iVestor Terms and Conditions

A) Introduction

These iVESTOR Terms and Conditions (the “Terms”) set out the provisions governing the use of iVestor (the “Platform”) and define the relationship between Emirates NBD Bank PJSC (the “Bank”), Dubai Financial Market PJSC (the “DFM”) and the Customer.

B) Sign up

To begin using the Platform and any of its Services, the Customer must first sign up and register on the Platform. The Customer is required to complete the activation process through the iVestor application (the “Application”) by following the instructions and providing the necessary identification details.

If the Application is unavailable or the Customer encounters issues with onboarding, the Customer may contact the 24-hour iVESTOR Customer Service at +971 4 305 5555 to complete the Platform onboarding process and provide any required identification details.

C) Binding Nature of Activation and Usage

The use of the Platform, including accessing any Services provided under these Terms, or conducting any transaction with the Bank or DFM, constitutes binding and conclusive evidence of the Customer’s acceptance of these Terms.

D) Agreement to Terms

By using the Platform, accessing any Services, or conducting transactions with the Bank or DFM, the Customer agrees to be bound by these Terms.

1. Onboarding and Account Setup

Upon registration on the Platform, the Customer is required to complete the digital onboarding process through the Application or any other means requested by DFM. This includes:

• NIN Creation: If you do not have an existing NIN, you will need to create a new NIN through the Application.
• Verification Process: You will need to complete the verification process which involves OTP validation for the registered email and mobile number, document verification (Emirates ID or Passport), identity validation using facial biometrics with a liveness check, and other verification requirements requested by the DFM.
• KYC Requirements: You will be required to provide KYC information and supporting documentation, as applicable, in-line with DFM policies and procedures and prevailing UAE regulations.

By using the Platform, the Customer consents to receiving electronic communication via SMS, email and the Application for verification purposes, transaction updates, and other related information. Additionally, the Customer consents to the sharing of their information with Partner Brokers, Partner Banks, and any other service providers as necessary for the provision of Services under these Terms.

Once you successfully complete the onboarding process, you will be assigned a virtual IBAN by Emirates NBD Bank PJSC (the “Bank”), acting as custodian bank.

This virtual account and IBAN do not represent a retail bank account with the Bank. The account details provided on this Platform are for inward bank transfer references only. This virtual account is exclusively intended for facilitating funds transfer to top-up your Account. It should not be used for salary transfers, cheque deposits, or any other non-related transactions.

Any misuse of the account, including salary transfers or cheque deposits, may result in restrictions or delays in processing your transactions.

DFM will not be liable for any losses, delays, or issues arising from the use of this virtual account for purposes other than those intended, including but not limited to salary transfers or cheque deposits.

2. iVestor Card Activation and Management

2.1 Card Activation

Upon receiving your Card, you must activate it via the Application or any other means as available. Customers can set their PIN, view real-time balances, access transaction history, manage card limits, and control their card settings on the A pplication. You will not be able to access certain features until the Card is activated.

2.2 Card Use

The Card is a VISA prepaid card, usable for purchases at POS terminals, e-commerce transactions, and mobile wallets such as Apple Pay and Google Pay in accordance with these Terms.

2.3 Dividend Payments

For newly onboarded Customers, the default dividend payment method will be set to your Account. Dividends are credited to your Account as and when they become due and are reflected in the transaction history.

3. Customer Representations and Responsibilities

3.1 Information Accuracy

The Customer represents and warrants that all information provided to DFM or the Bank in connection with their Card, Account, or any Services is complete, true, accurate and correct.

The Customer agrees to promptly notify DFM in writing within five (5) Business Days of any changes to the information provided. The Customer acknowledges that any documents or information furnished to DFM or the Bank remain their property.

3.2 Customer Representations

The Customer represents and warrants that they will provide, true, accurate, and complete information during onboarding, when requesting additional Services, in response to information requests initiated by DFM, and/or whenever disclosure requirements are raised through the Application or by DFM, as and when necessary.

3.3 Risks

The Customer acknowledges that investments and associated Customer Transactions carry inherent risks, including the possibility of losses exceeding the principal amount in certain circumstances.

The Customer acknowledges that DFM may provide risk disclosures related to any applicable Customer Transactions, and it is the Customer’s responsibility to review and understand these risks.

3.4 Account Defaults

The Card and Account may come with pre-set service preferences or default features. The Customer acknowledges that they are not obligated to use these default settings and may adjust their preferences once the Account is approved and activated.

3.5 Knowledge of Account Terms

The Customer is solely responsible for understanding the rights and terms associated with the Services and all securities, transactions, and products available within their Account or the Application.

Where applicable, the Customer is responsible for taking action where necessary to preserve any rights related to securities, and neither DFM nor the Bank is obligated to notify the Customer of upcoming deadlines or take action on their behalf without specific instructions.

3.6 Orders and Instructions

The Customer acknowledges that any Customer Instructions made via the Application, using the Account username or password or PIN, will be considered fully authorized by the Customer.

The Customer agrees not to share their Account credentials with any third party. If any other person gains access to the Customer’s Account, the Customer bears sole responsibility for any resulting Customer Transactions.

The Customer agrees to provide full payment for purchases when required. If insufficient funds are available, DFM may liquidate assets, charge interest, or take other necessary actions to recover funds due in accordance with these Terms and applicable law.

3.7 Support from DFM or Bank

Any support provided by DFM or the Bank, whether in the form of functional explanations or assistance, shall not constitute investment advice or recommendations. The Customer agrees that any help provided does not form a basis for decision-making regarding their Account.

3.8 No Advice

The Customer acknowledges that DFM and the Bank do not provide financial, legal or tax advice. The Customer is encouraged to seek independent advice from professionals where necessary.

3.9 Authorized Representatives

The Customer agrees not to allow any third-party access to their Account or credentials without prior written consent of DFM.

If DFM or permits the appointment of an authorized representative, the Customer assumes all risks associated with the actions of that representative.

3.10 Duty to Update the Application

The Customer is responsible for downloading and maintaining the most recent version of any software required to use the Application. Failure to do so may result in limited functionality or outdated information, for which DFM shall not be liable.

