Terms and Conditions of Service

Last Updated: January 27, 2026

1. Agreement to Terms

These Terms and Conditions of Service ("Terms," "Agreement") constitute a legally binding agreement between you ("User," "you," or "your") and Faratech Islamic Bank ("Faratech," "we," "us," or "our") governing your use of our digital banking services, website, mobile application, and related services (collectively, the "Services").

By accessing or using our Services, you agree to be bound by these Terms. If you do not agree to these Terms, you must not use our Services.

2. About Faratech Islamic Bank

Faratech Islamic Bank is a digital, Sharia-compliant bank operating in Senegal and serving West and Central Africa. We provide ethical, transparent, and accessible financial services in accordance with Islamic banking principles.

Registered Address: Dakar, Senegal
Contact Email: support@faratech.africa
Phone: +221 800 FARATECH
Website: https://faratech.africa

3. Eligibility and Account Requirements

3.1 Eligibility

To use our Services, you must:

Be at least 18 years of age
Have legal capacity to enter into binding contracts
Reside in a jurisdiction where our Services are available
Provide accurate, current, and complete information
Maintain the security of your account credentials
Comply with all applicable laws and regulations

3.2 Account Opening

To open an account with Faratech, you must:

Complete our account opening application
Provide required identification and verification documents
Pass our know-your-customer (KYC) and anti-money laundering (AML) checks
Accept these Terms and our Privacy Policy
Meet any additional requirements specific to the product or service

We reserve the right to refuse account opening or close accounts at our discretion, in accordance with applicable laws and regulations.

3.3 Account Security

You are responsible for:

Maintaining the confidentiality of your account credentials
All activities that occur under your account
Notifying us immediately of any unauthorized access or security breach
Using strong, unique passwords
Enabling two-factor authentication when available

4. Sharia-Compliant Banking Services

4.1 Islamic Banking Principles

All our products and services are designed and operated in compliance with Sharia (Islamic law) principles, including:

Prohibition of Riba (Interest): We do not charge or pay interest. Instead, we use profit-sharing, cost-plus, and lease-based structures.
Prohibition of Gharar (Excessive Uncertainty): All contracts are clear, transparent, and based on real assets.
Prohibition of Maysir (Gambling): We do not engage in speculative or gambling-like activities.
Ethical Investment: We only invest in halal (permissible) businesses and sectors.

4.2 Product Types

Our Sharia-compliant products include:

Wadiah Accounts: Safekeeping accounts with no profit-sharing obligations
Mudarabah Accounts: Profit-sharing savings and investment accounts
Murabaha Financing: Cost-plus financing for asset purchases
Ijarah Financing: Lease-to-own financing arrangements
Qard Hasan: Interest-free benevolent loans
Halal Investment Portfolios: Sharia-compliant investment products
Zakat Services: Zakat calculation and distribution services

4.3 Sharia Board Oversight

All products and services are reviewed and approved by our independent Sharia Advisory Board. The Board ensures ongoing compliance with Islamic banking principles through regular audits and reviews.

5. Account Usage and Restrictions

5.1 Permitted Use

You may use our Services for:

Personal banking and financial management
Business banking (with appropriate business accounts)
Sharia-compliant transactions and investments
Zakat calculation and distribution
Other lawful purposes consistent with Islamic banking principles

5.2 Prohibited Activities

You agree not to:

Use our Services for any illegal or unauthorized purpose
Engage in money laundering, fraud, or other financial crimes
Use our Services to support prohibited (haram) activities, including:
- Alcohol, gambling, or tobacco businesses
- Interest-based financial transactions
- Prohibited food and beverage businesses
- Adult entertainment or other prohibited industries
Attempt to gain unauthorized access to our systems
Interfere with or disrupt our Services
Use automated systems to access our Services without authorization
Share your account credentials with others
Violate any applicable laws or regulations

6. Fees and Charges

6.1 Fee Structure

We operate on a transparent fee structure. Fees may apply for:

Account maintenance (where applicable)
Transaction processing
Card issuance and maintenance
International transfers
Other services as disclosed in our pricing schedule

All fees are disclosed upfront before you complete a transaction. We do not charge interest (riba) on any products or services.

6.2 Fee Changes

We reserve the right to modify our fee structure with 30 days' notice. Continued use of our Services after fee changes constitutes acceptance of the new fees.

6.3 Profit-Sharing

For profit-sharing products (Mudarabah), profit rates are not guaranteed and may vary based on investment performance. We will disclose expected profit rates, but actual returns depend on the performance of underlying Sharia-compliant investments.

7. Transactions and Payments

7.1 Transaction Processing

Transactions are processed in accordance with Sharia principles
We reserve the right to refuse or reverse transactions that violate our terms or Sharia compliance
Transaction limits may apply based on your account type and verification level
Processing times may vary depending on the type of transaction

7.2 Payment Authorization

By initiating a transaction, you authorize us to:

Process the transaction according to your instructions
Debit your account for the transaction amount and applicable fees
Share necessary information with payment processors and financial institutions

7.3 Transaction Disputes

If you believe a transaction is unauthorized or incorrect, you must notify us immediately. We will investigate and resolve disputes in accordance with applicable laws and regulations.

