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Terms and Conditions

These Terms and Conditions (the “Terms and Conditions”) as amended from time to time shall, in conjunction with additional specific terms and conditions (if any), apply to the Product  and govern the relationship between National Bond Corporation Sole Proprietorship P.S.C. (the “Company”) and the customer (the ”Applicant” or “You”) The Company shall, as mentioned in the prospectus, have the sole discretion to amend, add to, or delete any provision of these Terms and Conditions at any time and to such extent as permitted by law by any reasonable means of prior notification of such changes to the Applicant. Unless provided to the contrary in these Terms and Conditions, the Applicant shall be deemed to have accepted such changes if the Applicant continues transacting in respect of the Product after receipt of such notification within 7 days notice should be sent to the Product holder which will be considered as acceptant unless the Product holder objects.

1. The Product shall be offered on the basis of Mudaraba agreement, which the Applicant agrees he/she has read, understood and accepted, where the Applicant (being the fund owner or “Rab al Maal”) shall authorize the Company (being the fund manager or “Mudarib”) to invest the Applicant’s funds according to the principles of Islamic Shariah in such manner as the Company, in its absolute discretion, deems fit.
2. Funds in the Product shall be invested in a joint investment pool together with funds from the Company and other Applicants (being the “Mudaraba Investments Pool”). The joint investment pool shall be managed by the Company and any realized profits shall be distributed between the Applicants and the Company in accordance with the Company prospectus that will be provided to me upon my request.
3. The Applicant acknowledges that nothing in these Terms and Conditions shall be construed as being a warranty or a representation by the Company of any guaranteed profits, or any guaranteed repayment of any part or the entire portion, in respect of the Mudaraba Investments Pool. The Applicant is aware that all investments in the Mudaraba Investments Pool are exposed to potential losses arising out of a loss incurred in respect of Mudaraba assets and that such losses may even affect the principal amount of the funds invested by the Applicants in the Mudaraba Investments Pool.
4. Capital Protection is as per the fatwa available at https://www.nationalbonds.ae/shariascompliance.
5. When a subscription is made in a currency for a Product that is different from the currency of the Product offered, the Applicant confirms & consents to the conversion rate and hereby indemnifies the “Company" against any loss arising from the conversion of the currency.
6. The Company will pay you the agreed expected profit rate as described in Investment Details, of the application form. However actual profit on the Product shall be calculated at the year end. If the actual profit is higher than the expected profit, the Company will be entitled for the difference as a performance incentive and if it is lower than the provisional profit, the Company may donate the difference from own resources at its own free will without any obligation to do so.
7. Within 2 working days (being any day other than a Friday or Saturday or any Federally declared public holiday on which banks in the UAE are open for regular business) from date of funds confirmation, the Company will send to the email address stated in the application form confirmation letter with details of your Sukuk issuance date, Sukuk maturity date and profit distribution schedule.
8. The Company shall charge value added tax separately on services made on or after the 1st January 2018 as per the Federal Decree-Law No. (8), 2017 on Value Added Tax and Cabinet Decision No. (52), 2017 on the Executive Regulations (as each amended) as applicable.
9. The Applicant confirms that the funds being used to subscribe to the Product are from a legitimate source, and by purchasing the Product you are in no way in breach of the UAE Federal laws and rules and regulations prescribed by relevant regulatory authorities.
10. The Company may perform personal data checks as it may require regarding the details provided about Applicant’s identity or the identity of any other person named in the application form and the source of funds invested.
11. In the case of an Applicant who is a corporate entity, trustee, guardian, receiver, or a representative of a deceased’s estate, the Applicant must provide evidence that is satisfactory to the Company and its approved distributors that the person signing the Form(s) has the legal right and accredited authorization to do so.
12. The Applicant acknowledges, confirms and agrees that the Company has the right to accept all or part of the subscription amount requested at its sole discretion.
13. Natural or legal guardian can purchase the Product in the name of minors by providing the legal identification evidencing their legal right to do so. Minors attaining the age of 21 years shall provide necessary identification documents evidencing their identity, age and signature prior to any redemption transaction.
14. The Applicant confirms that he/she has the full legal right and authority to withdraw the Product, whether made for himself or for another person or entity.
15. The Product is not transferable at any time. In the unlikely event of death of the Applicant, the value of the Product will form part of the deceased Applicant’s estate unless otherwise is stated and agreed in the product application form.
16. The Applicant is solely responsible for communicating any information changes to the Company.
17. The Company is not responsible for any loss in transit of application forms, payment instruction, the Product certificates or any other documents, unless such loss is caused by the Company.
18. In case of wire transfer, the Company shall not be responsible for any delay from the banks which is outside the Company control and bond Issuance shall be subject to receipt of fund in the Company account.
19. Civil courts of UAE shall have exclusive jurisdiction to resolve any dispute under this document.
20. The Company, a regulated financial institution, is mandated to execute all relevant regulatory instructions and judicial orders from UAE Courts and may block funds under their instructions.
21. The Company reserves the right to send any correspondence, and other documents through ordinary mail and will not be responsible for loss or damage arising thereof.
22. The Company reserves the right to introduce any operational changes that do not affect the Product holder’s rights, at any time; otherwise, a 7 days notice should be sent to the Product holder which will be considered as acceptant unless the Product holder objects.
23. The Applicant reserves the right to issue instructions for transactions on his/her account by fax, email or phone calls. The Applicant hereby understands and agrees that he is aware that such authorizations are not secure and can be tampered with. The Applicant indemnifies the Company from any and all liabilities that may occur as a result of his decision to authorize transactions by fax, email or phone calls in respect of any or all of his accounts with the Company and/or in respect of any other communication by fax, email or phone calls in connection with the Company.
24. The Applicant undertakes to transfer the Product, which is issued under this application to the Company for the applicable redemption amount if the Applicant is requested to do so by the Company on a winding up of the Company’s Mudaraba in accordance to the Company prospectus.
25. The Applicant agrees that the Company may, at its sole discretion and without providing any reasons to the Applicant, refuse to process the Applicant’s application for the Product.
26. These terms and conditions are governed in accordance with the laws of the United Arab Emirates, as applied in the Emirate of Dubai provided such laws are not repugnant to the rules and principles of Shariah, in which case the rules and principles of Shariah shall prevail.