4. DFM Services

4.1 Dividend Distribution

DFM will provide instant access to dividends declared by companies listed on DFM, where Dubai CSD has been appointed as the dividend distribution agent. Dividends will be credited directly to your Account.

DFM is not responsible for any delays or errors in the payment of dividends caused by third parties, such as companies distributing dividends or technical malfunctions.

4.2 Payments to DFM

The Customer may use the Card and/or the Account to make payments and deposits for Services related to the Account in accordance with these Terms, and settlement of Customer Transactions.

The payment methods are as follows:

(a) The Customer can make cash deposits at Bank CDMs or over the counter at any Bank branch during banking hours. Once the deposit is processed by the Bank, it will be credited to the Customer’s Account.

(b) The Customer may also transfer funds from their bank accounts to the Customer’s Account.

DFM is not responsible for delays, errors, or missed payments caused by insufficient funds, technical issues, or customer negligence. The Customer is responsible for ensuring that payments are made accurately and on time, with sufficient funds available for successful processing.

4.3 Fund Transfers and Withdrawals

The Customer is authorized to send and receive funds through the methods below, subject to the availability of cleared balances and applicable transaction limits. Fees may apply as outlined in the Schedule of Fees, which the Customer agrees to upon use of the applicable Service. For the most up to date transaction limits, Customers are advised to refer to the iVestor FAQs. DFM is not responsible for any delays, errors or losses resulting from third-party issues, regulatory checks, or system malfunctions beyond its control.

• Outward Bank Transfers: Funds can be sent domestically or internationally by adding and confirming a beneficiary through the Application. Beneficiary creation requires OTP validation as part of a two-factor authentication (2FA) process for your security. Local and international transfer fees will apply, and processing times may vary.
• ATM Withdrawals: The Customer may withdraw up to a certain amount as set out in the iVestor FAQ for limits.
• Branch Withdrawals: The Customer may withdraw up to a certain amount as set out in the iVestor FAQ for limits, which shall be subject to transaction limits and any additional requirements requested by the Bank at time of such withdrawal.
• iVestor-to-iVestor Transfers: The Customer may transfer funds to other Customers, provided the recipient is also onboarded to the Platform. Transfers are instantaneous but may be subject to technical limitations or delays beyond DFM’s control.
• DFM is not liable for any losses resulting from incorrect beneficiary information, system errors, or third-party issues outside of DFM’s control.

4.4 IPO Subscription

The Platform enables Customers to subscribe to IPOs directly using the balance available in their Account.

DFM facilitates subscription to IPOs through the DFM channel but does not act as a broker or intermediary in the execution of these transactions. The Customer acknowledges that IPO-related terms, conditions and disclosures are governed by the issuer and the applicable lead bank handling such subscription.

A Customer who is the legal guardian of a minor may subscribe to IPOs on behalf of the minor. The guardian maintains full control and management of the minor’s Card, ensuring responsible use for both day-to-day transactions and IPO-related investments.

DFM assumes no liability for losses, errors or delays related to IPO subscriptions, including payments or documentation errors. The Customer is responsible for verifying subscription details and ensuring compliance with all regulatory requirements.

4.5 Broker Trading Account Integration

The Platform allows Customers to link their Account to a Broker Trading Account. This integration provides Customers with the ability to use the buying power in their Account to place orders on the Platform which is routed to the selected Partner Broker for execution, as further set out in Clause 6.2 (Trading Account Opening and Order Placement through Partner Brokers). The Customer can place buy or sell orders directly through the Application using the available buying power. These orders are automatically routed to the Partner Broker for execution through the Partner Brokers trading platform.

The Customer is responsible for ensuring that sufficient funds are available in their iVestor investment account/trading account prior to initiating any Customer Transactions. Any order placed will only be executed if the required funds are available at the time of the transaction.

DFM facilitates the integration between the Platform and the Broker Trading Account by routing orders to the Partner Broker. However, DFM does not participate in or control the execution of trades, which is the sole responsibility of the Partner Broker.

DFM disclaims all responsibility for losses, errors or delays related to the execution of trades or any issues arising from third-party trading platforms. The Customer acknowledges that the Partner Broker is responsible for executing all trades and for managing the trading account.

Customers must carefully read and agree to the terms of their Partner Broker’s trading agreements, as those terms will govern the use of the trading account, including fund transfers, order execution, and associated liabilities.

4.6 Portfolio Viewing

The Application provides the Customer with the ability to view their aggregated holdings and track the market value of their investments over selected time periods. The market value displayed on the Application is for informational purposes only and may not reflect real-time values.

4.7 Minor Account Management

The Customer, acting as guardian, may onboard minors through the Application by creating a NIN for the minor, and applying for a prepaid card linked to the minor’s account.

The guardian retains full control of the minor’s prepaid card, including the ability to set spending limits and monitor transactions through the Application until the minor reaches the age of 18 years old.

The guardian assumes full responsibility for the minor’s use of the Card, and DFM disclaims any liability related to the misuse of the Card by minors.

Once the minor turns 18 years old, the prepaid card may remain active, however, the guardian’s control will be revoked once details of the minor are updated on the Platform through the Application or any other official channels. The individual will be required to onboard independently as a new Customer within the Platform to access the Application’s functionalities and manage their Card and Account directly, in accordance with the applicable onboarding terms and requirements.

4.8 Virtual Card Creation

The Customer may create virtual cards through the Application at no additional cost.

The Customer has the option to set specific spending limits for each virtual card, offering flexibility and control over how the virtual cards are used. Each virtual card can be customized with its own unique spending limits, allowing the Customer to manage and control their online or non-physical transactions securely.

The virtual cards are subject to these Terms. The Customer assumes full responsibility for the proper use of the virtual cards. Any misuse, unauthorized transactions, or fraudulent activity involving the virtual cards will be the sole responsibility of the Customer. DFM and the Bank shall not be held liable for any losses or damages arising from misuse.

