Fixed Invest Terms and Conditions

1. These Fixed Invest terms and conditions (the “Terms”) sets out the obligations that will apply to the user (“you”) where you utilize and receive your Fixed Invest (as defined below).
2. By accepting the Terms, you allow Beyon Money Investments B.S.C. (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 Fixed Invest

4. We offer you the Fixed Invest where you can invest your funds for periods of time in exchange for profits.
5. The Fixed Invest is provided by our Investment Product Provider as a unique offering to Beyon Money customers through the Beyon Money App.
6. The Fixed 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. You authorise the Investment Product Provider to exercise the rights, powers, authorities and discretions specifically given to Investment Product Provider under or in connection with these Terms; (b) our General Terms; (c) any other terms or deeds that apply to you together with any other incidental rights, powers, authorities and discretions.
8. Beyon Money shall ensure that throughout its delivery of the Fixed Invest product that it is delivered:
9. a) in a professional manner in accordance with the industry standard;
10. b) using its best reasonable endeavours; and
11. c) with the skills, experience, qualifications, knowledge required to carry it out.
12. Beyon Money shall also ensure that uses its best business judgement when providing any instruction to the Investment Product Provider.
13. Beyon Money shall ensure that the Fixed Invest product is secure and any associated risks are minimized. This is however conditional to the terms of clause 26 below.
14. You may only participate in the Fixed 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.
15. The Fixed 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.
16. Funds held under the Fixed 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 Fixed 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 Fixed 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 Fixed Invest has been successful. For the avoidance of doubt, nothing in these Terms shall be construed as creating an obligation on Us or the Investment Product Provider to provide you with any services until your application to join Fixed Invest is successful.
15. When you join the Fixed Invest, you must use the Beyon Money App to invest funds into the Fixed Invest.

Financial Market Disruption

16. In extraordinary economic situations, where the market’s performance is substantially affected, we may not be able to offer you the Anticipated Profit Rates. In such cases, we reserve the right to reject your application within seven (7) Business Days of receiving your request and we shall return your initial funds deposit to you within a reasonable time frame.

Withdrawal

17. Your investment is held in fixed maturity instruments. You may request us to process an early withdrawal of your funds held in the Fixed Invest product. You acknowledge and agree that (i) we do not guarantee that early withdrawal requests will be executed and (ii) we shall not be liable for any failure in processing any early withdrawal request. You also acknowledge and agree that, by entering into the Fixed Invest, You may only have any right to retrieve the funds invested during the Fixed Term prior to the Maturity Date subject to the following penalties:

(a) You forfeit your right to any profits that may have been earned during the Fixed Term.

(b) You agree that we may deduct any documented costs we incur due to such early termination before the expiry of the Fixed Term.

(c) You shall remain wholly liable for any early termination penalties imposed either by us or the Investment Product Provider that may apply from time-to-time.

18. To effect such early withdrawal before the Maturity Date, You must send Us a formal request using the Beyon Money App (an “Early Termination Request”). Any request for an early termination received by any other means shall have no legal effect.
19. When we process an Early Termination Request, we shall credit your funds in accordance with Clause

Maturity & Profit

19. Profit is paid by the Investment Product Provider and is only accrued during the term on your funds which are held in the Fixed Invest. Profit is accrued from the Investment Date, not during the fund transfer process.
20. We do not have access to the funds in your Fixed Invest at any time. We will only access the funds in your Fixed Invest after receiving an Early Termination Request from you to withdraw the funds pursuant to clauses 17 and 18 above or at the Maturity Date. Any access to the funds shall be subject to the periods stipulated in Beyon Money App when the request is submitted.
21. Anticipated Profit Rates granted to you are based on the following criteria:

(a) Total Funds invested;

(b) Term of investment;

(c) Prevalent rates offered by the market;

22. The profit and principal (and/or the principal minus any early termination fees, as the case may be) shall be, upon maturity and/or upon early termination (as the case may be), credited into:a. If you have an active Flexi Invest account, into you Flexi Invest account.

    b. If you do not have an active Flexi Invest Account:

    1. For amounts lower than Two Thousand Five Hundred Bahraini Dinars (BHD 2,500), into your Beyon Money Card.

    2. For amounts larger than Two Thousand Five Hundred Bahraini Dinars (BHD 2,500), upon your confirmation, either (a) into a new Fixed Invest or Flexi Invest account; or (b) transferred to your local bank account (charges may apply and such transfer shall take up to two (2) Business Days for the transfer to be processed).

