Flexi Invest Terms and Conditions

1. These Flexi Invest terms and conditions (the “Terms”) sets out the obligations that will apply to the user (“you”) where you utilize and receive your Flexi Invest (as defined below).
2. By accepting the Terms, you allow Beyon Money Investments B.S.C. (“Beyon Money”, “us”, “we” or “our”) to send your money to the Investment Product Provider, in accordance with (a) these Terms; (b) our General Terms (c) any other terms or deeds that apply to you or will apply to you upon acceptance including any applicable law .
3. Where there is any conflict or inconsistency between: (a) these Terms; (b) our General Terms; (c) any other terms or deeds that apply to you, these Terms shall prevail.

The Flexi Invest

4. We offer you the Flexi Invest where you can invest your funds for periods of time in exchange for profits.
5. The Flexi Invest is provided by our Investment Product Provider as a unique offering to Beyon Money customers through the Beyon Money App.
6. The Flexi Invest is provided by the Investment Product Provider subject to and in accordance with these Terms and in compliance with applicable laws in the Kingdom of Bahrain, including but not limited to applicable rules and regulations of the CBB.
7. Beyon Money shall ensure that throughout its delivery of the Flexi Invest product that it is delivered:
   a) in a professional manner in accordance with the industry standard;
   b) using its best reasonable endeavours; and
   c) with the skills, experience, qualifications, knowledge required to carry it out.
8. Beyon Money shall also ensure that uses its best business judgement when providing any instruction to the Investment Product Provider
9. Beyon Money shall ensure that the Flexi Invest product is secure and any associated risks are minimized.
10. Throughout its delivery of Flexi Invest, Beyon Money shall not act in a way which may constitute bad faith.
11. You may only participate in the Flexi Invest if you comply with the registration requirements of our General Terms and any other registration requirements Beyon Money may additionally require from time to time.
12. The Flexi Invest product, its underlying investment portfolio, and funds held with the Investment Product Provider are governed by the applicable rules and regulations of the CBB.
13. Funds held under the Flexi Invest do not qualify as deposits under the CBB’s regulation and as such are not covered by the CBB’s Deposit Protection Scheme.

Program Opening and Closing

14. In order to join the Flexi Invest you must follow the instructions and meet the criteria set out on in our General Terms. We are required by law to carry out steps prior to permitting you to join the Flexi Invest. In the majority of cases this will be done almost instantly, but in some cases, this may take a longer period. We will notify you when your application to join the Flexi Invest has been successful.
15. When you join the Flexi Invest, you must use the Beyon Money App to invest funds into the Flexi Invest.
16. When you withdraw money from the Flexi Invest using the Beyon Money App, you may choose to withdraw your funds into either your Beyon Money card or your other existing local bank accounts. Any withdrawals to your existing local bank accounts may take up to two (2) working days to be processed.

Notice

17. Where you wish to withdraw funds from your Flexi Invest you must request this in accordance with the instructions available in and via the Beyon Money App.

Profit

18. Profit is paid by the Investment Product Provider and is only accrued during the term on your funds which are held in the Flexi Invest, each minimum investment placement period being overnight. Profit is accrued from the time the Investment Product Provider receives your funds, not during the fund transfer process. It will take up to two (2) Business Days from the day we receive your investment for your profit to be credited to your Flexi Invest. Similarly, if the funds held are completely removed from the Flexi Invest or the Flexi Invest has been ended, they stop bearing profits.
19. We do not have access to the funds in your Flexi Invest at any time. We will only access the funds in your Flexi Invest after receiving a formal request from you to withdraw the funds. Any access to the funds shall be subject to the periods stipulated in Beyon Money App when the request is submitted.
20. The profit is calculated daily on the cleared balance in the Flexi Invest using the rate of return applicable on that day and is paid into the Flexi Invest monthly.
21. The profit calculated daily varies depending on the amount you have deposited and the tier which it falls under. The tiers and their associated profit calculations are displayed in the Beyon Money App.
22. The Flexi Invest, rate of return and/or the profits paid are subject to change at any time at the discretion of the Investment Product Provider. Should a change occur, they will be reflected in the Beyon Money App as soon as reasonably and operationally possible, and in some cases, you may be informed by Beyon Money in the method it deems appropriate.

The Flexi Invest Product

23. The Flexi Invest is a ledger that records the beneficial principal and profit of your investment. The underlying investment is an investment placement in a money market portfolio held by the Investment Product Provider in our name that contains money beneficially owned by you and a number of our other customers. We will hold and manage your beneficial principal and profit for you and our other customers as recorded in each and every investor’s ledger.
24. The profits generated from the money market portfolio will be shared between Beyon Money and you. Subject to your receipt of the applicable profits, Beyon Money will be entitled to receive up to forty five percent (45%) of the total profits that may be generated from the money market portfolio as a commission. The distribution of the profits shall be subject to the applicable methods of calculation set out in the section “Profit” above.

