TERMS AND CONDITIONS GOVERNING ISLAMIC FIXED DEPOSIT (FD-i) ACCOUNT (Effective from 28 July 2016)

Transcription

1 TERMS AND CONDITIONS GOVERNING ISLAMIC FIXED DEPOSIT (FD-i) ACCOUNT (Effective from 28 July 2016) Definitions Accountholder(s), you or your Authorised Signatory BNM Branch Business Day Code Commodity 'Day Deposit Statement estatement FATCA Ibra Islamic Fixed Deposit Islamic Fixed Deposit Acknowledgement Instructions means an accountholder of the Islamic Fixed Deposit Account whether singly or jointly and shall include their respective personal representatives, successors-in-title and permitted assigns. means a person (whether alone or jointly with any other person or persons) authorized by you to give Instructions to operate the Islamic Fixed Deposit Account. means Bank Negara Malaysia. means our branch office where the Islamic Fixed Deposit Account is opened and/or maintained. means a day on which the Bank is opened and/or maintained in the state where the place of business of the Bank is located for transaction of business of the nature required or contemplated by this Terms and Conditions. means the Internal Revenue Code of 1986 issued by the US. means the Shariah-compliant goods and commodities as stated in our website. means a calendar day in a Gregorian calendar. means the physical copy of the statement that we will issue to you from time to time or upon your request, or the estatement in relation to the Islamic Fixed Deposit Account. means the electronic statement which is available for viewing through your UOB Personal Internet Banking (for individuals) following your enrolment for the estatement service for the Islamic Fixed Deposit Account. means sections 1471 through 1474 of the Code and the regulations and other guidance issued under the Code, each as amended from time to time (commonly known as the Foreign Account Tax Compliance Act) ( FATCA ) or any other agreement entered into with or between authorities for the implementation of FATCA. means rebate or waiver of partial or total claim against certain right or debt. means the deposit placed in the Islamic Fixed Deposit Account. means the acknowledgement slip to evidence the placement of a term deposit in the Islamic Fixed Deposit Account on the date stated therein. means any request, application for the opening of the Islamic Fixed Deposit Account, authorisation or instructions in whatever form, substance and manner inclusive of agency appointment made to Page 1 of 21

2 us by you or the Authorised Signatory in relation to the Islamic Fixed Deposit Account. Islamic Fixed Deposit Account Legal Process Personal Data Regulations Terms and Conditions the Bank, our, us, we, ourselves US US Person(s) means the Islamic term deposit account opened and/or maintained with us. may include, but is not limited to, any originating process including writ of summons and originating summons as well as any other forms of originating process, pleadings, interlocutory applications, affidavits, orders, judgments and any other documents which are required to be served under any written law and such notices under the Companies Act 1965,and the Bankruptcy Act may include, but is not limited to, your name, address, occupation, contact details, information captured on security systems (including a recording of your image on Closed Circuit Television (CCTV)), the information contained in the Islamic Fixed Deposit Account held by you either singly or jointly with any other person, the type of products and/or services that you have subscribed to with us and such other necessary data regarding yourself and your transactions with us. means any of BNM s Guidelines, including but not limited to the BNM Guidelines on Basic Banking Services any regulations, rules, code of practices or official directive of any governmental organisation or regulatory body or other authority having jurisdiction over us, as varied and implemented from time to time. means this Terms and Conditions governing the Islamic Fixed Deposit Account (including any variation or addition hereto as we may prescribe from time to time). means United Overseas Bank (Malaysia) Bhd and shall where applicable include its successors-in-title and permitted assigns. means the United States of America. means a US citizen or resident individual, a partnership or corporation organised in the US or under the laws of the US or any state of the US, a trust if (i) a court within the US would have authority under applicable law to render orders or judgments concerning substantially all issues regarding administration of trust, and (ii) one or more US Person(s) have the authority to control all substantial decisions of the trust, or an estate of a descendent that is a citizen or resident of the US. This definition shall be interpreted in accordance with the Code. Please note that persons who have lost their US citizenship and who live outside US may nonetheless in some circumstances be treated as a US Person(s). 1. Terms and Conditions By opening, maintaining and using an Islamic Fixed Deposit Account you agree to be bound by this Terms and Conditions. You are deemed to have read, understood and accepted every term. 2. Applicable Shariah Contract Islamic Fixed Deposit Account shall operate in accordance with the Shariah principles of Murabahah (cost plus sale), Tawarruq/Commodity Murabahah (monetization) and Wakalah (agency) as describe in detail below. Page 2 of 21