*For more details on prospectus please visit https://www.nationalbonds.ae/shariascompliance

Disclaimers

• I confirm that all the information provided above is true and correct and hereby indemnify National Bonds Corporation Sole Proprietorship P.S.C. against any loss or damage that may be incurred due to incorrectness of such information. I hereby declare that I have read and agree to the Terms and Conditions mentioned on the application form.
• I hereby agree and declare that the contribution amount entered by me is to be placed under Waqf and all profit distributions arising from the product will be transferred to the selected Waqf Beneficiary Project chosen by me.
• I confirm and declare that I understand that in the event of my death, and in case of permanent Waqf, the Product will not be part of my estate.
• I hereby confirm that I understand that NBC role is limited to distributing and crediting the profit to AWQAF that will act as an agent on my behalf to utilize the Profits to the Waqf beneficiary project selected by me and that NBC has no control over the subsequent utilization of the profit by AWQAF.
• I hereby agree that NBC will notify me of the Semi Annual Profit distributions credited to the Waqf beneficiary project selected by me by SMS or any other means of communication as it deems appropriate.
• I agree and confirm to be bound to the T and Cs of the Term Sukuk that are available on NBC website, that can be amended from time to time, at the sole discretion of National Bonds, without the need of notifying me.
• In case of permanent Waqf, I hereby agree and declare that the contribution amount entered by me will be withdrawn from my above mentioned CAN and to be placed under Awqaf CAN, such contribution amount will no longer be part of my estate during my lifetime or after my death and I will have no right to claim it back, neither do my successors, all profit distributions arising from the product will be transferred to the selected Waqf Institution Beneficiary Project chosen by me in Section D.
• I hereby agree and confirm to be bound to Fatwa Sukuk Al Waqf. https://www.nationalbonds.ae/shariascompliance