of any one joint account holder, MBSB may hold any credit balance or balances now or hereafter standing to any account or accounts in the Customer s joint names and any securities held in the Customer s joint names to the order of the survivor or survivors without prejudice to MBSB's right of consolidation and set-off contained herein or MBSB's rights in respect of such balance or securities arising out of any lien charge pledge counter-claim or otherwise whatsoever or to any step which MBSB may deem it desirable to take in view of any claim by any person other than the survivor(s); 17.2 In the event a Muslim accountholder or a Muslim joint accountholder(s) passes away, the survivor or survivors shall receive the funds of the deceased as appointed administrator (wasi ) who will then be responsible to distribute the credit balance in accordance with the law of inheritance (fara id), MBSB is not responsible to ensure whether the legal heir of the administrator (wasi ) has distributed the assets according to any substantive law or law of inheritance (fara id) CHANGES IN PARTICULARS 18.1 The Customer shall promptly advise MBSB in writing any change in the Customer's mailing address and or telephone / mobile phone numbers and or facsimile number and or address and or other particulars recorded with MBSB; 18.2 No change in the address of the Customer howsoever brought about shall be effective / binding on MBSB unless actual notice of the change of address has been received and acknowledged by MBSB; 18.3 All communications sent by post to or left at the Customer's address last registered with MBSB shall be deemed to have been duly delivered to and received by the Customer FEES AND CHARGES 19.1 MBSB shall be entitled to impose fees and charges for any services provided by MBSB to the Customer as agreed / requested by the Customer; Page 13 of 15

14 19.2 The details of the fees and charges imposed / charged by MBSB is available at MBSB's SSCs and website; 19.3 MBSB may at any time at its sole and absolute discretion and upon written notice to the Customer or via any other medium deemed fit by MBSB, revise the fees and charges payable by the Customer. Such change(s) will be in-line with any relevant applicable Shariah and regulatory requirements and shall take effect from the date stated in the notice, which in most instances shall be no less than twenty one (21) days from the date of the notice; 19.4 If any services provided by MBSB to the Customer are subject to Goods and Services Tax (GST), then the GST shall be borne by the Customer, and paid by the Customer in addition to the fees and charges imposed / charged by MBSB DORMANT / INACTIVE ACCOUNT 20.1 Dormant account is defined as an account that has no transaction for one year. A reminder will be sent on the impending dormancy to the Customer; 20.2 For dormant accounts with balances of up to RM10.00, MBSB may at its own discretion close these accounts and absorb these balances as a charge; 20.3 For dormant accounts with balances of more than RM10.00, MBSB may charge an annual service fee of RM10.60 (inclusive of GST) until the remaining balances are sent to unclaimed moneys as per the Unclaimed Moneys Act 1965 (please refer to Paragraph 21.0 below on Unclaimed Moneys Act 1965); 20.4 No charge shall be imposed on the activation of a dormant account UNCLAIMED MONEYS ACT Under the prevailing Unclaimed Moneys Act 1965, unclaimed moneys means all sums of money to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven (7) years. The unclaimed moneys will then be duly transferred to the Registrar of Unclaimed Moneys (RUM). Before funds from a dormant account are transferred to the RUM, a notice of at least twenty one (21) calendar days will be given to the Customer on when the transfer will take place CHANGES TO THE TERMS AND CONDITIONS 22.1 MBSB reserves the right to add, delete, or alter any or all of these T&Cs at any time, subject to the extent permitted by Shariah principles and any relevant laws and regulations by authorities. Such changes shall become effective after twenty one (21) days of such notice(s) being displayed in MBSB s premises or any other mode of communication which MBSB deems fit GOVERNING LAWS AND JURISDICTION 23.1 This agreement shall be governed by and construed, interpreted and applied in accordance with the laws of Malaysia; Page 14 of 15

15 23.2 The parties shall comply with the provisions of any written law with which they may be required to comply respectively including the Personal Data Protection Act (PDPA) and any other Act, Enactment or Ordinance or any by-laws, rules, regulations or other subsidiary legislation under such Act, Enactment or Ordinance or any direction, Order, requirement or instruction given by any authority competent to do so under any written law PERSONAL DATA PROTECTION ACT 2010 (PDPA) The Customer hereby declares and agrees that any data/information (including personal data) relating to or arising from or in connection with the Customer s application hereunder and also information pertaining to the Customer s affairs whether hereunder or otherwise on this application may be held, used and disclosed by MBSB for purposes of processing this application and providing subsequent services for this and other products and services and/or direct marketing (if applicable) to communicate with the Customer for such purpose DECLARATION 25.1 The Customer hereby declares that all statements made and documents submitted in connection with this application are complete and true to the best of his/ her knowledge and understanding DISCLOSURE OF INFORMATION 26.1 MBSB is authorized to disclose, use, and obtain any information relating to the Customer, account or matters related thereto pursuant to any law regulations, rules, guidelines or directives or as MBSB in its sole discretion deems fit or necessary and MBSB shall not be liable to the Customer in any manner whatsoever for such disclosure. [End] Page 15 of 15