| 800 8555
| | |
  1. Personal Banking
  2. Accounts
  3. Savings Account
  4. Thara'a Savings Account
  5. Dukhan Bank Thara’a Islamic Account - Terms and Co...

Dukhan Bank Thara’a Islamic Account - Terms and Conditions

In order to avail Dukhan Bank (the Bank) Thara’a Islamic Account, prospective customers must open an account, if they don’t already maintain one:

The expected profit rate will be up to 0.15% per annum to be distributed on Dukhan Bank Accounts. The actual distributed profit rate will be published on bank’s website.

Deposits

  1. The Bank shall open an account for the depositor for which an account number will be designated and ATM cards issued.
  2. Deposit of funds will take place by visiting any of the Bank branches personally. Cheques may be sent by mail or deposited through the Automated Teller Machine (ATM) or through authorized collection agents of the bank for depositing the amounts thereof in the account.
  3. In case of non-cash deposit such as cheques, commercial instruments and other Banking and/or negotiable instruments, the Bank will be deemed as a mere collection of such cheques or papers, the depositors should be the payee or beneficiary therein.
  4. In the two cases mentioned in clauses 2 and 3 above, the credit balance shown in the account shall not be considered final except after clearance and the receipt by the Bank of the amounts of these cheques or papers and in case of non-collection of the amounts credited, a reverse entry may be made in the account to show the actual balance.
  5. The account number should be indicated in the deposit and withdrawal forms and in case the account number is not shown the Bank will not process the depositor’s request shall not assume any responsibility in this request.

Withdrawals

  1. Withdrawals will be allowed through ATM Cards or by visiting the branch personally or through E-Channels (internet banking, mobile banking etc.) and will be affected by verifying the credentials electronically or by authorized representatives by verifying the signatures with the specimen available at the Bank.
  2. Any amount paid by the Bank to the user of the ATM card or who’s signature appears on the Bank’s withdrawal form will be considered as a valid and proper withdrawal. In case of loss of the ATM card, the depositor should immediately notify the Bank in writing to this effect. In such event the Bank will take necessary action for suspending the use of the lost card and at the card holder’s expense will issue a new replacement card.

Inclusion in Prize Draws

    1. For monthly Prizes: By keeping a minimum balance of QAR10,000 per month, every QAR1,000/- will give the depositors one chance in the monthly draws. Customers entering in the middle of the month will be eligible from next calendar month.
    2. For Quarterly Prizes: By keeping a minimum balance of QAR10,000 per month for a  consecutive period of 3 months, every QAR1,000/- will give the depositor once chance in the quarterly draw. If the minimum balance goes down in all or any single month of 3 months period the customer will not earn any chance. Customers entering the program in the middle of the Quarter will get into the draw for the next Quarter end as per calendar.
    3. Prize draws on this Dukhan Bank Islamic Account will take place accordingly to the prize schedule and are subject to eligibility requirements as announced by the Bank from time to time. The Bank reserves the right to change these terms and conditions, the frequency of draws (including eligibility criteria) prizes and the prize structure at its absolute discretion any time with a 1 month prior notice to customers through any means of communication as decided appropriate by the Bank.
    4. All the prizes will only be credited to the customer’s account maintained with the Bank
    5. In case the Monthly winners leave the country before the completion of the full tenor of the prize payment, the Bank will continue to credit the account if maintained with the Bank. The Bank will not incur any additional cost of repatriating the money.

    Exclusion in Prize Draws

    1. If the monthly minimum balance goes below QAR10,000 then the customer will not be counted in the draw for that month. For Quarterly draws the minimum balance in each month for 3 consecutive months should not go lower than QAR10,000.
    2. If the number of withdrawal transactions exceeds more than 2 times in a month then the customer will be excluded from the monthly draw and if the number of withdrawals exceeds more than 6 times in a 3 months period (taken for Quarterly draw) then the customer will be excluded from the Quarterly Draw.
    3. The customer should not be a defaulter of the Bank for any of the credit facilities if obtained from the Bank and should not be in the black listed database and/or not have any criminal offence as per the laws of Qatar.
    4. Maximum number of chances is restricted to 10,000 only