3 Murabahah is a sale contract with a disclosure of the asset cost price and profit margin to the buyer. Tawarruq/Commodity Murabahah consist of two sale and purchase contracts. The first involves the sale of Commodity by a seller to a purchaser on deferred basis (Murabahah). Subsequently, the purchaser of the first sale will sell the same Commodity to a third party on cash and spot basis (Musawamah). Wakalah is a contract of agency. Musawamah is a sale contract without the disclosure of the asset cost price and profit margin to the buyer. 3. Islamic Fixed Deposit 3.1 Transaction of Commodity Murabahah in Islamic Fixed Deposit (i) (ii) (iii) (iv) Upon the Bank s acceptance of the placement or renewal as the case may be of the Islamic Fixed Deposit, the Bank is appointed as your agent whereby the Bank is authorized to do all acts with respect to the purchase of the Commodity at the purchase price to be mutually agreed between you and the Bank ("Commodity Price"). Thereafter, the Bank shall purchase from you the Commodity at the Commodity Price plus profit ( Murabahah Sale Price ) on deferred payment terms. The profit payment options may be either on cash upfront or upon maturity on monthly, quarterly, six-monthly or yearly basis. Payment of cash upfront from the Bank shall be treated as a security deposit ( Hamish Jiddiyah ) to complete the commodity trading on your behalf: The security deposit may be treated as part of the payment of the agreed Murabahah Sale Price upon entering into the sale and purchase transaction as per Clause 3.1(i) and (ii) above; and The security deposit shall be refunded in full to the Bank if it is not treated as part payment of the Murabahah Sale Price. (v) (vi) Each party acknowledges that the Commodity shall be capable of physical delivery. Any request for the physical delivery of the Commodity shall be made by providing the Bank with your written request whereby all costs associated with the physical delivery of the Commodity, including the delivery costs, storage costs and takaful/insurance, shall be borne by you. The tenure of Islamic Fixed Deposit shall be for a period as mutually agreed between you and the Bank. 3.2 Appointment as Agent Subject to the mutual agreement as to the Commodity, the profit Rate, and the maturity date, upon every placement or the renewal (as the case may be) of Islamic Fixed Deposit, the Bank is appointed as your authorized agent to do the following: (i) (ii) to buy on your behalf the Commodity at the Commodity Price on a cash basis ( Purchase Transaction(s) ) and to accept the beneficial ownership of the Commodity; and subsequent to the Purchase Transaction and in a dual agency capacity you shall authorized us on your behalf to sell the Commodity on deferred payment to ourselves at the Murabahah Sale Price ( Sale Transaction(s) ). ( Purchase Transaction(s) and Sale Transaction(s) are hereinafter collectively referred Page 3 of 21

4 to as Commodity Murabahah Transaction ) Our appointment is limited to act only as your agent of the Commodity Murabahah Transaction and will not assume, or is deemed to have assumed, any additional obligations to, or to have any special relationship with you other than those provided in this Terms and Conditions. 3.3 Each transaction may be entered into by the Bank in your name on a fully disclosed basis. We will in performing our obligations and activities in the Commodity Murabahah Transaction look after your best interest and act in good faith. 4. Placement of the Islamic Fixed Deposit 4.1 The minimum amount required for each deposit into Islamic Fixed Deposit Account is RM5,000 for the minimum tenure of one (1) month and RM1,000 for the tenure of two (2) months up to sixty (60) months or such other amount and tenure to be determined by us from time to time. 4.2 Each deposit shall be placed at a profit rate quoted by us and mutually agreed upon. 4.3 When you make a deposit:- (d) the deposit must be placed by such mode or manner as we prescribe from time to time, whether over the counter at the branches or through the use of any services as may be made available by us from time to time; we may (but is not obliged to) give immediate credit for cheques, drafts and all other instruments deposited into the Islamic Fixed Deposit Account; notwithstanding the above, once you have instructed the Bank to enter into a Purchase Transaction(s) and you fail to effect payment of the Commodity Price on the relevant purchase date, you shall bear all actual losses and indemnify the Bank as stated in Clause 30 below; prior to the completion of the Commodity Murabahah Transaction, you agree that the deposit shall be held based on loan (Qard) to the Bank due to necessity and unavoidable requirements. 4.4 The amounts placed in the Islamic Fixed Deposit Account are not transferable or assignable and may not be pledged or charged as security to any other party unless the same is taken to secure the Bank s Islamic financing only. 4.5 An Islamic Fixed Deposit Acknowledgement will be given to you for each deposit placed. The Islamic Fixed Deposit Acknowledgement is merely an acknowledgement of placement of a deposit in the Islamic Fixed Deposit Account and not a document of title. 4.6 The production of the original Islamic Fixed Deposit Acknowledgement is not evidence that the Islamic Fixed Deposit is still subsisting, and shall not by itself constitute sufficient evidence to rebut any records in our systems and such records in our system will be deemed final. 4.7 Where a deposit is made by cheque or other non-cash instrument, the value date will commence only upon actual receipt of the proceeds from the drawer bank. If the cheque is dishonoured, we reserve the right to cancel the purported placement and the Islamic Fixed Deposit Acknowledgement will be void with immediate effect. Any cheque or non-cash instrument which has been dishonoured may be returned by post to you at the last known address in our records at your own risk and expense. 4.8 In relation to fund transfers (including telegraphic transfers) for credit into the Islamic Fixed Deposit Account, the value date will commence only upon actual receipt of the funds Page 4 of 21