The Customer may cancel or disable their virtual cards at any time through the Application in accordance with these Terms. Once canceled, the virtual cards will no longer be valid for transactions. DFM and the Bank reserve the right to suspend or terminate the use of virtual cards at their discretion, especially in cases of misuse, fraud, or violation of these Terms.

4.9 Transaction Splitting

The Customer may use the Application to split any transaction with other iVestor users, allowing you to share expenses with other users. When a Customer makes a transaction using their Card at a point of sale, the Application will prompt the Customer to split the transaction with other iVestor users.

DFM is not responsible for any errors or disputes that arise from splitting transactions between users. Customers are advised to verify transaction details before completing the split.

4.10 Savings Goals

The Application allows the Customer to set savings goals for specific spending events and track progress.

The savings goal feature is for planning purposes only. DFM does not provide financial planning services, and it is not liable for any issues arising from the failure to meet savings goals or any technical issues with the feature.

4.11 General Liability Disclaimer

DFM reserves the right to amend, suspend, or terminate any of the services mentioned above at any time without prior notice to the Customer, where deemed necessary to protect DFM’s interests, comply with regulatory requirements, or ensure the security of Accounts. The Customer agrees to use all Services at their own risk and acknowledges that DFM is not liable for any direct or indirect losses incurred as result of using the services.

The savings goal feature is for planning purposes only. DFM does not provide financial planning services, and it is not liable for any issues arising from the failure to meet savings goals or any technical issues with the feature.

5. Bank Services

5.1 Purchase of Goods and Services via POS

The Card may be used to purchase goods, services, benefits, and/or reservations from merchant partners within the UAE and internationally, where VISA cards are accepted. DFM and the Bank are not responsible for any disputes arising between the Customer and the merchant, including but not limited to issues of product quality, non-delivery of goods, or unauthorized charges. The Customer is responsible for ensuring that sufficient funds are available on the Card before making any purchases. Any dispute shall be managed by following the dispute process as highlighted in the platform.

5.2 Online and Remote Purchases

The Customer may use the Card to purchase goods, services, benefits, and/or reservations via the internet, by telephone, mail order, or any other method where the Card is not physically present at the time of the transaction. The Customer is solely responsible for ensuring the safety and security of their Card information during remote transactions. DFM and the Bank are not liable for any fraudulent or unauthorized transactions arising from the use of the Card for internet, telephone, or mail orders purchases. The Customer should exercise caution and only provide Card information to reputable merchants.

5.3 ATM and CDM Access

The Customer may access funds via ATMs/CDMs displaying the VISA and PLUS marks. The Customer may use the Card to withdraw cash or make deposits at any ATM or CDM within the Bank network or other participating institutions that accept VISA or PLUS Cards as per defined limits.

5.4 Phone Banking Access

The Platform provides the Customer with access to the DFM’s phone banking services. Phone banking services can be used for a range of services, including checking balances, transaction history, and general inquiries related to the Card. Phone Banking is subject to security measures implemented by the DFM, in accordance with the terms of use applied by the DFM.

5.5 General Disclaimer on Bank Services

The virtual IBAN issued to the Customer should only be used in connection with the Customer’s Card Transactions. This virtual account does not function as a traditional retail banking account and does not offer standard banking services such as loans, overdrafts, or access to credit facilities. The Bank and DFM disclaims any responsibility for misunderstandings or misuse of the virtual account. The Customer acknowledges and agrees that the Card is a prepaid card and that their available balance must be managed accordingly.

The Bank and DFM reserves the right to amend, suspend, or terminate any of the services mentioned above at any time without prior notice to the Customer, where it deemed necessary to protect the interests of the Bank and DFM, comply with regulatory requirements, or ensure the security of customer accounts. The Customer agrees to use all services at their own risk and acknowledges that the Bank and DFM are not liable for any direct or indirect losses incurred as a result of using the services.

6. Additional Services

The Customer may access the following Additional Services on the Application. The Additional Services are subject to the specific terms set out below and any applicable third-party terms or agreements.

DFM, Partner Banks and Partner Brokers reserve the right to modify, suspend, or terminate any Services without prior notice, in compliance with regulatory obligations or to protect the security and integrity of Customer Accounts.

6.1 IPO Leverage Option in Partnership with Partner Bank(s)

The Application offers the Customer the option to leverage their investment during an IPO by utilizing the leverage facility provided by one of our Partner Banks. This option allows the Customer to increase their investment capacity by borrowing additional funds for the IPO subscription through the Partner Bank’s leverage Facility.

Leverage Facility and Subscription Process
When subscribing to an IPO via the Application, the Customer may select the leverage option. This option enables the Customer to amplify their investment by securing additional funds from the Partner Bank. The leverage facility operates under the terms and conditions set by the Partner Bank, and the borrowed amount will be automatically applied to the Customer’s IPO subscription, increasing their overall investment potential.

KYC and Regulatory Compliance
By opting for the leverage facility, the Customer consents to provide additional KYC information as required by regulatory authorities and the Partner Bank. This information will be submitted directly to the Partner Bank to facilitate the account creation and risk assessment process. The Customer acknowledges that such information is necessary for compliance with applicable laws and regulatory frameworks.

Terms and Conditions for Leverage with Partner Bank(s)
The Customer will be required to accept the Partner Bank’s standard terms and conditions for leverage facility and account opening process. These terms will be presented to the Customer during the IPO subscription process within the Application, and the Customer must agree to them in order to proceed with the leverage option. Failure to accept these terms will result in the leverage facility being unavailable for the Customer’s IPO subscription.

Disclaimer and Limitation of Liability
DFM disclaims any and all liability associated with the use of the leverage option, including, but not limited to, losses incurred as a result of leveraging investments, delays in account creation, or actions taken by the Partner Bank. DFM does not guarantee the availability, performance, or outcomes of the leverage facility provided by the Partner Bank and is not responsible for any third-party actions, including decisions regarding the approval or rejection of leverage applications.

The Customer acknowledges and agrees that any use of the leverage option is solely at their own risk and that the Bank and DFM shall not be liable for any loss, damage, or claim arising from the Customer’s participation in the leverage facility. The Customer is solely responsible for understanding and complying with the terms applied by the Partner Bank, including repayment obligations, interest rates, and other conditions. Any dispute or issue related to the leverage facility must be addressed directly with the Partner Bank and DFM.

