Mashreq NEOBiz Online Terms & Conditions

1. Definitions

Accounts

Account or accounts of the Customer with the Bank.

Business Day

A day on which the Bank is open for business in Dubai.

Administrator

Person(s) authorized by the Customer to allow access to a non-financial user, to block access to the services to a financial user and/or non-financial user and to perform such other customary administrative actions as required from time to time.

Financial User

Person(s) appointed by the Customer to conduct financial and non-financial transactions.

Non-Financial User

Person(s) appointed by the Customer to conduct non-financial transactions.

Mashreq NEOBiz Online

The brand name of the Internet Banking Delivery Channel launched by NEOBiz, Mashreqbank psc.

Services

Financial and non-financial services provided under this Agreement.

Services Level Start-Up Form

The form attached hereto which contains the service level requirement of the Customer.

2. Access and Use of the Service

2.1 The Bank has agreed to provide the Customer access to and use of the services in accordance with the Terms and Conditions

of the Agreement.

2.2 The Services provided by the Bank under this Agreement shall consist of:

(a) Financial Services: services which include instructions given or changes advised which if accepted by the Bank, have or

may have an impact on the operation and/or balances of the Customer’s Accounts; and/or

(b) Non-Financial Services: services which include making enquiries, initiating requests to download statements and other

activities not covered by Financial Services.

2.3 Access to and use of the services will only be permitted after completion of the Mashreq NEOBiz Online Form.

2.4 The Customer is solely responsible for ensuring that the computer, mobile and other equipment with which the Non-Financial

User/Financial User accesses and uses the services is suitable for such use and its functioning properly. The Bank accepts no

liability if the Customer incurs any loss or damage because an item of the Customer’s equipment is unsuitable for the services

or not functioning properly.

2.5 The Customer may at any time restrict and/or cancel access to or use of the services by a Non-Financial User/Financial User in

Whichever manner it deems necessary, and shall inform the Bank of such restriction and/or cancellation as soon as practically

possible and shall obtain the Bank’s acknowledgment of receipt of such information.

2.6 The Customer shall be liable for all actions taken by the Non-Financial User and/or the Financial User under this Agreement.

3. Instructions

3.1 The Customer irrevocably authorizes the Bank to accept and act upon instructions given to the Bank by the Financial User.

3.2 The Customer undertakes, and shall procure that the Non-Financial User/Financial User undertakes, to be bound by instructions

given by the Bank regarding security procedures.

3.3 The Bank will only provide financial services if a Financial User fully complies with the security procedures of the Bank.

3.4 The Customer shall be responsible for the Administrator allowing access to a Non-Financial User, for blocking access to a

Financial User and/or Non-Financial User, and for such other actions performed or to be performed by the Administrator.

3.5 The customer may conduct transactions at all hours. Exceptions may apply hereto, but the Customer will be advised in respect

hereof at the time of conducting the transactions.

3.6 All transactions shall be conducted subject to the availability of adequate funds in the Account.

3.7 The Bank may keep records of electronic or other written instructions received in respect of the services for as long as the Bank

considers appropriate.

3.8 The Bank will not act on any instruction via public e-mail nor via the Mashreq NEOBiz Online mail facility. The Bank shall not be

liable for any loss or damage arising from the use of public e-mail by the Customer.

3.9 The Bank reserves the right to debit the Customer’s Account(s) with the charges for the services as agreed upon between the

Customer and the Bank from time to time.

3.10 The Bank’s books and records shall be final and conclusive evidence of the correctness of any transaction or Account.

4. Security

4.1 The Customer undertakes to procure the Non-Financial User/Financial User to treat the access rights, documentation or any

other information related to the services, and/or security procedures that the Bank may choose to adopt, as strictly confidential.

4.2 If access rights, documentation or other information related to the services, and/or security procedures that the Bank may

choose to adopt are disclosed to any person other than a Non-Financial User/Financial User, that person may be treated by the

Bank as an authorized Non-Financial User/Financial User of the Customer.

