Terms & Conditions
Following are the Terms & Conditions that govern the use of ADIB Egypt Cash Back Card:
The Bank: ADIB Egypt in the Arab Republic of Egypt.
Principal Card: The Cash Back Card issued by the Bank to the principal Cardholder.
Principal Cardholder: The person to whom the Principal Cash Back Card is issued for his/her personal use.
Supplementary Card: The Cash Back Card issued by the Bank upon request of Principal Cardholder to the person designated by him / her.
Supplementary Cardholder: The person designated by the Principal Cardholder to whom a Supplementary Card is issued.
Card Application: The Cash Back Card Application signed by the Card Applicant.
Card Account: The investment (Murabaha) account of the Principal Cardholder with the Bank in which the Card limit is deposited & which will be debited by the Bank for the transactions & charges generated by the use of Principal and / or Supplementary Card or its numbers.
Murabaha Contract: The Contract between the Bank & principal Cardholder under which the Bank has sold to the Principal Cardholder, for the sales price, identified commodities or a common share in an amount of identified commonly held commodities owned by the bank.
Service Contract: The service Contract between the Bank and the Principal Cardholder.
Transaction: The purchase of goods and / or services and / or Cash withdraw- als made by the use of Card and / or the Card & PIN and the fee & charges etc.
Card Limit: An amount equal to the Security amount and the maximum that may be utilized by use of the Card and which amount is provided by the Principal Cardholder from an account with the Bank or from other sources. A part of Card Limit is allocated and called as Cash Limit that is used for Cash withdrawals by the use of Card.
Security Amount: The amount deposited in the Card account by the Principal Cardholder as a security in favor of the Bank for its claim against Principal Cardholder whether provided from personal account or being the value of Murabaha commodities deposited to the Investment Account.
Card validity period: The period for which the Card can be used from its issuing date.
Card Statement: Listing all transactions that are billed to Card account since last statement date including fees, profit and the monthly due payment.
ATM: Automated Teller Machine.
PIN: The Personal Identification Number issued by the Bank to the Cardholder to enable him / her to use the Card.
Merchant: Any person, establishment, company or legal entity which accepts the Payments through Card against goods & services they sell.
POS: A Point Of Sale where goods or services may be bought by the use of Card.
In accordance with the detail on Card application:
The Cardholder has provided the Card Limit from his / her account with the Bank _ or The Bank and the Principal Cardholder have entered in to the Murabaha Contract.
The Principal Cardholder has deposited the Security amount in the Card account as a security for payment of the sales price.
Pursuant to the Murabaha Contract, the Bank has authorized (under the Service Contract) the use of the Security amount by the Principal Cardholder and the Principal Cardholder has appointed the Bank to pay from the Security amount to settle the Transactions.
- The Bank may waive a portion of the sales price for the benefit of the Principal Cardholder in view of the extent of utilization by the Cardholder of the Security amount.
- The Card is issued by the bank to the Cardholder under these terms and conditions to enable Cardholder to use the Card under the terms of Service Contract.
The foregoing together constitutes an Arrangement for the purpose of these terms & Conditions.
C- Delivery of Card Normally
The card will be delivered through the bank's branches or through a courier company, but the bank reserves the right to deliver it through other media at the request and sole responsibility of the card holder.
D- Use of the Card
1- The Cardholder undertakes not to use the Card for purchase of goods or services that are against the Islamic Shari'a law such as gambling, pornography, alcohol or other illegal activities. If the Cardholder breaches the terms of this paragraph, the bank shall be entitled to cancel the Card without any prior notice to the Cardholder.
2- The Cardholder must sign on the back of the Card with his / her valid signature immediately and may only be used:
- By the Cardholder.
- Subject to the terms & conditions current at the time of use.
- Within the available balance in his / her Card Account.
- During the validity period embossed on the Card.
- Subject to the right of the Bank, in its absolute discretion and without prior notice, at any time to withdraw the right to use the card for, or to refuse any request for authorization of any particular card payment or cash advance and to communicate any such withdrawal or refusal to any third party.
E- Payments :
- In case of full payment on or before payment due date, for that month profit will not be charged.
- Payments received through cheques will be credited to Card account after realization of funds and net of applicable charges.
- During the validity period of the Card, the Cardholder is required to make a monthly payment under the terms of Murabaha Contract (if any) or the Card Application. However the amount due from the Cardholder will be the amount (if any) shown on the Card statement.
- If the full due payment is not made by the due date, the Bank will block the Card that may lead to Card Cancellation if the payment default continue beyond 60 days.
F- Card Statement:
- Bank sends monthly statements of Card Account to Principal Cardholder. In case of non-receipt the Cardholder must notify the Bank in writing maximum within 15 days. From the statement date.