The Customer accepts full responsibility for any financial obligations resulting from the use of the leverage facility, including the risk of loss exceeding the initial investment. DFM encourages the Customer to seek independent financial advice before selecting the leverage option to fully understand the associated risks.

6.2 Trading Account Opening and Order Placement through Partner Brokers

The Application allows the Customer to open trading accounts and place orders directly through the Application, with orders executed by our Partner Brokers. This service enables the Customer to engage in trading activities by linking their Account to their trading account opened with the Partner Broker and managing their trades through the Application.

Trading Account Creation
The Customer may open a trading account through the Application subject to the terms and conditions of the Partner Broker. Once the trading account is successfully created and activated, the Customer will be able to place buy or sell orders through the Application. These orders will be executed by a selected Partner Broker, subject to the terms and conditions of the Partner Broker.

Order Execution
Before any order is executed, the total value of the order, including applicable commissions, will be verified against the Customer’s Account balance in the iVestor trading account. If sufficient funds are available, the order will be processed and executed by the Partner Broker. The status of the order will be communicated through the Application, and any proceeds from sales will be credited to the Customer’s applicable iVestor trading account.

It is the Customer’s responsibility to ensure that there are sufficient funds available in their linked Account to cover the total order value, including commissions and other applicable fees. If funds are insufficient, the order will be processed.

Order Routing
When a Customer places an order through the Application, DFM’s role is limited to routing the order to the designated Partner Broker for execution. The Partner Broker is solely responsible for executing the Customer’s orders in accordance with the terms and conditions governing the trading account.

DFM does not participate in, control, or guarantee the execution of any orders placed by the Customer and disclaims any liability for errors, delays, or losses that may arise from the Partner Broker’s execution of trades. The Customer acknowledges that DFMs involvement is limited to facilitating the connection between the Customer and the Partner Broker.

Separate Agreement with Partner Brokers
By opening a trading account through the Application, the Customer acknowledges and agrees that they will enter into separate agreements with the Partner Broker. The terms and conditions of the Partner Broker’s agreement shall govern all aspects of the trading account, including, but not limited to, the execution of orders, commissions, fees, and any liabilities arising from the use of the trading services.

Any disputes or issues related to the trading account or services provided by the Partner Broker shall be addressed according to the terms and agreements of the Partner Broker. DFM shall not be a party to any such disputes.

Disclaimer and Limitation of Liability

• DFM disclaims any and all liability for losses, errors, or delays that may occur during the execution of trades, including but not limited to:
• Delays in the processing of orders, the failure to execute orders due to insufficient funds, or any technical errors that may arise from the use of the Application or the Partner Broker’s platform.
• DFM is not responsible for the actions, omissions, or performance of the Partner Brokers or any third-party brokers. The Customer assumes full responsibility for their trading activities and for verifying all order details before confirming any trade.
• The Customer acknowledges that all investments and trades involve market risks, including the risk of loss. DFM is not responsible for any losses incurred as a result of market fluctuations, trading decisions, or the actions of the Partner Brokers.

Customer Responsibility

The Customer is solely responsible for managing their trading account and ensuring that all trades comply with the applicable terms and conditions of the Partner Broker. This includes:

• The Customer must ensure that sufficient funds are available in their investment account prior to placing any trade.
• The Customer is responsible for verifying all details of their trades, including order amounts, commission fees, and other applicable charges, before confirming any transaction.

6.3 General Disclaimers for Additional Services

DFM reserves the right to modify, suspend, or terminate the leverage or trading services at any time without prior notice to the Customers, where such actions are deemed necessary to protect the interests of DFM, comply with regulatory requirements, or ensure the security of customer accounts. The Customer agrees to use these Additional Services at their own risk and acknowledges that DFM is not liable for any direct or indirect losses incurred as a result of using such services.

Independent Financial Advice

DFM encourages the Customer to seek independent financial advice before engaging in trading activities or using the leverage option through the Platform. The Customer acknowledges that DFM does not provide investment advice and is not responsible for the Customer’s trading decisions.

7. Conditions of Use

7.1 Eligibility for the Card

The Card may be provided at the discretion of DFM to Customers who satisfy the following conditions:

• the Customer has opened and maintains a valid Account with DFM. If the Account is closed for any reason, the Card must be returned to DFM immediately, and the validity of the Card will cease;
• the customer subscribes to the Card; and
• any other requirements set by DFM.

7.2 Exclusive Use of the Card

The Services provided through the Card are for the exclusive use of the Account holder. The Customer acknowledges that the Card and associated Services may not be transferred assigned or used by any third party. Any unauthorized transfer or usage of the Card will result in immediate cancellation.

7.3 Transaction Currency

All transactions made using the Card will be calculated in United Arab Emirates Dirhams (AED). Any transaction made in a currency other than AED will be converted at the exchange rate determined by the card scheme on the date the transaction is processed. The Bank reserves the right to impose charges on all transactions processed through ATMs, both within the UAE and internationally, in accordance with the Schedule of Fees.

7.4 Use of the Card for Purchases

The Card is issued for use on electronic terminals that accept VISA or PLUS SWITCH cards. The Customer is authorized to use the Card to purchase goods, services, benefits, and reservations from merchants, both within the UAE and overseas, where VISA cards are accepted. The Customer is responsible for ensuring sufficient funds are available in their Account before making any purchases.

7.5 Remote Purchases

At the sole discretion of the DFM, and subject to prior written approval, the Customer may use the Card to make purchases via the internet, by telephone, mail order, or any other means where the Card is not physically present. Access to ATMs displaying the VISA or PLUS trademarks and access to the DFM’s IVR services may also be granted based on the DFM’s discretion.

7.6 Prohibition on Credit-Based Transactions

The Card is strictly a prepaid card and must not be used to obtain or avail any form of credit, including but not limited to ‘Buy Now Pay Later’ platforms or similar financial products, or any other credit-based transactions or services. The Bank reserves the right to cancel the Card if any attempt is made to use the Card for unauthorized credit-based transactions.