4.3 If the Customer and/or Non-Financial User/Financial User knows or suspects that someone else has learned such access rights,

documentation or other information related to the services, and/or any other security procedure that the Bank may choose to

adopt, the Customer shall immediately inform the Bank in writing and obtain the Bank’s acknowledgement of receipt hereof.

4.4 The Customer undertakes to limit access to the Services to properly authorized persons through the use of security procedures

advised by the Bank.

4.5 All technology-based devices and method of electronic authentication for the security and integrity of electronic data and

electronic communications transmission and identification of the sender may be subject to change, at the sole discretion of the

Bank.

5. Procedures regarding delivery of Services

5.1 The Bank shall be entitled to alter, amend or replace any or all of the security procedures, form or level of encryption used by the

Bank to protect the confidentiality of information provided through Mashreq NEOBiz Online , and all other matters related to or in

connection with the delivery or use of the services by the Bank.

5.2 In the event of such alternation or amendment, the Bank will inform the Customer of the amended or altered procedure to be

complied with by the Customer to facilitate the delivery and use of the services under such amended or altered procedure by the

Bank to the Customer.

5.3 The Customer undertakes, all shall procure the Non-Financial User/Financial User to undertake, to be bound by any and all

instructions given by the Bank regarding amendment to an alteration of the procedures regarding delivery and use of the

Services under this Agreement.

6. Privacy Policy

6.1 The Bank recognizes the importance of protecting personal information and any and all other information supplied by the

Customer to the Bank under this Agreement (the “Confidential Information”) and undertakes to follow and comply with its internal

operating procedures designed to prevent misuse of Confidential Information.

6.2 The Bank undertakes not to sell or provide confidential information to any third party as long as such Confidential Information

remains confidential or is not otherwise generally in the public domain except as required by law.

7. Liability & Indemnity

7.1 The Bank shall not be liable for payments made to any third party arising out of erroneous instructions by the Customer.

7.2 The Customer shall be liable for any action taken by the Administrator, Non-Financial User and/or Financial User under this

Agreement and for instructions issued by a person to whom information relating access and use of the services has been

disclosed by the Customer, its employees or agents.

7.3 With the exception of gross negligence and/or willful misconduct committed by the Bank, the Bank shall not be liable for any

damage or loss incurred by the Customer from the use of failure to use the services. The Customer is fully liable to indemnify the

Bank, its officers, directors and employees, agents for any loss or damage, howsoever caused to the Bank, resulting from the

use of the services by the Customer.

7.4 In consideration of the Bank complying with the customer’s Instruction (section no. 3) under these Terms & Conditions for

Mashreq NEOBiz Online , the customer hereby agrees and undertakes to protect, defend, hold harmless, indemnify and keep the

Bank fully indemnified of, from and against any and all claims, demands, liabilities, obligations, losses, damages, penalties,

actions, causes of action, costs and expenses of any kind and nature whatsoever that may be imposed on or asserted against or

incurred or suffered or sustained by the Bank directly or indirectly as a result of or in consequence of the Bank’s compliance with

the customer’s instructions and the Customer also fully and irrevocably waives, releases, discharges and relinquishes the Bank

from any and all claims, obligations and rights that the customer may have against the Bank under the law or otherwise.

8. Suspension

8.1 The Bank may at any time refuse access to or use of the services or any part thereof for any period of time and may choose to

withdraw, suspend or restrict the services temporarily.

9. Termination

9.1 The Bank may terminate this Agreement and the Customer’s use of the services by seven (7) days prior written notice to the

Customer.

9.2 The Customer may terminate this Agreement by giving thirty (30) days prior written notice to the Bank.

9.3 The Bank may further terminate access to Mashreq NEOBiz Online with immediate effect.

9.3.1 If the Customer ceases to maintain an Account with the Bank in the U.A.E.

9.3.2 If the Customer fails to comply with any obligation under this Agreement.

9.3.3 If the Customer’s relationship with the Bank is terminated.

9.3.4 If the Customer passes a resolution for its winding up or a court of competent jurisdiction makes an order for the

Customer’s winding up or dissolution.

