UAE Dirham definition
Examples of UAE Dirham in a sentence
The Customer understands that there is risk associated with any Account denominated in a foreign currency, which for the purposes of these Terms and Conditions means any currency other than UAE Dirham.
Employer Contributions and Member Contributions remitted for investment in the Capital Protection Investment Option shall be paid and reflected in such Employee’s Member Account in UAE Dirham, and there shall be no cost of currency conversion from any other currency permitted in respect thereof.
The Bank will accept UAE Dirham for credit to an Account denominated in a foreign currency subject to first converting such UAE Dirham into the relevant currency and will permit withdrawals in cash in UAE Dirham from an Account denominated in a foreign currency subject to sufficient funds being available in the relevant Account and subject to first converting the funds denominated in the foreign currency into UAE Dirham.
The UAE Dirham is pegged against the U.S. dollar at a rate of 3.67 Dirhams per U.S. dollar.
The UAE Dirham has been pegged to the U.S. dollar since 22 November 1980.
All references in this document to U.S. dollars, U.S.$, USD and $ are to the lawful currency of the United States of America, references to £ and Sterling are to the lawful currency of the United Kingdom and references to AED, dirham and UAE Dirham are to the lawful currency of the United Arab Emirates.
The Bank will accept UAE Dirham for credit to an Account denominat- ed in a foreign currency subject to first converting such UAE Dirham into the relevant currency and will permit withdrawals in cash in UAE Dirham from an Account denominated in a foreign currency subject to sufficient funds being available in the relevant Account and subject to first converting the funds denominated in the foreign currency into UAE Dirham.
The amounts of any transactions made through use of the UBL Debit Card in a currency other than UAE Dirham (AED) will be converted into UAE Dirhams at the Bank’s prevailing selling rate of exchange on the date the relevant card transaction is debited to the Account.
If any payment is made in any other currency, the Bank reserves the right to convert such currency to UAE Dirham or the Card currency subject to the Bank’s prevailing exchange rate as on the date of posting the payment into the Card Account.
The mid-point between the official buying and selling rates for the UAE Dirham is at a fixed rate of AED 3.6725 = U.S.$1.00.