5 by us. 5. Withdrawal 5.1 A deposit in the Islamic Fixed Deposit Account may not be withdrawn before its maturity date. However, if and once we agree to your request, we may allow (full or partial) withdrawal before the maturity date subject to you granting us Rebate (Ibra ). 5.2 You agree and acknowledge to waive your rights to claim full Murabahah Sale Price and give Rebate (Ibra ) to us in accordance with Clause 6.3 below in any pre-mature withdrawal. 5.3 Non-Individual Account holder(s) are not allowed to partially withdraw the Islamic Fixed Deposit. 5.4 An Account holder(s) who is an individual may partially withdraw an amount equivalent to the multiple of RM1,000 or such other amounts as shall be determined subject to Clause 5.1 and Clause Any withdrawals from the Islamic Fixed Deposit Account shall be effected by you personally at the Branch which Islamic Fixed Deposit placement is made or any other branch subject to further verification. 5.6 Any instruction relating to withdrawals from the Islamic Fixed Deposit Account must bear the signature of the Accountholder(s) or in the case of an Accountholder(s) who is not an individual, its Authorised Signatory, or by such electronic means which we may prescribe. Any payment made by us pursuant to any instructions purporting to have been signed by the Accountholder(s) or the Authorised Signatory of an Accountholder(s) who is not an individual(s) or by such electronic means shall be deemed to be properly made on the authority of the Accountholder(s) and we shall be discharged and released from any liability to the Accountholder(s) or to any other party in respect thereof. 5.7 In respect to non- individual Accountholder(s) who maintains an Islamic Fixed Deposit Account, any proceeds withdrawn from the Islamic Fixed Deposit Account shall be credited into any other account maintained by the Accountholder(s) with us or in lieu thereof, paid by us to the Accountholder(s) by way of Cashier s Order or in such other manner as mutually agreed. 5.8 We may require the production of the identity card or passport (or such other means of identification acceptable to us) from the Accountholder(s) or in the case of an Accountholder(s) who is not an individual, its Authorised Signatory for any withdrawals from the Islamic Fixed Deposit Account. 6. Profit Rate/Profit Payment 6.1 Profit Rate: Profit on Islamic Fixed Deposit is paid in accordance with the prevailing rate as mutually agreed upon. The prevailing rate is available at the branches or accessible through our website at In the event of any change of profit rate, notification of such change shall be deemed to have come to your attention by being displayed at our branches or posted to you at the last address registered with us or advertised by any other mode which we may deem fit. The calculation of profit on any Islamic Fixed Deposit shall be based on the actual number of days it was deposited in the Islamic Fixed Deposit Account provided that it was deposited for the full period of placement, including the placement date (subject to the value date) but excluding its maturity date. The formula for the profit calculation is as follows: Page 5 of 21

6 Principal x Profit Rate x No. of Days Subject to mutually agreed terms: The profit shall be payable at the respective maturity dates for deposits of up to twelve (12) months placement. The profit shall be payable on a monthly, quarterly, six-monthly or yearly basis in respect of deposits exceeding twelve (12) months placement up to sixty (60) months where the remaining tenure to its maturity date is less than s i x ( 6) months, profit in respect of that remaining tenure shall be paid on that final maturity date. We will, upon your Instruction, pay the profit either to any of your designated current account or saving account maintained with us or in the event of renewal, add the profit onto the Islamic Fixed Deposit. 6.3 Pre-Mature Withdrawal: An early withdrawal before the maturity date pursuant to Clause 5.1 above is subject to the following: If the withdrawal is made within the first three (3) months, you shall grant us full Rebate (Ibra ) on the profit portion payable of the Murabahah Sale Price in which case no profit shall be paid to you; If the withdrawal is made after the completion of three (3) months, you shall grant us Rebate (Ibra ) on half of the total profit entitled where it shall be paid to you up to upliftment date based on the following formula: Rebate (Ibra ) = Murabahah Sale Price [(P x R x T/365 x 50%) + P) Where: Murabahah Sale Price = Principal Amount + Profit P = Principal Amount T = Number of completed months R = Profit Rate 7. Renewal of Islamic Fixed Deposit 7.1 You and the Bank agree that the Islamic Fixed Deposit is renewable on its maturity date at the profit rate prevailing at the time of renewal unless written instruction from you is received by us before maturity date. 7.2 Renewal can either be on the entire Murabahah Sale Price or any other amount pursuant to your Instruction. Each renewal shall be subject to a new Commodity Murabahah Transaction and appointment of agency pursuant to Clause Statement and Verifications 8.1 We may send you Deposit Statement or confirmation advices by ordinary mail at the quarterly or at such intervals as we may deem fit. If there is no movement in the Islamic Fixed Deposit Account or if you have successfully enrolled for our estatement Service, no statement will be sent. If you have successfully enrolled for our estatement Service, a hardcopy of the Deposit Statement may still be sent to you upon your request subject to payment of the prevailing charge to us. 8.2 You are under a duty to:- check all entries in the Deposit Statement; Page 6 of 21

