Bank/Banks: Any juridical person licensed in accordance with the provisions of the Central Bank Law, to primarily carry on the activity of taking deposits, and any other licensed financial activities;
Board: The Bank’s board of directors;
Central Bank: The Central Bank of the United Arab Emirates;
Customer Communication: Any communication by the customer whether written or electronic in response to contact attempts initiated by Banks;
Demand Deposit Accounts: All customer deposit accounts, payable on demand, including but not limited to current, call, savings, asset based liability accounts or any account with similar balance sheet treatment;
Dividend: Dividends declared by the Bank to its shareholders and held in trust in Bank’s books for shareholders to claim;
Dormant Customer: A customer (individual or corporate) who holds account(s) with a Bank, where all held accounts are individually eligible for dormancy and who holds no outstanding facilities with the same Bank in accordance with Article 2 of this Regulation
Fixed Term Deposit Accounts: All customer deposits placed with a Bank for a fixed term period, with or without an early repayment option or any account with similar balance sheet treatment;
Investment Accounts: An Investment Account is a portfolio account where a Bank invests the funds in assets (equity, mutual funds, bonds, structured products etc.) on behalf of a Customer;
Joint Account: A jointly held account which has a distinct identity as a customer, separate from its individual joint owners;
Outstanding Facilities: Any financing facilities due from customers, including but not limited to Credit Card balances, loan products, overdrafts etc. and off balance sheet products, also due from customers, such as Bank Guarantees, etc.;
Safe Deposit Boxes: An individually secured container, in a Bank’s vaults, hired out to Bank’s customers for the safekeeping of their belongings;
Senior Management: The executive management of the Bank responsible and accountable to the Board for the sound and prudent day-to-day management of the Bank, generally including, but not limited to, the Chief Executive Officer, chief financial officer, chief risk officer, and heads of the compliance and internal audit functions.