FCY Term Deposit Sample Clauses

FCY Term Deposit i a. Commodity Murabahah Transactions The Customer shall enter into purchase and sale transactions for Shariah compliant commodities (“Commodity Murabahah Transactions”) to place the deposit. b. The Customer must open or have: • a Ringgit account to convert Ringgit to the required foreign currency for the placement of the deposit; and • a savings/current account in the same foreign currency for the withdrawal of the deposit; as cash deposit/withdrawal in foreign currency is not allowed, and information relating to this account will be included in the account statement for the said Ringgit account. c. The Customer acknowledges that foreign currency deposits in currency other than USD, GBP and EUR: • the Purchase Transaction will be effected on receipt of value of the foreign currency; and • written disposal instructions must be received by the Bank 2 banking days before maturity date, if not the deposit will be automatically renewed for the same period on maturity date. d. The Customer agrees that: • profit shall be paid on maturity of the deposit; and • deposits may not be withdrawn before the maturity date and if exceptionally allowed, no profit is payable on the deposits and the Customer agrees that the Bank shall be entitled for a rebate equivalent to: • For deposits held 3 months and below: profit from the Murabahah Sale Price; or • For deposits held above 3 months: half of the profit for the completed months plus the profit for the uncompleted months. • The rebate will be deducted from the Murabahah Sale Price. • duration of placement is limited to 1, 3, 6, 9 or 12 months only; and • on maturity or withdrawal, the deposit and/or profit shall be credited to the same foreign currency savings/current account from which the deposit originated. e. The Customer acknowledges that the amount deposited cannot be assigned, transferred or charged either by endorsement or otherwise except with the prior written consent of the Bank. f. The Term Deposit-i terms and conditions in paragraphs (a), (c) to (i) and (l) to (n) also apply.
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FCY Term Deposit 
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Related to FCY Term Deposit

  • Additional Deposit For reasons of administration, the right is reserved to require payment of an Additional Deposit, as shown on the Fees List for the relevant year, as an additional deposit in the case of a pupil whose normal residence is outside the United Kingdom. The Additional Deposit will be retained in the general funds of the School until the Pupil leaves and will be repaid by means of a credit without interest to the final payment of Fees or other sums due to the School on leaving, unless stated otherwise in these terms and conditions. See also Clause 8.7

  • Additional Deposits (a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. (b) The proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 shall be deposited in the Collection Account.

  • Initial Deposit On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

  • Mobile Deposit The Mobile Deposit feature enables you to use a software application together with your Wireless Access Device to create electronic images of the front and back of certain Original Checks (defined below) and transmit those images and other information, including, without limitation, information captured from the magnetic ink character recognition (“MICR”) line, to us for review and processing in accordance with this Agreement.

  • Cash Deposit No cash will be deposited into the certificate account on the closing date.