MBSB Islamic Deposit Product Terms & Conditions

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1 1.0 GENERAL 1.1 These ( T&C ) mentioned herein are applicable for all MBSB Islamic deposit products such as Wadi ah Savings Account-i, Cheeky Savings Account-i, Cash Rich Savings Account-i, General Investment Account-i, Term Deposit-i, Junior Term Deposit-i and Money Market Deposit-i;. 1.2 These products are governed by the laws of Malaysia and Shariah principles. 2.0 APPLICABLE SHARIAH CONCEPTS 2.1 The following Shariah concepts are applicable for MBSB s Islamic deposit products; Wadi ah Yad Dhamanah: Based on the principle of Wadi ah Yad Dhamanah whereby the goods or deposits are deposited with another person (the depository ) who is not the owner, for safekeeping; As Wadi ah Yad Dhamanah is a safekeeping contract whereby permission to utilize the asset placed in custody is granted by the safekeeping depositor and the custodian guarantees the asset placed in custody; The depositors, on the other hand, will give their consent to MBSB to deal with whole or any part of the monies in any business (including but not limited to financing or investment) which does not contradict with Shariah principles; The depositors are not entitled to any of the profits but the depository may provide returns to the depositor as a token of appreciation (Hibah) Mudarabah: Based on the principle of unrestricted Mudarabah whereby an agreement is entered into between a provider of funds (Depositor) and the entrepreneur (Financial Institution) Under this concept, Depositor agrees to place a specific sum of money from time to time for a specific period of time with the purpose of participating in the profits made from the Financial Institution s investment fund. The return of profits earned (if any) on the investment amount will be distributed between the Financial Institution and the Depositor according to a pre-determined Profit Sharing Ratio ( PSR ) which is agreed by both parties upon entering this contract In the event of losses, the losses are to be borne by the Depositor, except in cases where there is evidence of negligence and/or willful wrongdoing by the Financial Institution in managing the Depositor s funds. The funds received through the Mudarabah account will be utilized without restrictions in various modes of investment and financing in accordance with Shariah requirements. Page 1 of 13

2 2.1.3 Commodity Murabahah: Commodity Murabahah ( CM ) or Tawarruq is generally defined as a sale of goods at cost plus mark up on a deferred payment basis and subsequently sale of the assets to a third party on a cash basis. Under this deposit structure, a Customer appoints the financial institution to buy commodity on behalf of the Customer from an external broker and resells it to the Financial Institution under Murabahah Contract on deferred payment; Under this arrangement, the Customer appoints MBSB to act as the Customer s agent for the purchase and sale of the commodity in accordance with these T&C. MBSB will only act as the Customer s agent and will not assume, or be deemed to have assumed, any additional obligations to, or to have any special relationship with the Customer other than those that is envisioned in these T&C; Upon payment by the Customer of the commodity price which is equivalent to the deposit amount to MBSB, MBSB undertakes to purchase the commodity from the commodity trader or supplier; The Customer will then sell the commodity to MBSB under murabahah contract on deferred payment. The Selling Price represents: i) the deposit amount; and ii) the profit on the deposits The computation of the Selling Price will be based on the following formula: i) Calculation of the profit: Profit = P x R x T/365 Where: P = Principal Amount R = Profit Rate (%) given upon the placement T = Tenure (number of days, from placement date to maturity date) ii) Calculation of the selling price (Murabahah): Selling Price (Murabahah) = Deposit Amount + Profit (total profit received) Illustration: Deposit Amount RM10, Profit Rate 3.60% Tenure 12 months No of Days 365 Placement date 1/1/2015 Maturity date 1/1/2016 Profit Rate RM Selling Price (Murabahah) RM10, Page 2 of 13