Queries and Complaints

25. If you have any questions or complaints regarding the Flexi Invest, please direct these to us in accordance with our normal complaints process which is set out in Clause 13 of the General Terms. We will not respond to any questions or complaints directly communicated to the Investment Product Provider nor shall the Investment Product Provider be obligated to respond to any queries directly addressed to them. We may share details of any query or complaint that you send to us with the Investment Product Provider if we, in our absolute discretion, consider it necessary or desirable in order to respond to your question or complaint.

Liability

26. The Flexi Invest is provided by the Investment Product Provider subject to and in accordance with the Investment Product Provider Terms. The Investment Product Provider is an independent third party. Your use of the Flexi Invest is at your own risk and discretion. You accept all risks associated including but not limited to any risks mentioned and not mentioned in these Terms and our General Terms. Risks shall include but are not limited to market risk, default risk and liquidity risk.
27. The Flexi Invest is provided on an “as is” and “as available” basis. We expressly disclaim all warranties of any kind as to the Flexi Invest and all information, products and other content (including that of the Investment Product Provider and other third parties) included in or accessible from the Flexi Invest, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
28. You agree that neither us nor any of our affiliates will be responsible or liable for any loss resulting from: (i) the use or the inability to use the Flexi Invest; (ii) the cost of getting substitute services, (iii) any products, data, or services obtained through or from the Flexi Invest; and/or (iv) unauthorised access to the Flexi Invest.
29. Notwithstanding the above, Beyon Money and Investment Product Provider shall each remain liable for direct losses incurred by you due to their willful misconduct, gross negligence, or fraudulent behaviour in its delivery of Flexi Invest.
30. You agree to indemnify us from any and all third party claims, liability, damages, expenses and costs (including, but not limited to, reasonable legal fees) caused by or arising from your use of the Flexi Invest, your breach of these Terms (insofar as they relate to the Flexi Invest) or your infringement, or infringement by any other user of your Flexi Invest, of any Intellectual Property Rights or other right of anyone.
31. You agree that the Investment Product Provider is a third-party beneficiary of the above provisions, with all rights to enforce such provisions as if the Investment Product Provider were a party to these Terms.

Termination

32. The Flexi Invest may be terminated subject to and in accordance with these Terms, the General Terms. Withdrawals are subject to the periods stipulated in the Beyon Money App. Withdrawals are also subject to you providing us with all necessary information required for a successful withdrawal as per your instructions.

Information

33. We and the Investment Product Provider may share all data necessary (including personal data as defined under the law No. 30 for the Year 2018 in the Kingdom of Bahrain) for either party to perform its obligations under these Terms or to undertake the programs performed by each respective party, regardless of whether that specific data sharing is described in this Terms or not. You agree to such sharing of data and shall indemnify us against any losses or liabilities we may incur should you withdraw your agreement to share your data without informing us explicitly in writing of such withdrawal.

General

34. Beyon Money Investments BSC (c) (BMI) is licensed by the Central Bank of Bahrain as Category 2 Investment firm. BMI is bound by the Central Bank of Bahrain’s regulations and licensing conditions. None of BMI’s directors, officers, agents, employees, investment managers, or other advisors assume any liability for any representation or warranty (expressed or implied) contained within or omitted from this investment or any other written or verbal information transmitted to you or any of your advisors during the assessment of your investment in this product. You certify that you approached BMI and Beyon Money App to make this investment and that BMI did not advise you to make this investment.
35. In accordance with the CBBs rules and regulations, Beyon Money shall ensure that your funds remain separate from our assets.

Definitions and Interpretation

36. The following terms used in these Terms shall have the following meanings:

“Business Day(s)” means a day which is not a Friday, Saturday or a public holiday in the Kingdom of Bahrain.

“BHD” means the Bahrain Dinar.

“CBB” means the Central Bank of Bahrain.

“General Terms” means the Beyon Money general Terms and Conditions.

“Investment Product Provider” means SICO B.S.C. (c), a closed Bahrain Shareholding Company incorporated under the laws of the Kingdom of Bahrain with commercial registration number 33469 having its registered office at Bahrain World Trade Center, East Tower, 14th floor, Isa AlKabeer Avenue 365, Block 316, Manama, Kingdom of Bahrain and duly licensed by the CBB to offer investment services.

37. Capitalised terms used herein and not otherwise defined shall have the meanings ascribed to them in the General Terms.