- Cardholder must verify all the transactions billed on to the Card statement and incase of any discrepancy should notify the Bank immediately in writing.
- All transactions on the Card statement shall be considered genuine and accepted by the Cardholder if no claim / dispute is received in writing by the Bank within maximum 30 days from the date of statement.
G- Refunds & Cardholder Claims:
- The Bank is not liable to investigate any transaction not reported to the Bank by the Cardholder within 30 days from statement date.
- All transactions billed will be considered due from the Cardholder and will be debited to the Card account. Any dispute / claim for any of the transaction will be dealt with separately according to payment system rules & regulations. The Bank will not refund any of the amount debited to Card account unless & until the claim is investigated and proved genuine.
- The bank will charge handling fee as per tariff for the transactions that are disputed but proved genuine after investigation.
- The copies of transaction receipts are provided only in case of a disputes and fee is charged as per tariff.
- Cardholder will settle all its disputes directly with the merchant with no responsibility on the Bank.
- The Bank will not be responsible for goods or services purchased by the Cardholder on the Card and in all circumstances the Cardholder will honor all vouchers executed bearing the electronic or manual imprint of the Card irrespective of the signature.
- Any transaction supported by the imprint of the Card or electronic log shall be deemed genuine and performed by the Cardholder unless proved otherwise, irrespective of the signature being present or not on transaction slip.
H- Card Cancellation:
- In case of Card cancellation, the total balances on the Card account will become due and immediately payable. The Card must be returned to the Bank and outstanding balance including profit and charges in the Card must be settled.
- Supplementary Card can be cancelled at any time without any impact on Principal Card that may continue to operate normally.
- In case of cancelling Principal Card, all its Supplementary Cards should also be cancelled.
I- Supplementary Card
- The Bank may issue supplementary Cards to persons nominated by the principal cardholder. Both the Principal & Supplementary Cardholders will be jointly, irrevocably and fully liable for any outstanding balance, damage and losses related to the Supplementary Card.
- The validity of Supplementary Card will be linked to the Principal Card and it will be either equal or less than the Principal Card validity.
- The Card Limit of the Principal Card will be shared by the Supplementary Cardholder.
J- Safeguarding the Card & PIN
- Cardholder should not disclose the PIN number to others, any transaction authenticated by the PIN will be deemed to be performed by the Cardholder.
- The Cardholder should not allow anyone to use his / her Card and undertakes to safe keeping of the Card & its PIN.
- Loss or Theft of the Card should be reported to the Bank immediately. Cardholder shall remain liable and accountable for all transactions that are billed / authorized by the Bank prior to the Cardholder's report to the bank.
- Any charges levied for lost or stolen Card that are paid by the Bank will be charged to the Cardholder. The Card & PIN are issued by the Bank at the full risk of the Cardholder.
- The Bank will not be responsible in any way whatsoever for loss / damage caused due to the Card & PIN.
- The Bank is not responsible for any act of negligence or denial of any service by the merchant or for damages arising as a result of malfunction of Systems, ATMs, POS terminals or other electronic devices.
- All actual expense during Authorization & settlement and the charges & fee levied by the Bank for use of the Card shall be debited to the Card Account.
- Cardholder should notify the Bank in writing for any change in his / her address. All Correspondence / notices sent by the Bank on Cardholder address last notified in writing shall be considered valid and legally binding.
- Transactions performed in foreign currency will be billed to Cardholder in EGP after their conversion using the exchange rate applied by the payment system on transaction date. All foreign currency transactions are subject to a fee as per Bank tariff.
- The Bank is authorized to disclose on its discretion some or all Cardholder's personal & accounts details to any 3rd party in or out of Egypt.
- The Bank reserves the right to amend the fee tariff & Terms & conditions from time to time at its sole discretion that will be announced through channels considered appropriate by the Bank to inform Cardholders. Use of Card after the application of amendments in terms & conditions and or Tariff as advised in the notification, shall represent an acceptance of the amendments by the Cardholder.
- The Bank is entitled to record telephone conversations between the Cardholder & Bank staff.
- Profit will be charged as per Murabaha contract.
- In case of Cardholder's death, the Bank will have the right to demand that his / her inheritance settle the amount due immediately. If the Cardholder declares bankruptcy, all amount due from the Cardholder will be immediately payable to the Bank.
- The security held against the Card account, such as salary assignment, deposit, CD or whatsoever the case may be, will not be released until 15 days after the cancellation & full settlement of the Card dues.