3 3.0 OPENING OF ACCOUNT 3.1 A Customer who makes a deposit placement in MBSB Islamic Deposit products for the first time is required to complete and sign the Account Opening Application Form, Personal Data Protection Act 2010 ( PDPA ) Form, Foreign Account Tax Compliance Act ( FATCA ) Declaration Form, Deposit Slip and other forms as required (if any); 3.2 Subsequent deposits placed by the same Customer shall be subject to the terms & conditions in the Account Opening Application Form. Unless instructed otherwise by the Customer, the mandate given in the Account Opening Application Form shall apply to all subsequent deposits; 3.3 Deposits are to be made in Ringgit Malaysia ( RM ) currency only; 3.4 The following are the features for MBSB s Islamic deposit products; Wadi ah Savings Account-i; This account is based on the Shariah concept of Wadi ah Yad Dhamanah; This account is open to individuals (residents and non-residents) who are at least eighteen (18) years old and non-individuals i.e. sole-proprietorship, associations, clubs, NGOs and societies; Individuals can open an account under their personal name or jointly with another and subject to a maximum number of account holders being three (3) persons; The initial deposit for opening of this account is RM or any amount as advised by MBSB from time to time Cheeky Savings Account-i; This account is based on the Shariah concept of Wadi ah Yad Dhamanah; This account is open to individuals below the age of eighteen (18) subject to the account being operated by a trustee; Trustee is a parent and/or guardian who is above the age of eighteen (18) and is allowed to operate the account whilst the child will be the beneficiary of the account; The initial deposit for opening of this account is RM or any amount as advised by MBSB from time to time; When the beneficiary reaches the age of eighteen (18), all benefits extended under this account will be revoked effectively on the following month. The Cheeky Savings Account-i will automatically be converted to a Wadi ah Savings Account-i and the features and benefits attached thereto. Page 3 of 13

4 3.4.3 Cash Rich Savings Account-i; This account is based on the Shariah concept of Wadi ah Yad Dhamanah; This account to open for individuals only (residents and non-residents) who is at least eighteen (18) years old; Individuals are eligible to open an account under their personal name or jointly with another and subject to a maximum number of account holders being three (3) persons; The initial deposit for opening of this account is RM or any amount as advised by MBSB from time to time General Investment Account-i This account is based on the Shariah concept of Mudarabah; This account is open for individuals (residents and non-residents) who have attained the age of at least eighteen (18) years old and non-individuals i.e. corporates, commercials, government bodies, small-medium enterprises ( SME ), partnerships, sole-proprietorships, associations, clubs and societies; Individuals are eligible to open an account under their personal name or jointly with another individual, however subject to a maximum number of three (3) account holders; For non-individuals, all legitimate entities must be registered with Registrar of Societies or Companies Commission of Malaysia; The initial deposit for the opening of this account is RM 1, or any amount as advised by MBSB from time to time; The tenure of deposit placement is between one (1) month to a maximum of sixty (60) months or as advised by MBSB. The profit rate for this account will be determined by MBSB from time to time; Partial withdrawal is not allowed for this account Term Deposit-i (TD-i); This account is based on the Shariah concept of Commodity Murabahah; This account is open for individuals (residents and non-residents) who have attained the age of at least eighteen (18) years old and non-individuals i.e. corporates, commercials, government bodies, small-medium enterprises ( SME ), partnerships, sole-proprietorships, associations, clubs and societies; Individuals are eligible to open an account under their personal name or jointly with another and, subject to a maximum number of account holders being three (3) persons: Page 4 of 13

5 For non-individuals, all legitimate entities must be registered with Registrar of Societies or Companies Commission of Malaysia; The initial deposit for the opening of this account is RM or any amount as advised by MBSB from time to time; The tenure of deposit placement is between one (1) month to a maximum of sixty (60) months or as advised by MBSB. The profit rate for this account will be determined by MBSB from time to time; Partial withdrawal is not allowed for this account Junior Term Deposit-i (JTD-i): This account is based on the Shariah principle of Commodity Murabahah; This account is open for individuals below the age of eighteen (18) and subject to the account being operated by a trustee. Companies, corporations, partnerships, associations and clubs are not allowed to open a JTD-i account; Trustee is a parent and/or guardian who is above the age of eighteen (18) and is allowed to operate the account whilst the child will be the beneficiary of the account ; When the beneficiary reaches the age of eighteen (18), all benefits under this account will be revoked effective upon the maturity of the placement. Any future renewal will be based on TD-i with features and benefits attached thereto The initial deposit for opening of this account is RM or any amount as advised by MBSB from time to time The tenure of the deposit placement is between one (1) month to a maximum of sixty (60) months, or any tenure as advised by MBSB. The profit rate for this account will be determined by MBSB from time to time; Partial withdrawal is not allowed for this account Money Market Deposit-i (MMD-i): This account is based on the Shariah principle of Commodity Murabahah; This account is open for non-individuals only i.e. corporate bodies, government bodies, federal government, state government, public authorities, multi-national corporations and etc; Page 5 of 13