7.7 Customer ‘s Confirmation of Acceptance

Upon receipt of the Card, the Customer must sign the signature panel on the back of the Card immediately. The act of signing the Card, activating it, or using it will constitute binding and conclusive evidence of the Customer’s agreement to these Terms.

7.8 Legal Compliance for Purchases

The Customer agrees that the Card will only be used to make purchases that are legally acceptable in the UAE and in the jurisdiction where the purchase is made. The Bank reserves the right to refuse settlement of any transaction if the Bank believes, in its reasonable opinion, that the transaction is unlawful or violates these Terms.

7.9 Right to Refuse Transactions

DFM, the Bank or the payment processor, reserves the right to refuse to authorize any purchase or cash advance, or to cancel or suspend the use of the Card or its associated PIN, without prior notice to the Customer. This right applies to all transactions or specific transactions that the Bank deems to be suspicious or non-compliant with these Terms.

7.10 ATM and CDM Deposits

Any deposits made through ATMs or CDMs are subject to verification by the Bank. The Bank’s verification process shall be binding and conclusive for all purposes.

7.11 Debits to the Account

The DFM will debit the Customer’s card balance for all transactions made using the Card, including but not limited to withdrawals, transfers, and payments for goods and services. The Customer will also be liable for any charges and expenses related to processing these transactions.

7.12 Responsibility for Debits

The Customer accepts all debits made to their Account as a result of using the Card. This acceptance applies to all transactions, including but not limited to ATM withdrawals, POS purchases, and online transactions.

7.13 Sufficient Funds

The Customer is responsible for ensuring that there are sufficient funds available in their Card Account or any linked Account before initiating any transaction. If the Account is overdrawn due to a transaction or due to Bank or DFM charges, the Customer must immediately settle the overdrawn amount by transferring funds from another Account held with the Bank or DFM or by making a direct payment.

In the event that the Customer fails to settle an overdrawn amount, DFM reserves the right to cancel the Card or transfer funds from any other Account maintained by the Customer with the DFM, without prior notice, in order to cover the outstanding balance. DFM may also exercise its right to set-off funds from other accounts opened by the Customer with the DFM to cover any unpaid amounts.

7.14 Restrictions on Trading, Deposits, Withdrawals and Use of Services

The Customer understand that DFM may at any time, at its sole discretion and without prior notice to the Customer:

• Prohibit or restrict the Customer’s access to the use of the Application or related services;
• Restrict the Customer’s ability to deposit or withdraw funds, or trade securities in the Account using any of the Additional Services; or
• Terminate the account in accordance with these Terms.

DFM may restrict the Account or Card from withdrawals or trading for, but not limited to, the following reasons - if there is a reasonable suspicion of fraud, diminished capacity, inappropriate activity, or if DFM receives reasonable notice that ownership of some or all of the assets in the Account are in dispute. DFM shall not be liable for any loss that the Customer may incur due to DFM’s refusal to permit any deposit, withdrawal or transaction.

In the event of breach or default by the Customer under this Agreement, DFM shall have all rights and remedies available to a secured creditor under all applicable laws and in addition to the rights and remedies provided herein.

7.15 Warranties

The Customer agrees that the use of the Application or any other services provided by DFM or its affiliates is at the Customer’s sole risk. The Services are provided on an “as-is”, “as available” basis without warranties of any kind, either express or implied, statutory, implied warranties rising from trade usage, course of dealing, course of performance, or the implied warranties of merchantability or fitness for a particular purpose or application, other than those warranties which are implied by and incapable of exclusion, restriction or modification under the laws applicable to these Terms.

From time to time, DFM may offer new features or tools on the Application with which a Customer may experiment. Such features or tools are offered solely for experimental purposes and without any warranty of any kind, and may be modified or discontinued at DFM’s sole discretion. Such features or tools will be marked as new or ‘beta’. The provisions of this section apply with full force to such features or tools.

8. Limits

8.1 Daily Transaction Limits for DFM Services

The following transaction limits shall apply to transactions conducted by the Customer on any given day in relation to the DFM Services. The Customer is advised to review the iVestor FAQs for further information on daily cash withdrawal and deposit limits.

8.1.1 ATM Cash Withdrawal Limit

The Customer is subject to a maximum daily cash withdrawal limit as set out in the iVestor FAQ for limits in relation to transactions conducted at ATMs. For amounts exceeding the daily withdrawal limits, withdrawals must be made over the counter at any Bank branch within the UAE during the Bank’s regular banking hours.

8.1.2 CDM Cash Deposit Limit

The Customer is subject to a maximum daily cash deposit limit as set out in the iVestor FAQs for limits relating to transactions conducted via the Bank’s CDMs. For amounts exceeding the daily cash deposit limits, deposits must be made by transferring funds from the Customer’s own Bank account to the Card or the virtual IBAN through the Bank’s Online Banking Services.

8.2 Banks Right to Modify Transaction Limits

The Bank reserves the right, at its sole discretion, to limit the total sum of cash withdrawals, deposits, and purchase amounts available to the Customer during any 24-hour period. Such changes to limits may be implemented without providing prior notice or explanation to the Customer. These changes shall take immediate effect and apply to all transactions conducted by the Customer from that point forward.

9. Fees and Charges

9.1 DFM Charges

The Customer shall be liable to pay all applicable charges associated with the use of the Card for transactions relating to DFM Services. These charges may include, but are not limited to, costs, fees and expenses related to the issuance and usage of the Card. The details of such charges will be provided in the Schedule of Fees as notified by DFM from time to time.

DFM reserves the right to amend the Schedule of Fees at its discretion. Any such changes will be communicated to the Customer in accordance with applicable laws and will take effect as notified.

9.2 Cash Withdrawal Fees

A cash withdrawal fee will apply to all transactions processed through ATMs that do not belong to the Bank, both within the UAE and internationally. The specific fees associated with such transactions will be outlined in the Schedule of Fees. The Bank and DFM are not responsible for any additional charges imposed by third-party financial institutions when the Card is used at non-Bank ATMs.