7 (d) report promptly to us any error or omission therein; sign and return any confirmation slip, including that related to auditing purposes (if requested to do so); notify us if you did not receive the Deposit Statement; (e) monitor all your balances at all times and report to us when you discover any unauthorized transactions. 8.3 If we do not receive from you a written objection within fifteen (15) days of the date of such statement or confirmation advice:- you shall be deemed conclusively:- (i) (ii) to have accepted, and shall be bound by, the validity, correctness and accuracy of the transaction(s)/entries and the balance set out in the Deposit Statement or confirmation advice; and to have ratified or confirmed each and every one of the transactions represented by the entries set out therein. the statement, confirmation advice or entry, as the case may be, shall as against you be deemed conclusive evidence of your authorisation to us to effect the transaction(s)/entries set out therein; and you shall have no claims against us howsoever arising from, in connection with or as a result of any transaction/entry referred to therein. 8.4 Reversal: We have the right to adjust, reverse, cancel or debit the Islamic Fixed Deposit Account at any such time if:- we need to correct any error or omission; we are required to return funds to the payer or drawer; we have not received cleared or unconditional funds in full or in time; Any Deposit Statement so rectified shall be binding on you. 8.5 Any request for additional deposit statements must be made in writing to us and shall be subject to such charges as we may from time to time impose. 9. Mandate/Instructions 9.1 Operating Mandate to operate or use the Islamic Fixed Deposit Account:- you must give us all information about yourself and all Authorised Signatory; you must give us the authority to operate the Islamic Fixed Deposit Account if you have more than one Authorised Signatory and if the Islamic Fixed Deposit Account is a joint account. 9.2 Change of operating mandate:- you must notify us promptly in writing of any change or variation in the operating mandate or when you want to change your signature or your Authorised Signatory s signature; Page 7 of 21

8 we shall be entitled to a reasonable period of time (of not less than seven (7) Business Days from receipt) to process such notification of change. We may honour any cheque or other instrument, or act on any Instructions, signed by you before we process such notification of change. 9.3 We may act upon any Instructions which we believe in good faith to be given by you as you could do for yourself, without inquiry as to:- the identity or authority of the person giving or purporting to give such Instructions; or the authenticity thereof; or notwithstanding:- (i) (ii) that such Instructions may conflict with other Instructions given by you to us; or any error, misunderstanding, fraud, forgery or lack of clarity in the terms of such Instructions. 9.4 Instructions:- All instructions given by you or any Authorised Signatory are irrevocable and binding on you. We shall be entitled to refuse to accept or act on any Instructions, whether for a withdrawal or any other transaction or any matter relating to the Islamic Fixed Deposit Account, if:- (i) (ii) (iii) (iv) (v) (vi) we are unable to verify your identity or the identity of any Authorised Signatory to our satisfaction; we have any doubt on the authenticity, clarity or completeness of the Instructions; the form or content of such Instructions is not in accordance with the requirements or policies or practices as we prescribed from time to time; the Instructions is not in accordance with the mandate(s) for the time being in effect in respect of the operation of such Islamic Fixed Deposit Account; we believe or suspect that the instructions are unauthorised fraudulent or forged; the signature on the instructions differs from the specimen signature in our records; 9.5 If you die, become bankrupt or lack capacity, we may freeze or suspend the Islamic Fixed Deposit Account without being liable to you until we receive to our satisfaction evidence of the person(s) who have the legal authority to operate the Islamic Fixed Deposit Account. 9.6 In relation to joint accounts, business, club or corporation (whether local or foreign) accounts (being account(s) where you are a sole proprietorship, partnership or other business entity, a corporation or an association, club or society) we shall act in accordance with your written mandate unless we:- (d) receive ambiguous or conflicting Instructions in connection with the Islamic Fixed Deposit Account; receive Instructions in connection with the closure of the Islamic Fixed Deposit Account; become aware of any dispute; or in any other circumstances as we deem appropriate where upon we shall be entitled to decline to act and to insist that to act only on the Instructions of all the accountholders or all the Authorised Signatory, or require evidence Page 8 of 21