6 The tenure of deposit placement for this account is between one (1) day to a maximum of three hundred and sixty five (365) days or any tenure as advised by MBSB. The profit rates shall be determined by MBSB from time to time. 4.0 HIBAH/ PROFIT RATE 4.1 Wadi ah Savings Account-i/ Cheeky Savings Account-i/ CashRich Savings Account-i MBSB may at its own discretion provide Hibah to the account holder as a token of appreciation. Hibah (if any) may vary from time to time as determined by MBSB and will be credited on a monthly basis or at any intervals as determined by MBSB; Hibah, if any, will be computed based on the daily balance or any other basis which MBSB may determine at its discretion. The posting of Hibah, if any, will be indicated when Customers present their Savings Account-i Passbook to MBSB for updating General Investment Account-i ( GIA-i ) MBSB shall provide the profit in the form of dividend to the account holder but the profit paid shall not be lower than the Profit Sharing Ratio between the parties Profit Sharing Ratio means the pre-determined profit sharing ratio to be shared between Customer as capital provider and MBSB as entrepreneur Any communication on the profit rate prior to GIA-i placement will be on the indicative rate and the actual return will only be defined upon the placement maturity date Term Deposit-i (TD-i) and Junior Term Deposit-i (JDT-i) The contracted profit rate on deposit placement is determined upfront upon placement/ renewal as set out in the TD-i and JTD-i receipt; Customer may withdraw the profit paid during the tenure however, in the event the Customer decides to terminate the TD-i and JTD-i prior to the maturity of the tenure, MBSB reserves the right to retract the profit withdrawn by the Customer from the principal amount during account upliftment. 5.0 DEPOSIT 5.1 Deposit can be made via cash or cheque or telegraphic-transfer or transfers from other than MBSB deposit account or any other medium as approved by MBSB; 5.2 Deposit as mentioned in 5.1 should be made by completing the deposit slip, which is available at MBSB branches. When customers perform a deposit transaction on their account, they will receive a copy of the deposit slip, which will bear the initial of the branch s authorized Officer; 5.3 For any deposit placement made by cheque, the account is only valid upon cheque clearance. Cheques and other instruments deposited but are subsequently dishonored will be returned to the Customer s last known address by prepaid ordinary post at their own risk and expense; Page 6 of 13

7 5.4 A Savings Account-i Passbook will be issued to the Customer upon opening of a Savings Account-i; 5.5 GIA-i certificate will be issued to the Customer upon the placement of GIA-i. 5.6 Term Deposit-i Advice will be issued to the Customer upon the placement of TD-i or JTD-i. 6.0 WITHDRAWAL TRANSACTION 6.1 Wadi ah Savings Account-i / Cheeky Savings Account-i / CashRich Savings Account-i All withdrawals must be made personally by the customer for individual account holders, Trustee for Cheeky Account-i and authorized signatories for non-individual accounts, at the home branch or any MBSB branches; Customers must bring along their Savings Account-i Passbook together with their identification documents required by MBSB and complete a withdrawal form when making a withdrawal. 6.2 General Investment Account-i ( GIA-i ) In the event the Customer intends to terminate his/ her account, the Customer shall fill-up the withdrawal form bearing the authorized signature(s) registered with MBSB; All withdrawals/ upliftment must be made by the account holders or authorized signatories at the home branch only, interbranch withdrawal/ upliftment is not allowed Account holders must be present at the home branch and produce their GIA-i certificate for withdrawal/ upliftment unless there is a written consent by the account holders or authorized signatories to instruct the home branch to transfer the amount to any specific deposit account as stated at the point of account opening The Customer hereby agrees that MBSB s determination of any amount payable to the Customer under the GIA-i, except for human error or miscomputation, shall be final, conclusive and binding against the Customer Partial withdrawal is not allowed. 6.3 Term Deposit-i (TD-i) and Junior Term Deposit-i (JDT-i) In the event the Customer intends to terminate his/ her account, the Customer shall complete the withdrawal form bearing the authorized signature(s) registered with MBSB; All withdrawals/ upliftment must be made by the account holders or authorized signatories at the home branch only. Interbranch withdrawal/ upliftment is not allowed Customer must present at home branch for TD-i/ JTD-i withdrawal unless there is a written consent by account holders or authorized signatories to instruct the home branch to transfer the amount to any specific deposit account as stated at the point of account opening. Page 7 of 13

