KEY FACTS STATEMENT (KFS) – KAMELPAY CARDHOLDERS SALARY ADVANCE FACILITY
WARNING: Read this document carefully and sign only if you clearly understand and agree to the content of the Key Facts Statement (KFS), which is available in English and Arabic. You may also use this document to compare different Islamic Covered Drawing facility offered by other Banks. You have the right to receive Key Facts Statement from other Banks for comparison.
PRODUCT INFORMATION
Product Definition
Salary advance facility is based on the Islamic concept “Qard Al Hasan”, which refers to “Interest Free Loan”. Qard Al Hasan is a contract between two parties (the Bank and the Customer) to fulfill a short-term financial need of the borrower (Customer)
Islamic Finance Structure
Qard Al Hasan
Types of securities against which Salary Advance is granted
Salary Transfer
Pricing
Not Applicable
Calculation Methodology
Kamel pay card holder will get 50% of the salary amount as a Qard Al Hasan, i.e. the amount is calculated after deducting all Cardholder self-declared obligations.
FEES & CHARGES
To div all our Fees and charges, you may visit our website www.ajmanbank.ae, call 800 22, or visit any of our branches to receive a copy.
Profit Rate
Not Applicable.
Fees
Processing Fees
Salary Advance Amount
AED 250 – AED 500
AED 501 – AED 1,000
AED 1,001 – AED 2,000
AED 2,001 – AED 2,500
Administration Fees (Exclusive VAT)
AED 25
AED 50
AED 75
AED 100
DISCLAIMERS:
All Fees mentioned above and on www.ajmanbank.ae are exclusive of Value Added Tax (VAT). A VAT of 5% shall be applicable on all Fees levied by the Bank.
Ajman Bank reserves the right to revise the fees & charges and terms & conditions, including the profit calculation methodology at any time by providing sixty (60) days prior written notice to your registered contact details.
If the case is delayed by the Bank, Customers retain the option to cancel the contract without cost or penalty before the funds are made available.
WARNING: If you have further clarifications or in case you are not accepting the new/modified changes, please reach the nearest branch within the specified period or call us on 800 22; otherwise, you will be liable for the changes once implemented.
Ajman Bank hereby declares that it has been licensed and authorized by the Central Bank of the UAE to carry out banking business and services. All our products and services are Shari’ah complaint and approved by our Internal Shari’ah Supervision Committee. For details on approval, kindly visit www.ajmanbank.ae.
YOU MUST KNOW
Prior to applying for Salary Advance, you should take into account any foreseeable future changes to your financial circumstances (such as retirement occurring before the end of the finance term). You should only avail the facility, if you have financial means to cope up with potential risk that may arise from changes in the economic and market conditions as well as changes in your circumstances. You may consult your independent financial advisor for advice.
COOLING-OFF PERIOD : Khiyar Al-Shart ‘Cooling-off Period’ is defined as a period of time after a contract is agreed during which the buyer can cancel the contract without incurring a penalty. Customers may waive the cooling-off period of complete 5 business days by signing a written waiver provided by Ajman Bank.
APPLICATION AND APPROVAL PROCESS
Kamel Pay Cardholders shall request for Ajman Bank- Salary Advance which will be obtained through Kamel Pay Mobile Application only.
Card holder will get 50% of the amount as a Qard Hassan, i.e. the amount is calculated after deducting all Cardholder’s self-declared obligations.
Once transaction is approved, amount is provided in the Cardholder's prepaid card, so the Cardholder can withdraw the amount through ATM/POS/Remittance/ Bill payment/Any Service of Kamel Pay or Ajman Bank to use it to cover any of the Cardholder's monthly financial obligations.
An administration fee shall be charged upon availing such service, and the fee is deducted from the salary prepaid card.
An administration fee shall be charged upon availing such service, and the fee is deducted from the salary prepaid card.
KEY OBLIGATIONS
WARNING : In the event of a Customer’s failure to meet Ajman Bank’s terms and conditions before and during the relationship, the bank may initiate appropriate action as deemed necessary as a consequence of non-repayment or non-fulfillment of signed terms and conditions. The actions taken may include the following:
a)
Negative rating in the Al Etihad Credit Bureau (AECB) or other Credit Information agency and the possible limitations on the ability to borrow/obtain financing in the future
b)
Legal Proceedings via Court
c)
Collection measures including presenting security cheques for clearing and claim on guarantees
In case additional securities in terms of pledge collaterals, guarantors, post-dated cheques etc. are obtained, these securities can be utilized or be enforced in case of any default in payment or non-fulfillment of any terms and conditions of facility offer letter or any other signed contract.
COMPLAINTS & SUGGESTIONS
For complaints and suggestions, you may visit any of our Branches and submit in writing or verbally to our customer service officer. You can also call our Phone Banking on 800 22 and we will be happy to assist. Alternatively, you may also use our website www.ajmanbank.ae or Email address info@ajmanbank.ae
IMPORTANT NOTE FOR THE CUSTOMER AND THE BANK
This Key Facts Statement must be duly signed by the Bank representative and the Customer, prior to availing the financial product and/or service. A duplicate copy of the signed documents will be provided for your information and records at any point of time during the relationship and/or based on your request.
MARKETING AND PROMOTIONAL - COMMUNICATION
I agree to receive promotional/marketing/product communication from Ajman bank
Note: If you wish to “Opt in”/”Opt out” of receiving marketing and promotional communications, you may call us anytime at 80022.
ACKNOWLEDGEMENT AND SIGNATURE
I hereby acknowledge that I have read, understood, and agree to the content of this Key Facts Statement
Customer Name
xxxxxxxxx
Emirates ID
784xxxxxxxxxxxx
Emirates ID Expiry
xx/xx/xxxx
Date
xx/xx/xxxx
Mobile Number
+971*********
Card Number
xxxxxxxxxx