    Miscellaneous

      1. The Bank reserves the right to use winners name and photographs in all current/future promotional, advertising campaigns and/or marketing material.
      2. In the unfortunate event of the death of the winner post announcement of the results the amount will be credited in the customer’s legal heir as (appointed by the court) maintained with the Bank.
      3. All accounts of Staff and Directors of the Bank and its subsidiaries/affiliate Banks and their immediate family members (parents, spouse and children) will be excluded from the prize draws it shall be the responsibility of such staff member to notify the Bank if any of their immediate family member as specified above wins any prize draw. In the event any Director /Staff representing Dukhan Bank entity/group or his/her immediate family member wins the prize draw. The Bank reserves the right to deny the prize money or claim refund of any prize paid (without prejudice) and conducts another draw to determine the eligible winner.
      4. All eligible customers of Dukhan Bank are allowed to participate in this Islamic account prize scheme. There will not be any monthly draws during the draws of Quarterly prizes. The maximum number of chances per customer is 10,000 only. (Yearly and Thrice draws are on the quarterly draw basis)
      5. All prizes are available to all eligible customers of the Bank participating in the scheme.
      6. All draws shall be held under the supervision of representatives of the Bank’s, sharia compliance and the relevant govt. representative (Ministry of Commerce). The result of the draw is final.
      7. These terms and conditions shall be governed by and construed in accordance with the Laws of the State of Qatar provided non-contradiction to the rules and principles of Islamic Sharia and customer hereby submits to non-exclusive jurisdiction of the Qatari courts.
      8. These terms and conditions are subject to Bank’s General Terms & Conditions of Banking Services Agreement (GTC) - account opening terms and conditions and shall form an integral part of it. In case of conflict between the Bank’s GTC and these terms and conditions, the Bank’s GTC - general account opening terms and conditions shall prevail and apply.
      9. Fees and Charges: The customer agrees, accepts and authorizes the Bank to debit his account of all fees, charges and expenses arising from his account with the Bank, if the customer does not accept the increase or new charge, he/she has the option of terminating the relationship within 15 days of application of the charge. If the customer does not terminate the relationship within this time, it will be deemed as accepted.
      10. The Bank as a Mudharib according to the absolute Mudharaba provisions will invest the funds of the accounts on the basis of the minimum monthly balance available in the account. Funds of the account shall be invested according to unrestricted Mudharaba basis in the joint investing pool between depositors and the shareholders. The Bank shall invest a percentage of the balances in accordance with its standard practice and the net profits from the joint investment pool shall be distributed between the depositors and shareholders according to the irrespective shares in the investment. The Bank as Mudharib shall be entitled to a percentage of the realized net profit. As agreed, Mudharib shall bear any loss attributable to negligence or violation of Mudharaba terms. The percentages mentioned above are available upon request.
      11. The investment period is one calendar month commencing from the 1st day of the month with auto renewal unless the whole or part of the balance is drawn whenever the Customer desires, and in this case they shall be subject to the profits for the period prior to the withdrawal date. For accounts closed during the month, calculation shall be done on the day prior to the day of closure basis. Profits of the saving account shall be credited to the same account as per the Bank’s declared frequency, unless the Customer requests otherwise, and the Customer authorizes the Bank to invest the realized profits following the credit date with the same investment terms and conditions of the savings account. The minimum balance required to participate in the pool is QAR 3,000.
      12. Any winner of Millionaire draw of previous year draw will not be eligible of subsequent year draw. For example any customer who has won the Millionaire draw in 2015 or 2016 will be excluded from Millionaire draw of 2017.
      13. Maximum number of monthly prizes won by any customer will not exceed 3 times the maximum monthly prize. Any customer who has won monthly prizes 3 times will be excluded from the subsequent draws during that calendar year.
      14. Salary transfer customers to earn double chances i.e. one chance per QAR500

       Information of the customer

      1. The customer hereby undertakes to provide the Bank all information, explanation and relevant supporting documents related to opening an account when requested to do so.
      2. The customer should notify the Bank upon any change in any customer information provided to the Bank.
      3. The customer undertakes to provide to the Bank with updated copies of his/her identification documents should they expire or there be a change.

      General Conditions

      The Bank shall have the right, without giving a prior notice to seize and to set off account balances against any accrued obligation on the account in favor of the Bank under any other account or for any reason whatsoever and whether the obligations of the account holder towards the Bank are present or future. The account holder hereby waives any right whatsoever to dispute the validity of the Bank’s records, provided that this shall not be construed as any approval or obligation by the Bank to grant any credit facilities of whatever kind.

      Declaration

        I have read and understood the GTC AND above terms and conditions and agree to abide by them.

        Copyright © Dukhan Bank. All Rights Reserved Shari'ah Compliant.
        Accessbilty Privacy Sitemap