9 of such other corporate or organizational authorisations as are satisfactory to us. In all and any of the cases set out in this Clause 9, we shall have no liability to any of joint account holders or to the partners, Authorised Signatory, members, shareholders or directors of the accountholders for so acting or refusing to act. 9.7 You acknowledge that we may implement whatever security procedures and features we deem appropriate and/or necessary from time to time to verify your identity and that the transaction has been authorised by you. Without prejudice to the foregoing, we may require confirmation of any Instructions from you in any form or manner as we deem appropriate. 10. Joint Accountholders 10.1 Where the Islamic Fixed Deposit Account is in joint names:- (d) (e) each accountholder shall be jointly and severally liable for all liabilities incurred on or debit balances in the Islamic Fixed Deposit Account; each accountholder agrees to be jointly and severally bound by this Terms and Conditions (including any amendments from time to time); we shall act on Instructions from you in accordance to the written mandate that you give us; if, prior to acting on instructions received from an accountholder we receive contradictory instructions from another accountholder, we may refuse to act and require all mandate of joint accountholders and we shall not be liable for any losses resulting from such refusal to act; cheques payable to any of you can be deposited into the Islamic Fixed Deposit Account On the death of any joint accountholder:- the doctrine of survivorship shall apply to the Islamic Fixed Deposit Account where the monies in the credit of or held in the Islamic Fixed Deposit Account will be paid to the surviving accountholder or held to the order of the surviving accountholder subject to compliance (if required) with the relevant legislation prevailing at such time and our prevailing policy. This shall apply in addition to and without affecting any right which we may have with regard to such balance arising out of, amongst others, any lien, charge, pledge, set-off or any other claim or counterclaim, actual or contingent; any payment made by us to the surviving accountholder shall constitute complete discharge of our obligations binding on all the accountholders and their personal representatives and successors In the event of mental incapacity or bankruptcy of any joint accountholder, we may freeze or suspend the Islamic Fixed Deposit Account without being liable to you until we receive, to our satisfaction, evidence of the person(s) who have the legal authority to operate the Islamic Fixed Deposit Account. 11. Provisions for Firms/Partnership/ Limited Liability Partnership/Sole Proprietor 11.1 For partnership (save and except for limited liability partnership), all partners (on a joint and several basis) are bound by this Terms and Conditions, and liable for all debts and other liabilities owed by you to us even if there are any changes in your partnership, you implement a change in name or are dissolved. For sole proprietorship, the individual constituting the sole proprietorship is liable for all debts and other liabilities owed by you to us even if there are any changes in the way the sole proprietorship is constituted, you implement a change in name or the sole proprietorship no longer exists. For limited liability partnership, you are liable for all debts and other liabilities owed by you to us even if there are any changes in your partnership, you implement a change in name or the partnership is dissolved. Page 9 of 21

10 11.2 Upon any change of the firm s constitution for any reason whatsoever (including without limitation by death, resignation, replacement, addition, bankruptcy or otherwise of a partner (which includes partners of the limited liability partnership) or sole proprietor), we may, in the absence of written notice to the contrary, treat the remaining/new partner(s)/new sole proprietor as having full power to carry on the business of the firm and to deal with the Islamic Fixed Deposit Account as if there had been no change in the firm s constitution Regardless of any change in the firm s constitutions (as described in Clause 11.2) or name, or modification/termination of any power of any partner, this Terms and Conditions shall bind all partners jointly and severally, a new sole proprietor, and the limited liability partnership You shall promptly notify us in writing of any change in the constitution or name of the firm/partnership/ limited liability partnership/sole proprietorship. 12. Accounts in Trusts 12.1 We are not obliged to recognize any person other than you as having any interest in the Islamic Fixed Deposit Account(s). If we open the Islamic Fixed Deposit Account in your name in trust or as nominee or using some similar designation, you undertake to operate such Islamic Fixed Deposit Account(s) solely for the benefit of such beneficiary(ies). You shall indemnify us against any loss or liability in respect of the operation of the Islamic Fixed Deposit Account(s). 13. Charges and Right to Debit 13.1 You may have to pay fees and charges for the use of the Islamic Fixed Deposit Account and such fees and charges may change from time to time including but not limited to the fee stated below in this clause. The current rates on fees and charges will be made available to you at our Branch, official website at or upon your request You are liable to pay for any goods and services tax or other taxes or levies which as at the date of the opening of the Islamic Fixed Deposit Account or at any date subsequent to the date of the opening of the Islamic Fixed Deposit Account, is required by law (including the Goods and Services Tax Act 2014) to be paid to anyb ody or authority having jurisdiction over us, in respect of any fees and charges charged or incurred by us in relation to the Islamic Fixed Deposit Account Any goods and services tax or other taxes or levies incurred by us in relation to the use of the Islamic Fixed Deposit Account and any other goods or services provided under the Islamic Fixed Deposit Account shall be borne and charged to you and in the event that we shall effect payment on your behalf, you shall be liable to reimburse us for such amounts paid We may, from time to time, impose any other new service charge, increase or reduce the amount of charges, after giving you twenty one (21) days prior notice. 14. Information Request 14.1 You must provide and disclose to us within such time prescribed by us, any information, statements and explanations relating to the Islamic Fixed Deposit Account which we deem necessary in order to:- comply with the laws or sanctions of Malaysia or any other country (including but not limited to those relating to anti-money laundering or anti-terrorism); and/or manage money-laundering risk or terrorism-financing risk or economic and trade sanctions risk. Page 10 of 21