8 6.3.4 Partial withdrawal is not allowed. 7.0 EARLY UPLIFTMENT/ PREMATURE WITHDRAWAL 7.1 General Investment Account-i ( GIA-i ) In the event the Customer(s) performs early upliftment/ premature withdrawal from their GIA-i before the maturity date, the following conditions shall apply: i) For placement tenure below three (3) months, no profits will be paid if the placement is withdrawn/uplifted prior to the full completion of the contracted period; or ii) iii) For placement tenure exceeding three (3) months where the said placement is withdrawn/ uplifted before the completion of three (3) months, no profit shall be paid; and For contracted period of more than three (3) months, eligible profit payable will be calculated at half of the prevailing Board Rate for all completed months, provided that the minimum three (3) months placement has been completed. 7.2 Term Deposit-i ( TD-i ) and Junior Term Deposit-i ( JTD-i ) In the event of termination before the maturity date or early upliftment of the payment of Selling Price (Murabahah), the Customer agrees that MBSB is entitled to pay an amount that is less than the agreed Selling price (Murabahah) based on the following: i) If the tenure of the deposit is three (3) months or less, and full tenure has not been completed or if the tenure of deposit exceeds three (3) months and where the said placement is uplifted before the end of three (3) months, early withdrawal is allowed by MBSB subject to the customer s agreement to provide rebate / ibra in which case no profit shall be paid; ii) If the tenure of the deposit is more than three (3) months and withdrawal is made after the completion of three (3) months but prior to maturity, an early withdrawal is allowed by MBSB subject to the customer s agreement to provide rebate / ibra based on the below formula: Rebate / Ibra = Murabahah Selling Price - [(P x R x T/365 x 50%) + P] Where: Murabahah Selling Price = Principal Amount + Profit P = Principal Amount T = Number of completed days R = Profit Rate (Completed Month) For early upliftment/ premature withdrawal, MBSB may also charge the Customer any holding, handling and brokerage fees/ charges charged by any third party Commodity Trader for the sale and purchase of the Commodity and it will be deduct the charges amount from the Selling Price (Murabahah); Page 8 of 13

9 7.2.3 The Customer hereby agrees that MBSB s determination of any amount payable to the Customer under the Account except for manifest error shall be final, conclusive and binding against the Customer. 8.0 RENEWAL OF DEPOSIT 8.1 General Investment Account-i In the event the maturity date falls on a non-working day, any renewal instruction by the customer will be carried-out on the next working day. However, the profits will still continue to be accrued until the new renewal date If the Customer does not renew the GIA-i, account after the maturity date, MBSB shall automatically renew the account upon the expiration of the prevailing placement period However, this auto renewal will be applicable for a total tenure of not more than seven (7) years, otherwise, it will be subject to Clause 21.0 hereunder; Any changes to the profit sharing ratio and indicative profit rate of the renewed GIA-i, accounts will be as per MBSB s prevailing board rates which will be posted via general notice at branch premises or on visual screen or terminal or MBSB s corporate website at or in any way as MBSB deems fit. The changes to the profit sharing ratio and indicative profit rate will only take effect upon expiry of the existing placement tenure. If the Customer does not agree with the proposed changes, the Customer should terminate the GIA-i account accordingly Term Deposit-i ( TD-i ) & Junior Term Deposit-i ( JTD-i ) If the Customer does not renew the TD-i or JTD-i account after the maturity date, MBSB shall automatically renew the account upon the expiration of the prevailing placement period, and the provision under the Clause shall apply for the computation of Selling Price (Murabahah); However, this auto renewal will be applicable for a total tenure of not more than seven (7) years, otherwise, it will be subject to Clause 20.0 hereunder; Any changes to the profit rate of the renewed TD-i or JTD-i accounts will be as per MBSB s prevailing board rate which will be posted via general notice at branch premises or on visual screen or terminal or MBSB s corporate website at or in any way as MBSB deems fit. The changes to the profit rate will only take effect upon expiry of the existing placement tenure. If the Customer does not agree with the proposed changes, the Customer should terminate the Commodity Murabahah contract. 9.0 PLEDGE AS SECURITY 9.1 The GIA-i or TD-i account may be pledged as a security for the performance or discharge of any obligation or any liability of the Customer to MBSB, where applicable. Otherwise, the GIA-i and TD-i shall not be pledged or charged for any other reasons whatsoever. Page 9 of 13