9.3.5 Upon the passing of an order for the appointment of a liquidator or receiver for the Customer.

9.3.6 If the Customer enters into an arrangement or composition with its creditors generally or applies to a court of competent \

jurisdiction for protection from its creditors generally.

9.3.7 If the Customer notifies the Bank of any change in its status which is unacceptable to the Bank.

10. Taxation

10.1 All taxes, charges or liabilities which the Customer may incur in any jurisdiction are the responsibility of the Customer alone. If

the Bank is required by any competent revenue authority to make a deduction or has withhold an amount payable by the Bank

to the Customer, the Bank will not be liable to the Customer for the loss suffered as a result of such deduction or withholding.

10.2 The Customer agrees to indemnify the Bank if a competent revenue authority requires the Bank to make a payment in respect

of any tax amount which the Customer failed to pay.

11. Miscellaneous

11.1 Force Majeure

The Bank shall not be liable for any delay or failure of Mashreq NEOBiz Online caused by factors outside its reasonable control including without limitation any Act of God, act of government or regulatory authority, war, fire, flood, explosion, terrorism, riot or civil commotion, or non-availability, on-functioning or malfunctioning of internet services provider(s), broadcast, telecommunications or other network systems or services, except in cases where these events may be remedied.

11.2. Waiver

Failure or delay on the part of the Bank to exercise any power, right or remedy under this Agreement shall not operate as a waiver thereof, nor shall any partial exercise by the Bank of any power, right or remedy prevent any other alternative exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this Agreement are cumulative and are not exclusive of any remedies provided by law.

11.3. Full Agreement

This Agreement is in addition to any Account related agreement (the”Account Agreements”) signed between the Customer and the Bank. In case of a conflict between the provisions of this Agreement and the Account Agreements, provisions of this Agreement will prevail. Issues which are not covered by this Agreement but covered by the Account Agreements will be governed by the provisions of the Account Agreements.

11.4. Alteration

The Bank reserves the right to revise or alter any of the terms of this Agreement. The Bank will in the event hereof, where practicable, notify the Customer in advance. If the Bank alters any part of this Agreement, the Customer agrees to be bound by this Agreement in relation to the appropriate alterations.

11.5. Severability

In the event any one or more provisions of this Agreement is held to be unenforceable under the laws of the applicable jurisdiction: the validity, legality and enforceability of the remaining provisions of this Agreement shall not be in any way affected or impaired thereby.

11.6. Non Assignment

The Agreement and the rights and obligations hereunder may not be assigned by either party hereto without the prior written consent of the other. This Agreement shall be binding upon and inure to the benefits of the parties hereto and their respective permitted successors and assignees. Nothing contained in its Agreement is intended to confer upon any person other than the parties hereto and their respective successors and assignees any rights and remedies under or by reason of this Agreement.

11.7. Governing Law

This Agreement shall be governed by and construed pursuant to the laws of the U.A.E. The courts of the Emirate of Dubai shall have jurisdiction over any over any dispute arising under this Agreement.

12. Acceptance

1 Mashreq NEOBiz Online User ID and Password:

I/We am/are aware that Mashreq does not seek any information relating to Login ID/password in any form including through e-mails, phone call, SMS from its customers. I/We agree and undertake that I/we shall never part with any sensitive information of my/our account especially through internet/e-mail/phone medium. I/We further agree and confirm that Mashreq shall not be liable for any losses arising from my/our sharing/ disclosing of Login ID, password, cards, card numbers or TIN (Telephone Identification Number) to anyone, nor shall make claims on the bank for any unauthorized use. I/We shall take all precautions to protect my/our account details so as to avoid any unauthorized use.

2 Money Transfer Facility:

I have read and understood the terms and conditions (overleaf) governing Mashreq NEOBiz Online and the various services including but not limited to money transfer facility, utility, pre-paid and postpaid payment through Mashreq NEOBiz Online . I accept and agree to be bound by the said terms and conditions and to any changes made therein from time to time by the Bank at its sole discretion without any notice to me. I understand and agree that once my request for money transfer facility is accepted and my Login ID is activated by the Bank, all my linked accounts (including any new accounts that may be opened with my customer ID subsequent to the issue of Mashreq NEOBiz Online Login ID and Password) will be covered under money transfer facility as per rules in force from time to time.