11 14.2 Pending our receipt of the information from you and until we have verified the information to our satisfaction, we are not obliged to proceed with any transactions or disbursements You agree and undertake to us that the processing of any transactions will not breach any laws or sanctions in Malaysia or any other country. We will not be liable for any loss arising from any delay or failure to process any transactions due to inadequate information and documentation provided by you. 15. Retention of Records 15.1 You agree that we are not obligated to maintain any records of the Islamic Fixed Deposit Account, including but not limited to the account opening forms, Deposit Statement, cheque images, deposit and withdrawal slips, correspondences or documents in relation to the Islamic Fixed Deposit Account, exceeding any retention period as set out under our internal policies, guidelines and procedures and/or as provided under any applicable laws or regulations of any country having jurisdiction over us. 16. Closing of Account 16.1 You can close the Islamic Fixed Deposit Account at the Branch by providing written notice in the form and substance acceptable to us and settling all outstanding amounts (principal, profit and any other costs) if any, due to us We can at any time close the Islamic Fixed Deposit Account, withdraw, suspend or cancel any service as we deem fit with prior notice to you You cannot use the Islamic Fixed Deposit Account for any unlawful activities. If we find, suspect or have reasons to believe that your Islamic Fixed Deposit Account has been or is being used for any unlawful activity, we may take any actions we consider appropriate in order for us to meet any obligation or requirement in Malaysia or elsewhere in the world in connection with the prevention or any unlawful activity including but not limited to fraud, money laundering, terrorist activity, bribery, corruption or tax evasion or the enforcement of any economic or trade sanction. The actions we may take include immediately closing the Islamic Fixed Deposit Account, making reports and taking such actions we may decide as appropriate Upon the closure of the Islamic Fixed Deposit Account you must:- pay all fees costs and amounts accrued up to date of closure, and will indemnify us accordingly; and pay all fees costs, taxes, duties, levies and amounts accrued up to the date of closure of the Islamic Fixed Deposit Account; notify all merchants you have authorized to make direct debits on your Islamic Fixed Deposit Account of its closure Our payment obligation to you for any money or credit balance in the closed Islamic Fixed Deposit Account is discharged by returning the monies to you in such mode and manner as we select, which includes sending a cheque or draft by ordinary post to your last known address in our record. 17. Right of Set-Off and Consolidation 17.1 In addition to any general right of set-off under law or any other agreement, you agree that we may with prior notice to you at any time, combine, consolidate or merge all or any of your accounts (whether current, deposit, loan or otherwise) with us, whether singly or jointly with any other persons. You authorize us, after giving you seven (7) days notice, to set-off or transfer any sums standing to the credit of any such accounts, including the Islamic Fixed Deposit Account (whether matured or not) ( the Deposits ) in or towards the Page 11 of 21

12 satisfaction of your liabilities to us under this Terms and Conditions or under any other agreements or in any other respect, whether such liabilities are present or future, actual or contingent, primary or collateral, and several or joint ( the Liabilities ) Upon the issuance of the notice mentioned in Clause 27 of this Terms and Conditions, you agree that we have the right to earmark or to place a hold on the Deposits, prior to the settingoff and you shall not be entitled to withdraw any of the Deposits, without our prior written consent Where such combination, set off, consolidation or transfer requires the conversion of one currency into another, such conversion shall be calculated at our then prevailing spot rate of exchange as determined by us Further, we can sell any collateral including but not limited to funds, documents, instruments, chattels, bonds, debentures, shares or other securities and other valuables held by us in your name, including for safe custody, by way of public or private sale without any judicial proceedings, and retain from the proceeds derived from such sale, the total amount due and payable to us from you, including legal fees and costs (on a full indemnity basis) charges and other expenses incidental to such sale If there is a shortfall between the amount due and the amount so realized, you must immediately upon demand pay to us the amount of such difference, and until our receipt of full payment, you will also pay late payment charges on such balance at such rate we may specify from time to time both after as well as before any judgment, and irrespective of whether or not banker-customer relationship between us and you have ceased or been terminated Neither the Deposits nor any of your rights, title or interest in them can be assigned, transferred or encumbered (except in our favour, or with our written consent). You undertake not to, or to purport to, sell, assign, transfer, mortgage, charge or otherwise deal with or encumber the Deposits or any of your rights, title or interest in them, and any such sale, assignment, transfer, mortgage, charge or other dealing will be void. 18. UOB Phone Banking Service Terms and Conditions 18.1 In addition to this Terms and Conditions, if you request for our services through UOB Phone Banking Service, the UOB Phone Banking Service Terms and Conditions will apply in addition to and not in substitution for any terms and conditions contained in this Terms and Conditions. You can view the UOB Phone Banking Service Terms and Conditions at UOB Personal Internet Banking / UOB Business Internet Banking Terms and Conditions 19.1 In addition to this Terms and Conditions, if you request for our services through UOB Personal Internet Banking (for individuals) or UOB Business Internet Banking (for firms, partnerships or sole proprietors), the Terms and Conditions Governing UOB Personal Internet Banking Services (for individuals) or the UOB Internet Banking (Business) Service Terms and Conditions (for firms, partnerships or sole proprietors), whichever is applicable, will apply in addition to and not in substitution for any of this Terms and Conditions. You can view the Terms and Conditions Governing UOB Personal Internet Banking or the UOB Internet Banking (Business) Service Terms and Conditions at No Set-Off or Counterclaim by Accountholder 20.1 Until all monies owing are paid or discharged in full, you shall not be entitled, by paying off any sum recoverable by us or by any means or on any other ground, claim any set-off or counterclaim against us in respect of any of our liability to you. You agree that nothing in Page 12 of 21