8. Limits

7.1 Eligibility for the Card

The Card may be provided at the discretion of DFM to Customers who satisfy the following conditions:

10. Termination

10.1 Termination of Account by the Customer

The Customer may request to close their Account at any time through the Application.

Upon receiving the Account termination request, DFM and the Bank will settle any outstanding obligations or transactions. Any remaining balance will be returned to the Customer after deducting applicable fees, charges, or expenses, as outlined in the Schedule of Fees.

Once the Account is closed, all rights and privileges associated with the Account(s) and Card(s) will immediately cease, and the Customer will no longer be able to use any Accounts or Cards or access related Services.

10.2 Termination by DFM

DFM reserves the right to terminate the Customer’s Account and associated Services, including the Card, under the following circumstances:

a) if there are any changes in the Customer’s employment, legal status, or financial condition that DFM deems unacceptable or non-compliant with applicable laws, policies or regulatory requirements;

b) if DFM, or any of its partners, reasonably believes that access to the Services is being used to engage in, fulfill, or further any form of unlawful or fraudulent activity;

c) if the Customer breaches any provision of these Terms, or any other applicable terms or policies;

d) if the Card remains inactive for an extended period. Notifications will be sent to the Customer after six (6) months of inactivity, if no action is taken, DFM reserves the right to suspend a Card or Service after an additional ninety (90) days of inactivity;

e) if any relationship, registration or Service related to the Card, Account, or associated products has been suspended or terminated; or

f) if DFM receives instructions from a regulator, Banking Partner, Partner Broker, or any other government authority to terminate, cancel or suspend the Customer’s Account or associated Services.

10.3 Regulatory Compliance and Account Deletion

When an Account is closed or deleted, the processes will be carried out in accordance with applicable regulatory requirements and laws.

Upon deletion of the Account, the Customer’s access to all Services and features associated with the Card will be permanently terminated.

10.4 Residual Funds After Account Closure

If DFM or the Bank receives funds after the Account has been closed, terminated, or deleted, DFM reserves the right to apply those funds towards any outstanding obligations or liabilities.

Any remaining funds, after settling obligations, may be transferred to another active Account held by the Customer with DFM or the Bank, an affiliated account, or as per the Customer’s instructions, where applicable.

11. Duty of Care

11.1 Protection of PIN

The Customer agrees to take all reasonable precautions to protect the security of their PIN and undertakes not to disclose their PIN to any other individual. In the event that the Customer’s PIN becomes known to another individual, the Bank and DFM may treat that individual as acting on behalf of the Customer. The Customer will indemnify and hold the Bank and DFM harmless for any loss, damage, or liability that may result from the disclosure of the PIN to a third party.

11.2 Protection of the Card

The Customer shall exercise the utmost care to prevent the Card from being lost, misplaced, damaged, stolen, or used without authorization. The Customer further agrees not to pass or transfer the Card to any third party for any reason.

11.3 Reporting Loss, Theft or Unauthorized Use

In the event the Card is lost, misplaced, damaged, stolen, or if the PIN has been disclosed to any third party or unauthorized use has been made of the Card, the Cardholder must immediately notify iVestor Customer Service by calling the designated support number.

Until the loss, theft, damage or unauthorized use of the Card or PIN is reported to DFM, the Customer will be fully liable for any transactions processed using the Card. The Bank and DFM disclaim all liability for any loss or damages incurred as a result of unauthorized transactions made before such notification is provided.

11.4 Written Confirmation of Verbal Notification

If the Customer provides verbal notification of loss, theft, damage, or unauthorized use of the Card or disclosure of the PIN, the Customer must confirm this notification in writing within 48 hours of the verbal report. Written confirmation must be submitted to iVestor Customer Service as directed.

11.5 Card Replacement Fee

If a replacement Card is issued following a report of loss, theft, damage or unauthorized use, a Card replacement fee will be charged to the Customer. The applicable fee will be determined in accordance with the Schedule of Fees in effect at the time of replacement, as issued by DFM.

12. Responsibility, Liability and Indemnity

12.1 Risk of Card Issuance

The issuance of the Card is entirely at the risk of the Customer. The Customer agrees to indemnify and hold DFM harmless from any and all loss or damage, howsoever caused, arising from the issuance and the use of the Card.

12.2 Liability for Transactions and Unauthorized Use

The Customer shall remain liable at all times for any and all transactions made using the Card.

The Customer agrees to indemnify DFM for any loss or damage, howsoever caused, that arises from the unauthorized use of the Card or its related PIN. The Customer acknowledges that the records of transactions processed by the Card, whether electronically or otherwise, maintained by DFM and the Bank in relation to the Services, shall be conclusive and binding for all purposes, including as legal evidence.

12.3 Exclusion of Liability for Malfunction or Insufficient Funds

DFM shall not be liable for any loss or damage arising directly or indirectly from:

• Any malfunction, failure, or defect of the Card or any ATM.
• The temporary insufficiency of funds in an ATM or CDM.
• The manner in which any refusal to authorize a transaction is communicated to the Cardholder.

The Customer acknowledges that such events are outside the control of DFM and agrees that the DFM will not be responsible for any resulting loss, damage, or inconvenience.

12.4 General Indemnity

The Customer undertakes to indemnify and hold DFM harmless from and against any and all losses, damages, liabilities, costs, and expenses (including legal fees and expenses), incurred by DFM as a result of any transaction or service provided under these Terms or arising out of the use of the Card.

12.5 Ownership of the Card

The Card shall remain the property of the Bank and DFM at all times. The Bank and DFM reserve the right, at their sole discretion, to cancel the validity of the Card and request its return at any time. Upon such request, the Customer shall immediately return the Card to DFM or the Bank as instructed in writing. Failure to comply may result in legal action or additional charges.

13. Notice and Communication

13.1 Delivery of Card and Replacement Cards

DFM may deliver the Card and any replacement Card to the Customer via regular post or courier to the Customer’s last known mailing or other disclosed address, as maintained in DFM’s records.

The Customer acknowledges and agrees that DFM is not liable for any loss or damage resulting from the delivery of the Card to an outdated or incorrect address due to the Customer’s failure to update their contact details with DFM.

