I (“Customer”) do hereby agree and accept to be bound by the following Terms and Conditions for this (“Term Deposit”) or (“TDR”) in addition to the Terms and Conditions already accepted and agreed by me governing the Account(s) provided by the Raqami Islamic Digital Bank Limited (“Bank”).

1. The relationship between the Bank and the Customer with respect to all profit bearing deposits in the Account(s) shall be based on the Shariah principles of Mudarabah, where Customer is the Rab-ul-Maal and the Bank is the Mudarib.
2. The Bank as the Mudarib may invest or disinvest, at its sole discretion, amounts/deposits received by it from the Customers in its Account(s) with the Bank, in any of the products offered by the Bank as approved by the Shariah Board of the Bank. As per SBP regulations, Mudarabah based deposits shall be invested in earning assets only and not in non-trading fixed assets.
3. The Bank may combine the Customer funds with other depositors’ funds, including current deposits, within the Mudarabah pool as deemed appropriate.
4. All deposit categories shall be assigned weightages. Monthly (or interval-based) weightages shall be announced three (3) working days before the start of the month and will be available on the RIDBL App and the Bank’s website.
5. The Bank shall share profit based on a predetermined percentage of the net income of the pool according to the declared profit-sharing ratio. Net income means gross income less direct expenses, write-offs, and investment losses.
6. The Bank may also participate in the Mudarabah as an investor.
7. The Term Deposit shall be subject to Profit and Loss Sharing (PLS).
8. The Bank shall determine and announce profit rates on a monthly or other prescribed basis as per declared weightages.
9. Principal amount along with profit shall be credited upon maturity into the originating account after deduction of applicable taxes.
10. In case of loss, all investors shall share the loss on a pro-rata basis according to their investment.
11. If loss is caused due to gross negligence or willful default of the Bank, the Customers shall not be liable to bear such loss.
12. Profit calculation shall be governed by prevailing regulations of the State Bank of Pakistan.
13. Any profit or loss allocation made by the Bank shall be final and binding.
14. Final month profit shall be calculated based on the last declared profit rate.
15. ⁠In case of premature encashment, profit will be payable at the announced profit rate of such term of the Term Deposit. Bank’s decision in this regard shall be final and binding on the Customer.
16. Term Deposits are accepted by the Bank under its various products.
17. Available tenures include one week, one month, three months, six months, and one year, subject to revision by the Bank.
18. All rates are quoted on an Annual Percentage Rate (APR) basis.
19. Rollover rates shall be based on prevailing weightages.
20. Premature encashment shall be processed through the RIDBL App as per Bank policy.
21. Zakat, if applicable, shall be deducted as per admissible rules.
22. TDRs shall be booked on the same day on prevailing weightages.
23. Term Deposits shall be subject to all applicable taxes including withholding tax on profit.
24. The Customer undertakes to comply with AML, FATCA, and CRS regulations.
25. Term Deposits are governed by the laws and regulations of Pakistan and SBP directives.
26. The Customer acknowledges having read, understood, and agreed to these Terms and Conditions including any future amendments.
27. These Terms shall be governed by the laws of Pakistan and disputes shall be adjudicated by Courts of Pakistan.

Customer Undertaking

I hereby irrevocably confirm, acknowledge, accept and agree to the Terms and Conditions of the Term Deposit by clicking the “I Accept” option. Such electronic acceptance shall be legally binding and recorded in electronic form as admissible evidence under the Bankers Books Evidence Act, 1891. I waive any objection to the validity of this Undertaking on the basis of it being in digital or electronic form.