Terms and Conditions

1. The terms and conditions agreed on by the customer (of any type: Individuals, companies or joint account) upon opening an account form an integral part of this Agreement.

2. Transactions performed via these e-banking services under the name of the customer are legally binding to the customer. Furthermore, the customer is responsible for all activities performed on this account (of any type: Individuals, companies or joint account) via the e-banking services. 

3. The customer (Individuals, companies or joint account) agrees to take extra caution and diligence when transferring money between accounts and accurately define the beneficially. The customer is responsible for the correctness of data related with adding a beneficiary to customers beneficiary list namely: beneficiary name, bank account and IBAN.

4. The customer (Individuals, companies or joint account) undertakes not to disclose the password of e-banking services to any party. Also, the customer is fully liable for maintaining the confidentiality of the password and not being used by any other person for whatever purpose. In the event of password violation, the customer must directly inform the Bank. 

5. In case several currencies were involved in financial transactions, exchange rates specified by the Bank on the date of the transaction shall be adopted.

6. The Bank is entitled to send the transfer through Banks correspondent banks, which in-turn shall charge commissions from the transferred amount according to the applicable law in that country and at the approved exchange rate. 

7. Transfers are subject to the laws and regulations of local banks and that of the countries to which or through which it is transferred. Transfers are subject to suspension or freezing in case of suspicion, transfer owner must provide the Bank with necessary information. The bank may suspend any transaction made via the electronic systems for inspection purposes in case of suspicion of beneficiary information with no prior notification to the customer required. 

8. All requests received by the Iraqi Islamic Bank for Investment and Development after official working hours or during Banks holidays shall be considered delivered to the Bank in the next working day. The Bank is not obliged for any loss or damage from payment requests submitted by the customer (Individuals, companies or joint account) when such request is received outside official working hours.  

9. The Customer (Individuals, companies or joint account) acknowledges that it is aware of inability to access its accounts or view its balances during daily shutdown of Bank systems performed by Iraqi Islamic Bank. Such period shall not be deemed as an indicator of cession or deterioration of e-banking services. 

10. The Customer (Individuals, companies or joint account) acknowledges that it realizes that performed transactions that require permission for execution in e-banking services do not appear immediately in the account statement of e-banking services.  

11. The Bank has the right to deduct directly from customer account (Individuals, companies or joint account) all expenses approved in the instructions in-force of Iraqi Islamic Bank for Investment or Development and any subsequent modification thereto.  

12. Payment request submitted by the customer (Individuals, companies or joint account) to Iraqi Islamic Bank for Investment and Development via e-banking services cant be used as an evidence that the Bank made the payment or approved to pay the requested amount. The customer recognizes that the books of Iraqi Islamic Bank for Investment and Development as well as its entries and records form a conclusive evidence for the validity of any transaction.  

13. Iraqi Islamic Bank for Investment and Development is not liable for any problem, loss or damage facing the customer (Individuals, companies or joint account) due to the following reasons:  

a. Any delay resulting from causes beyond Banks control such as natural disasters, war, riots, disturbances, civil disobedience, popular unrest, breakdown of systems/communications or power AAA¦etc. 

b. Any loss from damages in e-banking credential data due to customer (Individuals, companies or joint account) negligence and/or unauthorized access to its devices such as the mobile or computer by online scum software, fraud upon cancelling or activating the sim card or such cases of fraud due to failure to keep the password.  

c. Any loss or damage from misuse of e-banking services. The Bank shall bear no obligations toward the customer (Individuals, companies or joint account) or towards any other party for indirect or consequent damages, in case the loss was from reasons not related with the Bank or the e-ban.king services.  

d. Any cost, loss or damages from computer viruses or similar cases affecting customers computer or mobile.  

e. The Bank shall bear no loss or damage affecting the customer as a result of entering wrong information over the electronic systems concerning addition of beneficiary list. As this may lead to incompletion of banking transactions (remittances, credits, financial transfers etc.), non-execution of the transaction on time or transferring it to another beneficiary due to incorrect information such as: beneficiary name, account number or IBAN.  

f. The Bank bears no liability for any loss or damage to the customer from cancelling a transaction  upon customers request  yielding a deduction of commissions. As the customer may not claim retrieving the commission.  

14. Iraqi Islamic Bank for Investment and Development shall not be liable to restore any money in the following cases:  

a. Amount mistakenly transferred into other accounts  deliberately or indeliberatly. ? 

b. Incorrectness of any financial or non-financial transaction made by the customer (Individuals, companies or joint account).  

c. Inability to execute request for retrieving the amount of any financial transaction or cancelling such transaction or reversing it.  

15. Iraqi Islamic Bank for Investment and Development is entitled to act according to customers requests received thought the online-banking services  including emails, financial or non-financial transactions  without referring to the customer (Individuals, companies or joint account) and with no need for its written consent. 

16. The Bank may refuse such request upon its own discretion and suspend the validity of the account or the validity to access the account through e-banking services via the mobile or the internet browser without prior notification to the customer (Individuals, companies or joint account) and for any reason deemed appropriate by the Bank.  

17. Iraqi Islamic Bank for Investment and Development may take legal procedures against the customer in case of abuse of e-banking services or accounts or for any violation of laws in-force.  

18. Iraqi Islamic Bank for Investment and Development reserves the right to modify this Agreement from time to time when necessary  including without limitation changing the fees, liabilities, services and others  as of the Effective Date, unless there was a need for immediate changes for security purposes or to comply with the law, regulators instructions, changes made by service providers etc. 

19. The customer (Individuals, companies or joint account) may terminate using e-banking services by submitting a prior written notification (10) ten working days in advance to the Bank.  

20. The customer (Individuals, companies or joint account) undertakes to adhere accurately to the instructions of e-banking services as provided by the Bank when using those services.  

21. The Bank may refrain from performing any transfer operations or payment orders at any amount in case there was no enough balance in customer account (Individuals, companies or joint account) at the time of the operation covering the value of such operation, profit, commissions or related expenses. Moreover, the Bank may refrain from transfer upon exceeding count or maximum limit of daily permitted transfer. In case of Banks suspicion in the transfer requested electronically by the customer (Individuals, companies or joint account) and/or incomplete or insufficient information in the transfer request, the Bank has the right to abstain from performing any transfer or making any payments. Furthermore, the Bank may refrain from transfer in case of insufficient balance without advance or subsequent reference to the customer (Individuals, companies or joint account) and without bearing any responsibility for this.  

22. Login password or transfer or payment password is considered as customers signature and acknowledgement (Individuals, companies or joint account) of approving execution of any requests, services or transfer orders. The customer may not appeal that such password are posted or used by another party, or even claim that the customer didnt request any of the services available through the electronic services.