13.2 Request for Monthly Statements

The Customer may request monthly statements of their DFM Services by accessing it through the Application.

The contents of the statement will be considered accurate and valid unless DFM receives a written notification of any discrepancies or errors within fifteen (15) days from the statement date. If no such notification is received, the Customer shall be deemed to have accepted the statement as correct.

13.3 Issuance of Statements for Bank Services

At its sole discretion, DFM shall issue monthly statements to each Customer regarding their Card Account in respect of Services, delivered via regular post or courier.

Upon receipt of the statement, the Customer is responsible for carefully reviewing its contents. Any errors or discrepancies must be reported in writing to DFM within fifteen (15) days of the statement date, as recorded in DFM’s records.

If the Customer fails to notify DFM of any discrepancies within the specified period, the statement will be deemed accurate and final.

If the Cardholder does not receive a statement for any given period, it is the Customer’s responsibility to contact DFM and request a statement within one month of the date the statement was expected.

13.4 Withholding of Statements

DFM may withhold the generation and dispatch of statements if a statement is returned undelivered to DFM on two or more consecutive occasions.

The Customer must provide an updated mailing address for future statements to resume. Statements that were not dispatched may be collected from DFM’s premises upon request, with sufficient notice provided for retrieval.

The Customer absolves DFM of any liability for losses, damages, claims, or consequences arising directly or indirectly from the non-dispatch of statements due to outdated or incorrect address information, or from the suppression of statement generation.

13.5 Erroneous Distribution

The Customer agrees to promptly return to DFM any assets erroneously distributed to the Customer.

13.6 Consent to Electronic Communications

By accepting these Terms, the Customer explicitly consent to receive communications from DFM through electronic channels, including through the Application, SMS, email, and any other approved channels.

14. Confidentiality

14.1 Authorization to Disclose Information to the Bank

The Customer irrevocably authorizes and permits DFM to disclose and furnish to the Bank any information deemed relevant concerning the Customer or their Account(s) held with DFM. Such information may includes, but is not limited to, account/card details, transaction history, and any other data necessary for the administration of the Customer’s Account.

14.2 . Authorization to Disclose Information to Third Parties

The Customer irrevocably authorizes and permits both the Bank and DFM to disclose and furnish such information as they deem fit concerning the Customer or their Account(s) with the Bank and DFM.

This authorization includes, but is not limited to, disclosing information to DFM or the Bank’s associate companies, agents, or any other third-party service providers, where such disclosure is necessary for the operation of the Customer’s Account, compliance with regulatory requirements, or the provision of services under these Terms.

The Customer further acknowledges that the Bank and DFM may be required to disclose information related to the Customer or their Account/card(s) in compliance with applicable laws, regulations, or in response to a lawful request by any governmental authority or court order. The Customer consents to such disclosure, and the Bank and DFM shall not be liable for any losses or damages resulting from such legally mandated disclosures.

14.3 Liability for Disclosure

The Customer acknowledges that the Bank and DFM will take reasonable steps to protect the confidentiality of the information disclosed but absolves them of liability for any losses or damages arising from disclosures made in accordance with these authorizations or legal obligations.

15. Marketing

15.1 Special Promotions, Discounts, and Offers

From time to time, the Bank, DFM, or specific merchants may provide special promotions, discounts, or offers to the Customer in connection with the use of the Card.

The Bank and DFM make no warranty or representation regarding the delivery, quality, design, specifications, or any other aspects of products or services offered through these promotions, discounts, or offers. The Customer acknowledges that any claims related to such promotions are solely between the Customer and the merchant.

All promotions, discounts, and offers are subject to availability as declared by the respective merchant. These offers are typically allocated on a first-come, first-served basis, and neither the Bank nor DFM guarantees the availability of any promotional offer.

The Bank and DFM shall not be held responsible if any merchant withdraws, cancels, alters, or amends any promotional offers, discounts, or special campaigns. The terms of the promotion may change at the merchant's discretion, and the Bank and DFM disclaim any liability for such changes.

15.2 Participation in Card Promotions

The Customer’s participation in any promotions or campaigns associated with the iVestor Card is subject to the specific terms and conditions of the promotion or campaign, which will be presented to the Customer prior to signing up for such Card promotion.

The Bank and DFM do not assume responsibility for the terms and conditions of third-party promotions, and such promotions may not involve the Bank or DFM. The Customer agrees to review and abide by the relevant terms set forth by the third party.

16. Governing Law and Dispute Resolution

16.1 Governing Law

These Terms shall be governed by and construed in accordance with the laws of the UAE as they apply in the Emirate of Dubai, as well as the rules, regulations, and directives of the UAE Central Bank and the Securities and Commodities Authority.

These Terms, and any non-contractual obligations arising out of or in connection with these Terms the Customer and DFM agree to the exclusive jurisdiction of the courts of the Emirate of Dubai to settle such disputes.

For the avoidance of doubt, and solely for the benefit of DFM, the Customer irrevocably agrees that DFM may, at its discretion, bring proceedings in any jurisdiction, including the DIFC Courts (including without limitation the Small Claims Tribunal) and the ADGM Courts (and any ADGM Small Claims Division operating from time to time), to settle any dispute arising from these Terms or the use of the Card and other services

DFM may also initiate proceedings in other jurisdictions, inside or outside the UAE, if deemed appropriate.

16.2 Finality of Resolution

The Customer agrees that any decision or ruling by a court or tribunal mentioned herein with jurisdiction over disputes arising out of these Terms shall be binding and conclusive, and the Customer waives any right to contest or appeal the ruling, except as otherwise permitted by law.

17. General

17.1 iVestor Customer Support Services

The Customer may contact iVestor’s support function for any queries or assistance regarding the Card or associated services. The following contact details are available for support:

• IVR Number: +971 04 305 5555
• Email: support@ivestor.ae

17.2 Entirety of Agreement

These Terms, along with any attachments, agreements, and policies referenced, represent the entire agreement between DFM and the Customer. They replace all previous communications and proposals, whether electronic, oral, or written. However, any other agreements between DFM and the Customer that do not conflict with these Terms will remain valid and in effect.

