Al Dirwaza account opening Terms & Conditions
1) The bank may open Al Dirwaza account for normal persons who is eligible for the remaining terms and conditions at a balance not less than one hundred Kuwaiti Dinars. The bank may amend the minimum balance in the future whenever it deems necessary by notifying the customer of such change by any means accepted to the bank. The customer may not withdraw the current or future minimum balance except when the account is closed.
2) The account opening signed by the customer is deemed the Wakala-based contract for investment with the bank, where the bank shall deem the investment wakeel and the customer is the Muwakil to the bank for investment of this funds in accordance with the terms and conditions herein contained.
3) The customer authorizes the bank to invest the entire daily balance in this account. The bank may entrust a third party for implementing all or part of the tasks entrusted to it.
4) Al- Dirwaza account is opened for individuals and in Kuwaiti dinars only.
5) Depositing transactions in this account are deemed participation Musharaka in the investment transactions in proportion with the funds deposited by the customers. Each withdrawal transaction is deemed a partial buyout from the investment transaction were the account funds will be mixed into the general pool of the bank.
6) The customer acknowledges that he is aware of the expected return upon opening the account. The expected returns of such account shall be announced at the beginning of every quarter of a new financial year inside the bank’s branches or by any other means. This announcement shall be deemed sufficient notification to the customer on the expected return on his account, which will be valid for the new investment period.
7) The customer is entitled to request the closure of his account. In this case, the customer shall not be entitled to the realized/unrealized profits for the month of closing.
8) Net realized profits shall be distributed to customer account at the following month. Crediting the profits realized in customer account is deemed a discharge to the bank against the customer.
9) The profit calculation will be on the minimum monthly balance.
10) The bank guarantees the funds of the account with the realized profits in the event of infringement and default.
11) Salary is not allowed to be transferred to this account or create a Standing Order to transfer money from Al Dirwaza account to any other account inside or outside the bank.
12) The customer will not be able to withdraw the amounts credited to his account under collection unless such amount shall be actually collected.
13) The customer acknowledges that he has reviewed the above terms and conditions and agreed to all without any objections, the customer declares that he received a copy of these terms and conditions, whether the account opened through the bank’s online channels.