Personal Finance Key Fact Statement


KEY FACTS STATEMENT (KFS) - PERSONAL FINANCE WARNING: Read this document carefully and sign only if you clearly understand and agree to the content of the Key Fact Statement (KFS), which is available in English and Arabic. You may also use this document to compare different Personal Finance products offered by other Banks. You have the right to receive KFS from other Banks for comparison PRODUCT INFORMATION Product Definition Personal Finance is a facility granted to customers for access to cash, which the customer may require for purposes like Education, personal expenses, marriage, travel etc. The customer will make the repayments in installments for the defined tenure. Islamic Finance Structure Personal Finance facility extended to customers is based on the Islamic Finance Structure of “Murabaha” and “Service Ijarah”. “Murabaha” is one of the most commonly used modes of financing by Islamic Bank and financial institutions. Murabaha refers to a commercial transaction which involves the buy and sale of goods that has been promised to be purchased by an ultimate buyer with an added profit margin. The added profit margin could be mentioned in the form of a fixed lump sum or a percentage of the price of the goods. Under Service Ijarah transaction, the bank will purchase the service as requested by the customer and allow the customer, the right to use it and the benefit of the service for a pre-determined period of time and in return the customer will pay a pre-determined agreed rent. Types of Personal Finance Personal Finance Standard Profit rate Fixed Rate Calculation Methodology Reducing Balance methodology. As per this methodology the principal portion is reduced from the total outstanding and the profit is calculated on the reduced outstanding amount and not the original finance amount. Installment Frequency Monthly FEES & CHARGES To view all our Fees and charges, you may visit our website www.kamelpay.com, call 045623700, or visit any of our branches to receive a copy. Profit rate Profit computation methodology: (Principal outstanding x profit rate/365) x no.of days in the mont Profit will accrue on daily basis. All profit calculation is determined and calculated by Ajman Bank with reference to the no.of days elapsed and the total no.of days in the year. Normally the calculation is based on a 365-day year basis Please visit www.kamelpay.com for installment computation Note: Bank will not charge any additional profit on accrued profit on any Credit product granted to Customers. Other Fees & Charges Profit Personal Finance Amount AED 500 – AED 999 AED 1000 – 1999 AED 2000 – 3499 AED 3500 – 5000 Profit AED 200 AED 300 AED 400 AED 600 NOTE : Profit to be charged in monthly installments as per tenure 3 to 6 months Example Per Month on a 3 month tenure (a) Current Principal Outstanding AED 1500 (b) Profit Per Month AED 100 (c) Monthly Installment AED 500 Total Per Month AED 600 Example (a) Current Principal Outstanding AED 1500 (b) Profit AED 300 Total Amount (a) + (b) AED 1800 DISCLAIMERS: All Fees mentioned above and on www.kamelpay.com 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 045623700; otherwise, you will be liable for the changes once implemented. YOU MUST KNOW Prior to applying for Personal Finance facility, 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 finance, 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. FINANCE APPLICATION AND APPROVAL PROCESS Customers shall provide Ajman Bank with duly filled application form along with identification documents (Passport, Visa, Emirates ID etc.) and income proof (Salary certificate, Statement of account, Audited financials etc.). Ajman Bank reserves the right to ask for more documentation as deemed applicable The application is submitted for further review within the Central Bank UAE regulations and Ajman Bank’s policy. For example: Checking the Debt Service Ratio (max. 50%), Al Etihad Credit Bureau (AECB), Income and Lifestyle expenditures etc. Once the assessment is completed and decision is taken, the customers are informed regarding whether the finance application is approved or rejected For approved cases, a pre-approval letter will be issued. For rejected cases, customers will be provided a written notice communicating the rejection reason For delayed cases, customers will be provided a written notification mentioning the reason and the date by which the finance can be released. Customers retain the option to cancel the contract without cost or penalty before the finance is booked 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 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 045623700 and we will be happy to assist. Alternatively, you may also use our website www.kamelpay.com or Email address support@kamelpay.com 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 Yes No Preferred mode of communication (if Yes) Email SMS Note: If you wish to “Opt in”/”Opt out” of receiving marketing and promotional communications, you may call us anytime at 045623700 ACKNOWLEDGEMENT AND SIGNATURE I hereby acknowledge that I have read, understood, and agree to the content of this Key Facts Statement Customer Name Emirates ID Emirates ID Expiry Date Mobile Number WPS Payroll Card Number Wallet ID Customer Digital Signature

WARNING: Read this document carefully and sign only if you clearly understand and agree to the content of the Key Fact Statement (KFS), which is available in English and Arabic. You may also use this document to compare different Personal Finance products offered by other Banks. You have the right to receive KFS from other Banks for comparison

PRODUCT INFORMATION

Product Definition

Personal Finance is a facility granted to customers for access to cash, which the customer may require for purposes like Education, personal expenses, marriage, travel etc. The customer will make the repayments in installments for the defined tenure.

