• Terms and Conditions for Outward Transfers:

    1. The Customer absolves the Bank from any claims which may be made against the Bank in respect of an outward transactions and from any responsibility resulting from failure to properly identify the payee or from any loss, mistake or misinterpretation or from any delay in this matter whether in transition or in effecting payment.
    2. The Customer undertakes to pay to the Bank any difference in case of devaluation, revaluation and / or floating of the foreign currency relating to the transaction which the Customer requests the Bank to settle and / or transfer on the Customers behalf including any other costs relating thereto.
    3. The Customer declares that the purpose of the outward transaction is legal, and the Customer assumes full responsibility to the contrary. The Customer also absolves the Bank from any liability that may arise from non-payment of said transfer or confiscation or of being detained by the correspondent bank or the beneficiary’s bank for any reason whatsoever.
    4. The Customer absolves the Bank from any liability in case the other parties at the Beneficiary’s country or any other place reserve / seized the values of transfers, or in case of rejecting the transfer by the beneficiary or the beneficiary’s Bank.
    5. The Customer shall hold the Bank harmless and indemnify it against any liability or loss that may be incurred by the Bank as a result of claims against it due to executing the transfers, including any loss that might arise from the costs or expenses or fees or any additional financial implication that may come due by the bank to third parties.
    6. The Bank without any prior notice to the Customer shall be under no obligation to execute the transfers unless the Customer (Applicant) has maintained the adequate credit balance on its account(s) to cover the amount of the transfers plus the fees, commissions and any other amounts required for the execution of the transfers. If the Bank elects, at its own discretion, to execute the transfers, for any reason, without having sufficient funds in its account(s), the Customer shall immediately cover all the amounts incurred by the Bank for this purpose with the related interest and commissions at the rates prevailing at the Bank effective from the date of debiting the account. This action does not give the Customer the right to oblige the Bank automatically execute such transfers without having a sufficient balance.
    7. The Bank is at liberty to execute the transfers at the Customer’s responsibility. The Bank shall not be liable for any loss, delay, error, omission which may occur in the transmission of the SWIFT message or for its misinterpretation when received or for any delay caused by the laws and regulations in the country wherein payment should be disbursed or for any act of default or negligence of the beneficiary’s bank. The Bank shall not be liable, under any circumstances, for any direct or indirect damage or loss.
    8. The Customer shall not be entitled to withdraw the transfers’ applications after the transferred amounts have been debited from the Account. Nevertheless, and should the Bank approve, at its own discretion and taking into consideration the laws and regulations applied in the beneficiary’s country, to return the amount back to the Customer for any reason whatsoever, the Bank shall have the choice to pay at the prevailing purchase rate of the relevant currency less all charges and expenses.
    9. The Bank shall be absolved from any liability as a result of the delay in executing the transfers in case of incomplete information in the transfer issuance applications and the Bank shall be entitled to reject execution of any transfer due to non-compliance with the regulatory directions or its internal policies and procedures without illustrating the reason and justifications.
    10. The Bank may at any time implement any security and other procedures including the Bank’s “Customer Due Diligence” procedures for the verification of the identity of any of the parties of the financial transaction, the purpose of the financial transaction, or the relationship between the Customer and the Beneficiary.
    11. The Customer authorizes the Bank to disclose relevant information and / or documents and / or bills and information to third parties as far as they relate to the financial transaction including our account number / IBAN, date of birth (for individuals) / registration number (for non-Individuals), address, contact details, the beneficiary’s address, contact details and the purpose of the transactions within the transfer details if the requirements of the regulatory authorities in the paying bank’s country or the beneficiary’s country require that, or its essential to proceed the mentioned transaction
    12. The transfer amount in the required currency shall be subject to exchange instructions or any regulations issued by the regulatory bodies in this regard, this is according to the rules and regulations of the country that issues the transfer. The Bank shall not bear any loss, delay, or damage caused by such rules and regulations.
    13. In the event of insufficient balance in the Account from which the transfer is requested to be executed, the Bank may, without being obliged to execute the transfer by debiting any of our other accounts.
    14. This form was issued in both Arabic and English, in case of any conflict Arabic script prevails
    15. The Customer authorizes the Bank to execute the required remittance through any of the banks or other institutions not specified in the request if the Bank finds that the execution of this remittance does not require this, and this is our full responsibility, and the Customer absolves the Bank from any liability
    16. The customer shall bear full responsibility for all transfers from his account to the account of any Beneficiary upon the account of the beneficiary from local or foreign bank upon the application that requests by him to the Bank. Customer acknowledges of unconditional approval and It is not undeniable that the payment of the transfer by the Beneficiary’s Bank is based on the IBAN or beneficiary account number as stated in the application of the transfer and without matching the name of the beneficiary or any other details in the transfer with the name of the account holder at the beneficiary’s bank. The Customer shall bear any losses that may result from the beneficiary bank un match the name of the beneficiary or any other details in the transfer with the name of the account holder specified in the transfer application، The Bank disclaims any responsibility or liability that may be incurred by the Bank in this regard.”
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