23. The profit and principal (and/or withdrawal, as the case may be) shall be credited into either:

• your Flexi Invest account: if you have enrolled to and successfully subscribed to it;
• your Beyon Money Card: Such withdrawal shall be immediate and is capped. The Beyon Money Card may not have a balance larger than Two Thousand Five Hundred Bahraini Dinars (BHD 2,500); or
• Local Transfer to a Local Bank: Such withdrawal is uncapped and shall up to two (2) Business Days for the withdrawal to be processed.

24. The Fixed 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.
25. The Fixed Invest is a ledger that records the beneficial principal and profit of your investment. The underlying investment is an investment placement in a Fixed Term 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.
26. The Anticipated Profit Rate advertised in the Beyon Money App is merely an anticipated rate based on the current market conditions and the predictions of the Investment Product Provider. Your Profit will be paid out in accordance with the Actual Profit Rate. We expressly disclaim all warranties of any kind as with regards to achieving the Anticipated Profit Rate. You agree that neither us nor the Investment Product Provider shall be responsible or liable to you for any failure in achieving the Anticipated Profit Rate and you waive any right you may have to a claim for us failing to achieve such Anticipated Profit Rate.
27. The profits generated from the Fixed Term 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 Fixed Term money market portfolio. The distribution of the profits shall be subject to the applicable methods of calculation set out in the section “Maturity & Profit” above.

Queries and Complaints

28. If you have any questions or complaints regarding the Fixed 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

29. The Fixed 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 Fixed 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.
30. The Fixed Invest is provided on an “as is” and “as available” basis. We expressly disclaim all warranties of any kind as to the Fixed 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 Fixed Invest, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
31. 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 Fixed Invest; (ii) the cost of getting substitute services, (iii) any products, data, or services obtained through or from the Fixed Invest; (iv) unauthorised access to the Fixed Invest; and/or (v) the Anticipated Profit Rate not being achieved
32. 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 Fixed Invest.
33. 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 Fixed Invest, your breach of these Terms (insofar as they relate to the Fixed Invest) or your infringement, or infringement by any other user of your Fixed Invest, of any Intellectual Property Rights or other right of anyone.
34. 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.

Information

35. 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

36. Beyon Money Investments B.S.C (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.
37. In accordance with the CBBs rules and regulations, Beyon Money shall ensure that your funds remain separate from our assets.

Definitions and Interpretation

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

“Anticipated Profit Rate” means, in relation to a Fixed Invest Investment, the profit rate advertised in the Beyon Money App, which You expect to receive during the relevant Fixed Term by investing your funds into the Fixed Invest in accordance with the provisions of these Terms.

“Actual Profit Rate” means, in relation to a Fixed Invest Investment, the profit rate actually achieved by Investment Product Provider during the Fixed Term by investing your funds in accordance with the provisions of these Terms.

“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.

“Fixed Term” means, in relation to an the Fixed Invest Investment, the mandatory period specified by us under which your funds will accumulate profits if fulfilled. Such period shall terminate on the relevant Maturity Date.

“Flexi Invest” means Beyon Money’s Flexi Invest product offered under its range of ancillary financial services.

“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.

“Investment Date” means, in relation to a Fixed Invest Investment, the date on which your funds, after accepting to join Fixed Invest in the Beyon Money App, are received by the Investment Product Provider.

“Maturity Date” means, in relation to a Fixed Invest Investment, the date on which the Fixed Term is fulfilled, and your profits (if any) become payable.

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