17.3 Validity of Provisions

The Customer agrees that if any provisions of these Terms is deemed invalid, illegal, or unenforceable under Applicable Law, the remaining provisions shall remain valid and enforceable. The invalidity or unenforceability of any part of these Terms shall not prejudice or affect the validity of the remaining provisions, which shall continue in full force and effect.

17.4 No Waiver of Rights

The failure of the Bank or DFM to insist on strict performance of any provision of these Terms and Conditions in any instance, or to exercise any right under these Terms, shall not be construed as a waiver of that provision or right. DFM’s rights under these Terms shall continue in full force and effect despite any failure to enforce them on one or more occasions.

17.5 Assignment of Rights and Obligations

DFM reserves the right to assign and transfer their rights and obligations under these Terms to any third party without requiring consent of the Customer.

The Customer is not permitted to assign or transfer their rights and obligations under these Terms without obtaining the prior written consent of DFM.

17.6 Electronic Signatures and Amendments to these Terms

The Customer agrees to transaction business with DFM electronically. By electronically signing an application for an Account or Card, the Customer acknowledges and agrees that such electronic signature is valid evidence of your consent to be legally bound by these Terms and such subsequent terms as may govern the use of DFM’s Services, Banks Services, or Additional Services notified on the Platform, including but not limited to the Application. The use of an electronic version of any document fully satisfies any requirement that the document be provided to you in writing. You accept notice by electronic means as reasonable and proper notice, for the purposes of any and all laws, rules and regulations.

You acknowledge and agree that DFM may modify these Terms from time to time and the Customer agrees to consult the Application or any other official channels from time to time for the most up-to-date Terms. DFM is not under any obligation to provide the Customer with prior written notice of the intention to amend or modify these Terms. The electronically stored copy of these Terms is considered to be true, complete, valid, authentic and enforceable record of the Agreement, admissible in judicial or administrative proceedings to the same extent as if the documents and records were originally generated and maintained in printed form. The Customer agrees to not contest the admissibility or enforceability of DFM’s electronically stored copy of these Terms.

17.7 Language and Interpretation

These Terms are provided in English.

18. Customer Acknowledgement

By using the Application, Card and associated services, each Customer acknowledges that they have read, understood, and agree to be bound by these Terms. The Customer’s continued use of the application and services constitutes acceptance of these Terms and any amendments or updates made by DFM from time to time.

19. Phrasing/Wording

Words in the singular include the plural, and vice versa. For Joint Accounts, references to "Customer" apply to all account holders collectively. Words denoting any gender include all genders, and references to a "person" include individuals, sole proprietors, partnerships, firms, companies, corporations, or other entities. Clause headings are for reference only and shall not affect the interpretation of these Terms.

These Terms, along with any amendments, form an integral part of the account opening documents and service agreements provided by DFM to the Customer.

20. Definitions

The following terms used in these Terms shall have the meanings set forth below unless the context requires otherwise.

Account means the primary iVestor account linked to the Card or the investment account. The balances in the iVestor account represent the cash balances of the Card and the balances in the investment account refers to the balances that can be used for trading.

Additional Services means the services set out in Clause 6 of these Terms.

AED means UAE Dirham, the lawful currency of the UAE.

Application means the iVestor mobile application.

ATM means an automated teller machine or any Card operated machine or device whether belonging to the Bank or other participating banks or financial institutions that are members of the VISA network and which accept the Card.

Bank means Emirates NBD Bank PJSC and its successors and legal assigns.

Bank Services means any kind of service(s) offered by the Bank to the Customer, as more particularly set out in Clause 5 of these Terms.

Business Day means any official working day on which the Bank and DFM is open for business in the United Arab Emirates.

Card the iVESTOR Card, which is a VISA pre-paid payment card issued by the Bank to the Cardholder.

Customer Instructions means any instructions provided by the Customer to DFM, the Bank, Partner Banks and/or Partner Brokers concerning the operation, management, or closure of their Account, including transactions, trades, changes to account setting, or service requests.

Customer Transactions means any use of the Card by the Customer to access or utilize the Services provided by DFM, the Bank, Partner Banks and/or Partner Brokers, including but not limited to payments, withdrawals, transfer, or any other actions performed through the Card.

CBUAE means the Central Bank of the UAE.

CDM means and refers to cash deposit machines owned and operated by the Bank, providing its customers and other banks and financial institutions’ customers access to deposit cash and various payments and services available.

CSDR System means the system that handles depository, safekeeping and central register of securities and their legal owners, and related evidences of pledging or other rights on securities established and operated by the Dubai CSD.

Customer means individual(s) to whom a Card is issued and who has individual authority to undertake financial transactions in relation to the Account, and has successfully obtained access to the Services.

DFM means the Dubai Financial Market PJSC and its successors and legal assigns.

DFM Services means the services set out in Clause 4 of these Terms.

Dubai CSD means the Dubai Central Securities Depository LLC, the entity that acts as the central securities depository in accordance with the SCA’s decisions, as amended from time to time.

IPO means an Initial Public Offering.

KYC means Know Your Client, a process of verifying the identity of the Customer by collecting required information, such as identification documents, to comply with the regulatory requirements.

NIN means the unique number the Dubai CSD allocates to each investor in the CSDR system.

SCA means the Securities and Commodities Authority in the UAE.

Services means the service(s) offered under these Terms to the Customer, as more particularly the DFM Services, Bank Services and Additional Services set out in Clauses 4 to 6 of these Terms.

iVESTOR Customer Service means the customer contact for all issues and queries in relation to the Card.

Partner Bank means a partner financial institution, duly licensed by the CBUAE, authorized to provide credit or financing in connection with any of the Services offered through the Application.

Partner Broker means a partner financial institution, duly licensed by SCA, authorized to conduct brokerage services, including execution of trades, in connection with any of the Services provided through the Application.

PIN means the Personal Identification Number issued to the Cardholder and/or selected by the Cardholder to enable the Card to be used at an ATM, retail outlet accepting PIN, and other self-service terminals.

UAE means the United Arab Emirates.