8. Intellectual Property

8.1 Ownership

All content, features, and functionality of our Services, including but not limited to text, graphics, logos, icons, images, software, and code, are owned by Faratech or its licensors and are protected by copyright, trademark, and other intellectual property laws.

8.2 Limited License

We grant you a limited, non-exclusive, non-transferable license to access and use our Services for personal, non-commercial purposes, subject to these Terms.

8.3 Restrictions

You may not:

Copy, modify, or create derivative works of our Services
Reverse engineer, decompile, or disassemble our software
Remove or alter any copyright, trademark, or other proprietary notices
Use our intellectual property for commercial purposes without permission

9. Privacy and Data Protection

Your use of our Services is also governed by our Privacy Policy, which explains how we collect, use, and protect your personal information. By using our Services, you consent to our data practices as described in the Privacy Policy.

10. Disclaimers and Limitations of Liability

10.1 Service Availability

We strive to provide reliable Services but do not guarantee:

Uninterrupted or error-free operation
That all features will be available at all times
That our Services will meet all your requirements
That our Services are free from viruses or other harmful components

10.2 Investment Risks

For investment and profit-sharing products:

Returns are not guaranteed and may vary
You may lose part or all of your investment
Past performance does not guarantee future results
Investment decisions are your responsibility

10.3 Limitation of Liability

To the maximum extent permitted by law:

We are not liable for indirect, incidental, special, or consequential damages
Our total liability is limited to the amount of fees you paid to us in the 12 months preceding the claim
We are not liable for losses resulting from:
- Unauthorized access to your account due to your negligence
- Force majeure events beyond our control
- Third-party actions or failures
- Market fluctuations affecting investments

11. Indemnification

You agree to indemnify, defend, and hold harmless Faratech, its officers, directors, employees, and agents from any claims, damages, losses, liabilities, and expenses (including legal fees) arising from:

Your use of our Services
Your violation of these Terms
Your violation of any law or regulation
Your infringement of any third-party rights

12. Termination

12.1 Termination by You

You may close your account at any time by contacting customer support. You remain responsible for all transactions and obligations until the account is closed.

12.2 Termination by Us

We may suspend or terminate your account if:

You violate these Terms
You engage in fraudulent or illegal activities
You fail to comply with KYC or AML requirements
We are required to do so by law or regulatory authority
We determine that continued service poses a risk to us or other customers

12.3 Effect of Termination

Upon termination:

Your right to use our Services immediately ceases
We may close your accounts and return remaining funds (subject to legal holds)
You remain liable for all outstanding obligations
We may retain your information as required by law

13. Dispute Resolution

13.1 Governing Law

These Terms are governed by the laws of Senegal, without regard to conflict of law principles.

13.2 Dispute Resolution Process

In the event of a dispute:

Direct Communication: Contact our customer support to resolve the issue
Mediation: If direct communication fails, we may engage in mediation
Arbitration: Disputes may be resolved through binding arbitration in accordance with Senegalese arbitration laws
Court Proceedings: Either party may seek relief in courts of competent jurisdiction in Dakar, Senegal

13.3 Class Action Waiver

You agree that disputes will be resolved individually and waive any right to participate in class actions or representative proceedings.

14. Regulatory Compliance

14.1 Banking Regulations

We operate under the supervision of banking and financial services regulators in Senegal and comply with:

Banking and financial services laws and regulations
Anti-money laundering (AML) and counter-terrorism financing (CTF) requirements
Data protection and privacy laws
Consumer protection regulations

14.2 Sharia Compliance

We maintain compliance with:

Islamic banking principles and Sharia law
Sharia governance frameworks
Fatwas and rulings from our Sharia Advisory Board
Islamic finance industry standards

15. Modifications to Terms

We reserve the right to modify these Terms at any time. We will notify you of material changes by:

Posting the updated Terms on our website
Sending you an email notification
Displaying a notice in our mobile application

Your continued use of our Services after changes become effective constitutes acceptance of the updated Terms. If you do not agree to the changes, you must stop using our Services and close your account.

16. Severability

If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions will continue in full force and effect.

17. Entire Agreement

These Terms, together with our Privacy Policy and other policies referenced herein, constitute the entire agreement between you and Faratech regarding the use of our Services.

18. Waiver

Our failure to enforce any provision of these Terms does not constitute a waiver of that provision or any other provision.

19. Assignment

You may not assign or transfer these Terms or your account without our prior written consent. We may assign these Terms or transfer your account in connection with a merger, acquisition, or sale of assets.

20. Contact Information

For questions about these Terms, please contact us:

Faratech Islamic Bank
Dakar, Senegal
Email: legal@faratech.africa
Phone: +221 800 FARATECH
Website: https://faratech.africa/legal/terms

21. Acknowledgment

By using our Services, you acknowledge that:

You have read and understood these Terms
You agree to be bound by these Terms
You understand that these Terms create a legally binding agreement
You are of legal age and have the capacity to enter into this agreement
You will comply with all applicable laws and regulations

These Terms and Conditions are effective as of January 27, 2026. Please review these Terms regularly, as they may be updated from time to time.

Terms & Conditions