10 10.0 RIGHT TO SET-OFF 10.1 MBSB, in addition to any general lien or other similar right to which it is entitled by law, may at any time, with sufficient notice, combine or consolidate any or all of the facility accounts (if any) with the Customer s liabilities to MBSB and set-off or transfer any sum or sums standing in the credit of any one or more of MBSB s accounts in or towards satisfaction of any of the liabilities to MBSB whether such liabilities to MBSB be primary or collateral or joint and several PARTNERSHIPS 11.1 The Customer must promptly notify MBSB in writing for any change in the partners, change in account name or change in authorised signatories SAVINGS ACCOUNT-i PASSBOOK 12.1 Savings Account-i Passbook which is neither transferable nor assignable must be presented at MBSB branch counter for withdrawal transactions; 12.2 Any payment made by MBSB upon the production of the Savings Account-i Passbook by the Trustee for Cheeky Accounts and by the authorised signatories for non-individual accounts, shall have the same effect as if the payment has been made to the Customer personally and MBSB will not be responsible for any loss thereby suffered by the Customer or by any other party; 12.3 The Savings Account-i Passbook shall not be tampered or altered with respect to matters relating to the transactions either by the Customers or by any other party. The Customers should examine their Savings Account-i Passbook to satisfy themselves that the correct entries have been made before leaving MBSB s premises; 12.4 The Savings Account-i Passbook should be presented to MBSB as and when required by MBSB for any hibah or unposted items to be entered. The passbook is for the Customer s reference and does not necessarily indicate the correct balance of the account as deposits may have been made or items charged without an entry having been posted in the Savings Account Passbook; 12.5 Entries in the Savings Account Passbook are not valid unless entered by MBSB machine printer DEPOSITOR'S CAPACITY TO CONTRACT 13.1 The Customer must have the capacity to enter into a contract. Under MBSB s policy, only an individual who has attained the age of eighteen (18) may open an account under his/her own name. A minor may also open an account but the account shall be opened jointly and operated only by the parent/guardian ( Trustee ); 13.2 Savings Account-i can be closed at the request of the Customer, by operation of law or at the discretion of MBSB. An account can be stopped in the event of death, bankruptcy or insanity of the account holder. Page 10 of 13

11 14.0 LOSS OF SAVINGS ACCOUNT-i PASSBOOK 14.1 In the event the Savings Account-i passbook is lost or destroyed, the Customer shall immediately give notice in writing to MBSB of such loss or destruction. Upon production of such evidence and execution of an indemnity and payment of a sum specified by MBSB, MBSB may close the Customer s existing account and open a new account; 14.2 If a Savings Account-i passbook is worn out or defaced, MBSB may on delivery of such passbook and payment of a sum specified by MBSB, replace the defaced passbook or issue the Customer a new passbook LOSS OF GIA-I CERTIFICATE/ TERM DEPOSIT-i ADVICE 15.1 The Customer is to keep the GIA-i Certificate/ Term Deposit-i Advice safely and is required to immediately report, in writing, its loss or theft to MBSB. The replacement of a lost GIA-i Certificate/ Term Deposit-i Advice may be issued against a duly signed and stamped Letter of Indemnity, subject to payment of a stamp duty and service fee of RM or any amount as advised by MBSB from time to time; 15.2 Replacement of a lost GIA-i Certificate / Term Deposit-i Advice shall only be done at the MBSB branch where the Account was opened whereby it will be governed by the terms and conditions governing the operations of the GIA-i/ Term Deposit-i CLOSURE OF ACCOUNT 16.1 MBSB reserves the right to close the Customer s account upon the Customer s request by operation of law or at the discretion of MBSB; 16.2 The Account shall be closed / terminated upon occurrence of any of the following events; i) Bankruptcy or liquidation of the Customer; or ii) Withdrawal by the Customer on all or a part of the deposit amount placed; or iii) The Customer commits breach of any of the terms and conditions herein; or iv) Instruction of any law enforcement agencies IN THE EVENT OF DEATH 17.1 Subject to any legislation applicable thereto, on the death of any one joint account holder, MBSB may hold any credit balance or balances now or hereafter standing to any account or accounts in the Customer s joint names and any securities held in the Customer s joint names to the order of the survivor or survivors without prejudice to MBSB's right of consolidation and set-off contained herein or MBSB's rights in respect of such balance or securities arising out of any lien charge pledge counter-claim or otherwise whatsoever or to any step which MBSB may deem it desirable to take in view of any claim by any person other than the survivor(s); 17.2 In the event a Muslim account holder or a Muslim joint account holder(s) passes away, the survivor or survivors shall receive the funds of the deceased as appointed administrator (wasi ) who will then be responsible to distribute the credit balance in accordance with the law of inheritance (fara id), MBSB is not responsible to ensure whether the legal heir of the Page 11 of 13