- These terms & conditions governed by the laws of Egypt to the extent they do not conflict with the principals and rules of Islamic Shari'a as determined by the Fatwa & Shari'a supervisory Board of the Bank, in which event the later shall prevail. The parties hereby submit to the jurisdiction of the Egyptian courts for any proceedings arising out of or in connection with this Contract.
Any points not contained herein shall be subject to the provisions issued by Visa / MC international as amended, provided that such provisions do not contradict the rules and principals of Islamic Shari'a as determined by the Fatwa & Shari'a supervisory Board of the Bank and terms of arrangement
L- General Mechanism of ADIB Cash Back Card
- The mechanism of the Cash Back Card ( the ''Card'') is based on the applicant providing an amount ( the ''Card Limit'') that is equal to the amount the applicant for the Card ( the ''Applicant'') wants to be made available for utilization by use of the Card. The payment of the amount utilized and due as a result of such use will be made from the Card Limit. Therefore, from Shari'a point of view, the Card is a covered guarantee wherein ADIB ( the Card issuer) is the guarantor and the Applicant ( the cardholder) is the party guaranteed and other external parties related to the Card use are the beneficiaries of the guarantee.
- The Applicant will be able to provide the Card Limit from his/ her available cash or by another way. The Card Limit will be deposited in a Mudarabah investment account opened by the Applicant with ADIB Egypt ( the ''Card Account'') and not in a current account, in order to avoid obligating the Applicant to provide a Loan to ADIB Egypt in return for ADIB Egypt issuing a guarantee.
- If the Applicant does want to provide the Card Limit for his/ her available cash, the Applicant will be able to purchase from ADIB Egypt through a deferred payment Murabaha, a share in a quantity of specified commodities that is owned by ADIB Egypt (and in which ADIB Egypt bears the risks by virtue of having constructive delivery). If the Applicant purchases a share in the commodities, he/ she will become a partner in the ownership of the Commodities with ADIB Egypt (and any other purchase from ADIB Egypt) under partnership (Sharikat milk). The Applicant, together with the other owners, will bear the risk in the commodities (including price risk) pro rata in accordance to his/ her share.
- Under the terms of the Murabaha contract, the Applicant (as the purchaser) will be required to deposit in an Investment Account with ADIB Egypt an amount equal to the cost price specified in the Murabaha contract by way of security for the deferred sale price and the Applicant may utilize this amount in the manner agreed by ADIB Egypt (as the seller) provided the Applicant, during the deferred period of the Murabaha Contract, re-deposits monthly a part of the utilized amount.
- After the Applicant purchases a share of the commodities and bears the risk, he/ she has the right either to require the physical delivery of his/ her share at his expenses (in accordance with the terms of the Murabah contract) or to sell the share to a third party.
- If the Applicant chooses to sell, he will sign an offer to sell (the ''Offer to Sell'') directed to the party recommended by ADIB Egypt or any other party he might choose. The Applicant will forward the Offer to sell to the purchaser himself or ask the bank ( as a messenger) to forward it.
- After the Offer to Sell has been signed, the Applicant might choose to sign a service contract with ADIB Egypt and agree on the following:
- ADIB Egypt will collect the sale price from the party to whom the Offer to Sell notice is directed (provided that party accepts the sale).
- ADIB Egypt will deposit the collected sale price in the Card Account in accordance the security condition in the Murabaha contract, if the Applicant didn't deposit the security amount from his/ her own available cash. If the security amount has been deposited, In the Card Account, the sale price will be deposited in the Applicant's current account with ADIB Egypt and the Applicant will have the right to use this money as he/ she pleases.
- ADIB Egypt will allow the Applicant to use the security amount (which represents the Card Limit) through use of the Card.
- If the Applicant chooses to provide the Card Limit from his/ her own available cash, the Applicant will sign a special services contract to be able to use the Card Limit through the Card.
- In accordance with the service contract, ADIB Egypt (on behalf of the Applicant) will pay all the amount due from the use of the Card from the Card Limit available in the Card Account.
- The Applicant will have the right to request using the Card for cash withdrawals, through ATMs, from the Card Limit and not only for purchasing goods and services. If the Applicant chooses to use the Card for cash withdrawals, then ADIB Egypt will charge a fee (as announced) against each cash withdrawal.
- ADIB Egypt's profit will be the profit of the Murabaha Contract (if there is a Murabaha contract) and the remaining amount of the monthly payment of the Murabaha deferred price (after the set-off between it and the profit generated by the Card Account) shall be amount to be paid by the Applicant. ADIB Egypt may reduce this due amount at its sole discretion.
- The above explained mechanism of the Card, its procedures, contracts, and the other detailed execution documents have been reviewed and approved by ADIB Egypt's Fatwa and Shari'a Supervisory Board.