13 the arrangements between us shall be treated as constituting an implied agreement restricting or negating any lien, charge pledge, right or set-off or other right which we have existing or implied by law. 21. Costs and Expenses 21.1 All costs and expenses including legal costs, charges and expenses incurred by us in connection with the Islamic Fixed Deposit Account, the enforcement or attempted preservation or enforcement of our rights under this Terms and Conditions and any imposition of taxes under taxation laws or regulations of any country having jurisdiction over us, will be payable by you on demand on a full indemnity basis We shall have the right to debit the Islamic Fixed Deposit Account with all costs, expenses and legal fees incurred or payable by you to us pertaining to the Islamic Fixed Deposit Account We have the right to apply any payment we receive from you to satisfy all costs, charges and expenses in such proportion and such order of priority as we think fit, and we have the right to place and keep any payment we receive from you to the credit of a suspense account for as long as we choose, without being obliged in the meantime to apply all or part of the same in or towards discharging any money or liabilities due or incurred by you under the Islamic Fixed Deposit Account. 22. Amendments 22.1 We can at any time, vary, add to, delete or amend this Terms and Conditions by giving you twenty one (21) days prior notice, either through your Deposit Statement or by posting on our official website at or at our Branch, or in any manner that we choose. If you do not accept the amendments, you must within seven (7) days from the date of notification come to our nearest branches to either transfer the money to our other products or close the Islamic Fixed Deposit Account, otherwise you will be deemed to have accepted and agreed to such changes and such changes will be binding on you We can at any time, amend, modify revise, restrict, increase, suspend, cancel or withdraw all or any facilities, services, benefits and privileges of the Islamic Fixed Deposit Account by providing reasonable prior notice to you. 23. Disclosure of Information 23.1 You agree that we (including our officers, employees, agents or any other persons to whom we grant access to our records, correspondence or any material relating to you or the Islamic Fixed Deposit Account) can disclose at any time without notifying you beforehand, any information relating to you, your accounts with us or the Islamic Fixed Deposit Account to the following:- any one or more members of the Group (being our branches, agencies, representatives, officers, affiliates, associated or related corporations and their respective officers servants agent whether in Malaysia or elsewhere) for any of the following purposes:- (i) (ii) (iii) (iv) (v) (vi) (vii) providing you with banking services; reporting; data matching; improving and furthering the provision of other services by us; fraud or crime prevention; investigating, preventing or otherwise in relation to money laundering or any other criminal activities; debt collection; Page 13 of 21

14 (viii) (ix) (x) (xi) (xii) (xiii) outsourcing operations; performance of duties as an officer of ours or in connection with the conduct of audit or the performance of risk management; facilitating our performance or any member of the Group s functions; compliance with the Group s policies, guidelines, directives or requirements; corporate exercise; any legal process initiated by or served on us. (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) any person, whether in Malaysia or elsewhere, who provides electronic or other services to us for the purpose of providing, updating, maintaining and upgrading the services including, but not limited to, investigating discrepancies, errors or claims; any person, whether in Malaysia or elsewhere, engaged by us in connection with the performance of services or operational functions which have been out-sourced; the police or any public officer conducting an investigation in connection with any offence including suspected offences; credit card companies and financial institutions in connection with credit card enquiries; other banks, financial institutions, credit bureau or credit reference agents (only for credit information); our auditors, solicitors, and professional advisors; our stationery printers, vendors of the computer systems we use, and to such persons installing and maintaining them and other suppliers of goods or service providers we engage; any receiver appointed by us or by any other party; any credit bureau of which we are a member, and any other members and/or compliance committee of such credit bureau; any rating agency, insurer/takaful company or insurance/takaful broker or direct or indirect provider of credit protection; any actual or potential participant or sub-participant in relation to any of our obligations under the financing agreement between you and us, or assignee, novatee or transferee (or any officer, employee, agent or adviser) or any of them; for transactions effected or processed with or without your authority in or through the ATM of other banks or financial or non-financial institutions or terminals or other card operated machines or devices we approve, to us, financial institution or non-financial institution, trader or other party accepting the use of the automated teller machine card and their respective agents or contractors; any court, tribunal or authority, whether governmental or quasi-governmental with jurisdiction over us or any member of the Group; any person to whom we, or any member of the Group, are permitted or required to disclose to under the laws of any country; any other person to whom such disclosure is considered by us to be in our interest, or the interest of any members of the Group (not applicable to strategic alliance for marketing and promotional purpose); any person connected to the enforcement or preservation of any of our rights under this Terms and Conditions; the Central Credit Bureau or any other authority or body established by Bank Negara Malaysia or any other authority having jurisdiction over us;or any of the Authorised Signatory or your directors. 24. Compliance with Court Orders 24.1 We and the Group can act in any way we see fit, without consulting you beforehand, if we are served with a court order issued by a court of any jurisdiction. You agree that you will not hold us liable for any loss or damage in connection with our actions. 25. Data Protection 25.1 You hereby confirm that you have received, read, understood and agreed to be bound by the Privacy Notice issued by us (which is available at our branches as well as at our Page 14 of 21