12 administrator (wasi ) has distributed the assets according to any substantive law or law of inheritance (fara id) NOTIFICATION OF CHANGE IN ADDRESS 18.1 Statement of accounts and all correspondences sent to the Customer s last known address registered with MBSB shall be deemed to have been duly delivered. Any changes in Customer s correspondence address must be duly notified to MBSB in writing and signed by the Customer. This is important to ensure that all communication reach the Customer promptly; 19.0 FEES AND CHARGES 19.1 MBSB may at any time at its sole and absolute discretion and upon written notice to the Customer (or via any medium deemed fit by MBSB), change the prevailing rate and/or amount of any charges or fees payable by the Customer. Such change(s) will be in-line with any relevant applicable Shariah and regulatory requirements and shall take effect from the date stated in the notice, which in most instances shall be no less than 21 days from the date of the notice DORMANT ACCOUNT 20.1 Dormant account is defined as an account that has no transaction for one year. A reminder will be sent on the impending dormancy to the Customer; 20.2 For dormant accounts with balances of up to RM10, MBSB may at its own discretion close these accounts and absorb these balances as a charge; 20.3 For dormant accounts with balances of more than RM10, MBSB may charge an annual service fee of RM10 until the remaining balances are sent to unclaimed moneys as per the Unclaimed Moneys Act 1965 (please refer to Paragraph 21.0 below on Unclaimed Moneys Act 1965); 20.4 No charge shall be imposed on the activation of a dormant account UNCLAIMED MONEYS ACT Under the Unclaimed Moneys Act 1965, unclaimed moneys means all sums of money to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years. The unclaimed moneys will then be duly transferred to the Registrar of Unclaimed Moneys (RUM). Before funds from a dormant account are transferred to the RUM, a notice of at least 21 calendar days will be given to the Customer on when the transfer will take place CHANGES TO THE TERMS AND CONDITIONS 22.1 MBSB reserves the right to add, delete, or alter any or all of these T&Cs at any time, subject to the extent permitted by Shariah principles. Such changes shall become effective after twenty one (21) days of such notice(s) being displayed in MBSB s premises or any other mode of communication which MBSB deems fit. Page 12 of 13

13 23.0 GOVERNING LAW AND JURISDICTION 23.1 This agreement shall be governed by and construed, interpreted and applied in accordance with the laws of Malaysia; 23.2 The parties shall comply with the provisions of any written law with which they may be required to comply respectively including the PDPA and any other Act, Enactment or Ordinance or any by-law, rules, regulations or other subsidiary legislation under such Act, Enactment or Ordinance or any direction, Order, requirement or instruction given by any authority competent to do so under any written law PERSONAL DATA PROTECTION ACT The Customer hereby declares and agrees that any data/information (including personal data) relating to or arising from or in connection with the Customer s application hereunder and also information pertaining to the Customer s affairs whether hereunder or otherwise on this application may be held, used and disclosed by MBSB for purposes of processing this application and providing subsequent services for this and other products and services and/or direct marketing (if applicable) to communicate with the Customer for such purpose DECLARATION 25.1 The Customer hereby declares that all statements made and documents submitted in connection with this application are complete and true to the best of its knowledge and understanding DISCLOSURE OF INFORMATION 26.1 MBSB is authorized to disclose, use, and obtain any information relating to the Customer, account or matters related thereto pursuant to any law regulations, rules, guidelines or directives or as MBSB in its sole discretion deems fit or necessary and MBSB shall not be liable to the Customer in any manner whatsoever for such disclosure. [End] Page 13 of 13

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