Key Fact Statement (KFS) – Precious Metal - Gold

Print Version

Precious Metal – Gold offers an investment option, which enables customers to invest in a specific amount of physical gold. This KFS provides you with information about the key features of this product.

Product Information
Description
Precious Metal - Gold (the “Product”) is an investment in Gold (XAU). The investment is made at the offer prices at the time of investment, with an option to redeem the investment at bid prices either in cash or in physical Gold.
Eligibility
Individuals (UAE Citizens/ Residents/ Non-Residents), Sole Proprietors and Business Banking Customers with existing Emirates Islamic Current or Savings account(s).
Account Currency
Order for purchase of the Product can be placed from AED or USD account.
Minimum Required Investment Amount
10 grams physical bar.
Denomination (grams)
10, 50, 100, 500, and 1,000.

Features
Physical bar stored in a secured manner by the Emirates Islamic Bank (the “Bank”) The Product can be redeemed for cash at international prevailing rates quoted by the Bank. Customers also have the option to take delivery of the Gold from the Bank or get the gold delivered to the Customer’s registered address.
The Product can be redeemed for cash at international prevailing rates quoted by the Bank.
Customers also have the option to take delivery of the Gold from the Bank or get the gold delivered to the Customer’s registered address.

Key Fees and Charges, inclusive of Value Added Tax (VAT)
Acquisition Fees
AED 0.1575 charged on per gram of Gold.
Arrangement Fees
An arrangement fee of 2.10% charged on Gold Settlement Amount or such other rates as may be determined and notified by the Bank from time to time.
Custody & Takaful Fee
A Custody & Takaful fee will be charged at the time of redemption of Gold investment, at the below rates, as applicable, as determined by the Bank: For 5 years from investment: 0.3150% per annum of the Gold price. Beyond 5 years from investment: 1.05% per annum of the Gold price.
Redemption Charge*
0.525% of the Gold price determined by the Bank at the time of redemption or such other rate as determined and notified by the Bank from time to time.
Delivery Charge**
Will depend on location of delivery address of the Applicant, basis which rate shall be determined and notified by the Bank at the time of redemption.
Collection Charge
AED 78.75 or such other rate as determined and notified by the Bank from time to time.
Investments in Precious Metal - Gold (erstwhile ‘Gold Certificates’) before October 2011 are not subject to Redemption Charges. For investments in Precious Metal – Gold post October 2011, Redemption Charges at the rate mentioned above shall be applicable. * Delivery Charges are non-refundable in case of delivery failure (as per the Terms and Conditions for Precious Metal – Gold) owing to reasons attributable to the Applicant, including incorrect address of the Applicant registered with the Bank.

Additional Information
The Bank reserves the right to amend the Bank’s General Terms and Conditions for Consumer Banking Products (“General Terms”) (including any relevant applications and documents) by notice to customers (hereinafter also referred as “you”) in accordance with applicable law and the General Terms.
The Bank’s General Terms (including any relevant applications and documents) shall be read and implemented in line with this KFS.
The Bank may debit the customer’s account(s) with any charges, expenses or commission payable against the banking services rendered in accordance with the approved and announced banking charges and commissions, as notified to the customer from time to time.
The cooling-off period allows you to cancel the product within five (5) business days of signing/submitting the application and the Bank will not be able to proceed until this period expires, unless you waive this right. To cancel within this period, you must give the Bank, notice.
You may waive your cooling-off period. If you do so, the terms of the agreement in relation to the Product between you and the Bank will be immediately effective and binding. There may be minor differences in the terminology used in this KFS and those used in the terms and conditions of the Product. You should read this KFS together with the terms and conditions of the Product to ascertain the correct interpretation of such terms before investing.
The holding can be accessed through online channels to view activity.
For any inquiry on Digital Wealth, reach out to the Call Centre on +971 600 599 995, PB/PRB clients can call us on +971 800 11122 or raise a Service Request on EI + Mobile Banking App: Services > View More Services > Wealth.

Warning Statements
Please refer to the Warning Statements below and the Terms and Conditions for Precious Metal – Gold for more details.
Warning!!!
In the event of your failure to meet our terms and conditions before and during your relationship with us, there will be consequences which may include but not limited to restriction, blockage or closure of your Investment Account(s).
The gold price is volatile. Investment in Gold involves a risk of not getting back the amount invested in Gold.
The Bank may close your account if account conduct is found to be unsatisfactory as per Bank’s compliance policy and/or with Central Bank of the UAE regulations.
The Bank may apply any credit balance which is held in your name in any account and/or at any branch of the Bank towards any amounts due to the Bank.
You may waive your cooling-off period. If you do so, the terms of the agreement in relation to the Product between you and the Bank will be immediately effective and binding. There may be minor differences in the terminology used in this KFS and those used in the terms and conditions of the Product. You should read this KFS together with the terms and conditions of the Product to ascertain the correct interpretation of such terms before investing.
The holding can be accessed through online channels to view activity.
For any inquiry on Digital Wealth, reach out to the Call Centre on +971 600 599 995 , PB/PRB clients can call us on +971 80011122 or raise a Service Request on EI + Mobile Banking App: Services > View More Services > Wealth.
Important Link
For full and latest fees & charges, and other product details please visit our website. (www.emiratesislamic.ae/en/soc/equities)

The Customer hereby irrevocably and unconditionally declare that I/we have read the above Key Facts Statement and clearly understand all the information and references provided herein.

Key Fact Statement (KFS) – Precious Metal - Gold

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