15 website at and the clauses in this Terms and Conditions as may relate to the processing of your Personal Data. For the avoidance of doubt, you agree that the said Privacy Notice shall be deemed to be incorporated by reference into this Terms and Conditions You agree and consent that we may transfer the Personal Data outside of Malaysia. All Personal Data held by us and the Group will be accorded a reasonable level of protection against any loss, misuse, modification, unauthorised or accidental access or disclosure, alteration or deletion In the event you provide Personal Data relating to third parties, including data relating to your next-of-kin and dependents (where you are an individual) or data relating to your directors, shareholders, officers, individual guarantors and security providers (where you are a corporation), for the purpose of opening or operating the Islamic Fixed Deposit Account with us or otherwise subscribing to our products and services, you: confirm that you have obtained their consent or are otherwise entitled to provide this data to us and for us to use it in accordance with this Terms and Conditions; undertake that you have informed the said third parties to read the Privacy Notice at our website have informed the said third parties:- (i) (ii) that we may collect or verify their personal and financial data with third party sources; that we may disclose their personal data to classes of third parties described in our Privacy Notice; (d) (e) (f) agree to ensure that the personal and financial data of the said third parties is accurate; agree to update us in writing in the event of any material change to the said personal and financial data; and agree to our right to terminate this Terms and Conditions should such consent be withdrawn by the said third parties Where you instruct us to effect any sort of cross-border transaction (including to make or receive payments), the details relevant to the cross-border transaction (including data relating to those involved in the said transaction) may be received from or sent abroad, where it could be accessible by overseas regulators and authorities in connection with their legitimate duties (e.g. the prevention of crime). In instructing us and/or our agents to enter into any cross-border transaction on your behalf, you agree to the above said disclosures on behalf of yourself and others involved in the said cross-border transaction Additionally, but always subject to any laws (including regulations, guidelines and/or obligations) applicable to the Group (whether in or outside Malaysia), you agree that the Group, and our merchants and strategic partners may contact you about products, services and offers, which we believe may be of interest to you or benefit you financially. Notwithstanding the foregoing, we will only disclose your Personal Data (excluding data relating to your affairs or Islamic Fixed Deposit Account) with our merchants and strategic partners where your express prior consent has been obtained You may choose not to receive any direct marketing materials from the Group by writing in to us at Personal Financial Services, P.O. Box 13525, Menara UOB, Jalan Raja Laut, Kuala Lumpur (or such other address notified by us) with your request and we will abide by your latest written instructions to us You acknowledge that certain communications such as Deposit Statement and our websites contain standard information regarding our other products and services that cannot be removed without affecting the delivery/provision of our services and/or products, the Page 15 of 21

16 operation of your Islamic Fixed Deposit Account and/or facilities with us, and/or without imposing additional costs to you You are entitled to request in writing: (d) for any information in relation to your Personal Data that we hold or store, upon payment of a prescribed fee; for any information held or stored by us to be updated, amended and/or corrected; for us to limit the processing of your Personal Data held or stored by us; and to make an enquiry or complaint in respect of our processing of your Personal Data. For requests under or, you may make a request to us via our Data Access Request Form or Data Correction Request Form respectively. These forms are available at our branches as well as at our website at You may direct all your requests to any of our branches or Customer Communications Management, UOB Call Centre, P.O. Box 11212, Menara UOB, Jalan Raja Laut, Kuala Lumpur. We may charge a fee for processing your request for access or correction. We may also refuse to comply with your request in respect of or above if the information supplied by you is insufficient (as determined by us) or where such request may breach or violate any law or regulation or any other reason which we deem not to be in our interest to do so. If we refuse to comply with such request, we will inform you of our refusal and reason for our refusal You are responsible for ensuring that the information you provide us is accurate, complete and not misleading and that such information is kept up to date Please note that if you subsequently withdraw your consent to process your Personal Data as given earlier to us, as we will not be able to process and/or disclose your Personal Data in relation to the purposes set out in the Privacy Notice, we will have the right to not provide or discontinue the provision of any product, service, Islamic Fixed Deposit Account and/or facilities that is linked to such Personal Data We reserve the right to amend this clause from time to time and shall provide prior notification to you in writing and place any such amendments on our websites or by placing notices at the banking halls or at prominent locations within our branches or by such other means of communication deemed suitable by us This clause shall be without prejudice to any other clause in this Terms and Conditions which provides for the disclosure of data. 26. Compliance with FATCA 26.1 You shall provide all required documentation or information, including but not limited to date of birth, countries of citizenship, countries of permanent residence, countries of tax residency and associated taxpayer identification numbers, that may be required to enable us or any member of the Group to comply with all requirements of FATCA or other agreement by or between governments You shall notify us in writing within thirty (30) days of any change that affects your tax status in relation to FATCA under any laws, regulations or other agreement by or between governments You represent and warrant that you have provided to us all documentation or other information Page 16 of 21