3 Activation code:

I/We am/are aware that Mashreq will never seek the activation in any form including e-mails, phone call, SMS from its customers. I/We agree and undertake that I/we shall never share the activation code for beneficiary activation in any form including e-mails, phone call, and sms. I/We further agree and confirm that Mashreq shall not be liable for any losses arising from my/our sharing/disclosing of login that I/we shall never part with any sensitive information of my/our account especially through internet/e mail/phone medium. I/We further agree and confirm that Mashreq shall not be liable for any losses arising from my/our sharing/disclosing of User ID, password, cards, card numbers or TIN (Telephone Identification Number) to anyone, nor shall make claims on the bank for any unauthorized use. I/We shall take all precautions to protect my/our account details so as to avoid any unauthorized use.

4 Mobile number:

I/We am/are aware that Mashreq will send the activation code or authorization code to either activate or perform financial transaction via Mashreq NEOBiz Online to the mobile number registered with the bank record. I shall ensure to keep my mobile number under my sole control and shall take all precautions to protect the registered mobile number and avoid any unauthorized use.

Terms and conditions:

I/We (“the Subscriber”) hereby authorize and request Mashreqbank psc, United Arab Emirates (“the Bank”) for the provision of Mashreq NEOBiz Online internet banking service and mobile banking service (“the Service”) and the issuance and delivery of the password. The Bank has accepted and agreed to grant the Subscriber access to the Service and both parties have proposed to document herein their respective rights and responsibilities in respect of access to use of and provision of the Service. The Bank may from time to time vary these terms and conditions by posting the same in the Bank’s Internet Home Page and the customer gives prior approval to such variation(s) and waives any right of contestation in respect thereof and fully agrees to be bound by the same. The terms and conditions contained herein shall be governed and interpreted in accordance with the laws that may be determined by the Bank at its sole and absolute discretion. In the event of a dispute arising in relation to the use of the Service, it shall be resolved by courts of Dubai, UAE provided that the Bank may, if it deems appropriate, bring proceedings in any other jurisdiction, inside or outside the UAE. Mashreq disclaims any and all liability arising out of or relating to the unauthorized use or misuse of the One Time Password. The Subscriber confirms having read, understood and accepted the above terms and conditions in acknowledgement of which he/she has submitted this agreement to the Bank.

13. Value Added Tax

1) With effect from 1st January 2018, all fees & charges mentioned are subject to additional 5% Value Added Tax (with the exclusion of interest & currency conversion charges).

2) Value Added Tax means any tax payable to any tax authority in respect of transactions and includes, but without limitation, any other form of taxation that maybe applicable for customers using Online & Mobile Banking.

3) All amounts expressed to be payable for transactions done through Online & Mobile Banking by me/us to Mashreqbank which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly if VAT is or becomes chargeable on any supply made by Mashreqbank to me/us and Mashreqbank is required to account to the relevant tax authority for VAT on that supply, I/we must pay to Mashreqbank (in addition to and at the same time as paying any other consideration for such supply or at the point the VAT becomes due to be paid by Mashreqbank (if earlier) an amount equal to the amount of VAT (and Mashreqbank must promptly provide an appropriate VAT invoice where so required to by law).

4) By using Online & Mobile Banking requires me/us to reimburse or indemnify Mashreqbank for any cost or expense, I/we shall reimburse or indemnify (as the case may be) Mashreqbank for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Mashreqbank reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

5) In relation to any supply made by Mashreqbank to me/us through Online & Mobile Banking, if reasonably requested by me/us in writing, Mashreqbank must promptly provide me/us with details of Mashreqbank’s VAT registration and such other information as is reasonably requested in connection with my/our's VAT reporting requirements in relation to such supply.