Islamic Finance Structure

Personal Finance facility extended to customers is based on the Islamic Finance Structure of “Murabaha” and “Service Ijarah”. “Murabaha” is one of the most commonly used modes of financing by Islamic Bank and financial institutions. Murabaha refers to a commercial transaction which involves the buy and sale of goods that has been promised to be purchased by an ultimate buyer with an added profit margin. The added profit margin could be mentioned in the form of a fixed lump sum or a percentage of the price of the goods.

Under Service Ijarah transaction, the bank will purchase the service as requested by the customer and allow the customer, the right to use it and the benefit of the service for a pre-determined period of time and in return the customer will pay a pre-determined agreed rent.

Types of Personal Finance

Personal Finance Standard

Profit rate

Fixed Rate

Calculation Methodology

Reducing Balance methodology. As per this methodology the principal portion is reduced from the total outstanding and the profit is calculated on the reduced outstanding amount and not the original finance amount.

Installment Frequency

Monthly

FEES & CHARGES

To view all our Fees and charges, you may visit our website www.kamelpay.com, call 045623700, or visit any of our branches to receive a copy.

Profit rate

Profit computation methodology: (Principal outstanding x profit rate/365) x no.of days in the mont

Profit will accrue on daily basis. All profit calculation is determined and calculated by Ajman Bank with reference to the no.of days elapsed and the total no.of days in the year.

Normally the calculation is based on a 365-day year basis

Please visit www.kamelpay.com for installment computation

Note: Bank will not charge any additional profit on accrued profit on any Credit product granted to Customers.

Other Fees & Charges

Profit

Personal Finance Amount

AED 500 – AED 999

AED 1000 – 1999

AED 2000 – 3499

AED 3500 – 5000

Profit

AED 200

AED 300

AED 400

AED 600

NOTE : Profit to be charged in monthly installments as per tenure 3 to 6 months

Example Per Month on a 3 month tenure

(a) Current Principal Outstanding

AED 1500

(b) Profit Per Month

AED 100

(c) Monthly Installment

AED 500

Total Per Month

AED 600

Example

(a) Current Principal Outstanding

AED 1500

(b) Profit

AED 300

Total Amount (a) + (b)

AED 1800

DISCLAIMERS:

All Fees mentioned above and on www.kamelpay.com 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 045623700; otherwise, you will be liable for the changes once implemented.

YOU MUST KNOW

Prior to applying for Personal Finance facility, 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 finance, 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.

FINANCE APPLICATION AND APPROVAL PROCESS

Customers shall provide Ajman Bank with duly filled application form along with identification documents (Passport, Visa, Emirates ID etc.) and income proof (Salary certificate, Statement of account, Audited financials etc.). Ajman Bank reserves the right to ask for more documentation as deemed applicable

The application is submitted for further review within the Central Bank UAE regulations and Ajman Bank’s policy. For example: Checking the Debt Service Ratio (max. 50%), Al Etihad Credit Bureau (AECB), Income and Lifestyle expenditures etc. Once the assessment is completed and decision is taken, the customers are informed regarding whether the finance application is approved or rejected

For approved cases, a pre-approval letter will be issued. For rejected cases, customers will be provided a written notice communicating the rejection reason

For delayed cases, customers will be provided a written notification mentioning the reason and the date by which the finance can be released. Customers retain the option to cancel the contract without cost or penalty before the finance is booked

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 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 045623700 and we will be happy to assist. Alternatively, you may also use our website www.kamelpay.com or Email address support@kamelpay.com

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

Yes

No

Preferred mode of communication (if Yes)

Email

SMS

Note: If you wish to “Opt in”/”Opt out” of receiving marketing and promotional communications, you may call us anytime at 045623700

ACKNOWLEDGEMENT AND SIGNATURE

I hereby acknowledge that I have read, understood, and agree to the content of this Key Facts Statement

Customer Name

Emirates ID

Emirates ID Expiry

Date

Mobile Number

WPS Payroll Card Number

Wallet ID

Customer Digital Signature