Terms and Conditions for Vault Services

Sunnah Currency's legal identity

Sunnah Currency is a trademarked service provided by "Sunnah Currency Limited". SUNNAH CURRENCY LTD is company number 13355657 registered in England and Wales. 

Amanah Vault™ is part of Amanah FZE LLC which is a branch of Sunnah Currency Ltd operating in the United Arab Emirates, Amanah FZE LLC, Sharjah Freezone, Dubai, company number 4305979 - the Dubai Vault

In these Terms and Conditions references to Sunnah Currency mean SUNNAH CURRENCY LTD wherever the context requires a legal entity, unless a specific subsidiary is named or referenced. These terms are not limited to any Sunnah Currency Ltd “SC” platforms including Digital web and digital mobile applications.

Deemed acceptance and prevailing versions

You become a new Customer of Sunnah Currency by registering for an account online. In becoming a Customer you are deemed to accept that Sunnah Currency's Terms and Conditions define the entire business relationship between Sunnah Currency and you.

These are Sunnah Currency's Terms of Business as of 29th March 2023. Advice of these Terms of Business was posted on 7th April 2023. 

By giving thirty days' notice of modifications Sunnah Currency may from time to time modify its Terms and Conditions. For modified Terms and Conditions to become effective they must be published on the Sunnah Currency website and Sunnah Currency must also send an advice to the email address provided as a contact point by you.

The purpose of our business relationship

You have chosen to become a Sunnah Currency Customer in order to benefit from Sunnah Currency's terms for trading in and storing gold, silver bullion. You expect to enjoy efficient and substantially automated service, and pay low levels of commission or mark-up and low levels of custody charges by comparison with alternate mechanisms for buying, holding and selling gold, silver bullion.

In order to deliver against your expectations Sunnah Currency offers a service designed for high levels of automation across the internet and expects to earn a profit from the commissions or mark-ups and custody fees it charges.

Data about you

Privacy policy

To provide the service Sunnah Currency needs to retain on its computers information about you and any other parties associated with your Sunnah Currency account (including but not exclusive to: beneficial owners or agents operating your account on your behalf) and you permit Sunnah Currency to do so. 

If any personal data or sensitive information relating to you or any other associated parties is provided to us, you confirm that you and each such person is aware of and consents to the collection and use of their data for the purposes of maintaining and operating your account. Sunnah Currency undertakes not to disclose data about you or any other parties associated with your Sunnah Currency account to third parties except (i) in order to set-up or administer your account (ii) to allow payments to be made in or out of your account (iii) to provide general Sunnah Currency communications (iv) to allow us to comply with any regulatory or legal obligations required of us.

Sunnah Currency does not use your personal data to make decisions that could impact the price or weight of bullion you are able to buy, store and sell.

Sunnah Currency will retain information about you for at least five but no more than ten years following the closure of your account, after which time your personal data will be deleted from Sunnah Currency's computers.

 

Our Data Protection Representative is Mr Khaleel Mughal and he can be contacted using the details on our contact us page.

 

The Information Commissioner's Office (ICO) is the UK's independent body set up to uphold information rights. Their website address is: https://ico.org.uk/for-the-public/

 

Please also see our privacy policy if you wish to know more about our Use of Cookies, Recording the Source of money etc.

Use of cookies

Sunnah Currency uses cookies. By using our websites and applications, you consent to the use of cookies in accordance with the terms of our Cookie policy.

Recording the source of your incoming money

Where supplied by your bank on your incoming payment you permit Sunnah Currency to both record your banking details and to check them against identity documents you submit. Information is stored on encrypted CDN and Storage asset management platform (Amazon Webservices S3 and CloudFront)

Identifying yourself

You undertake to identify yourself and all other relevant parties no later than 2 weeks after first funding your account, and according to the identity verification procedures required by Sunnah Currency. You authorise Sunnah Currency to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity.

 

You will provide Sunnah Currency with such information as Sunnah Currency requires or requests in relation to this agreement, including all information required to comply with all applicable laws and regulations, including all applicable anti-money laundering regulations. In particular, you undertake to provide accepted photographic proof of identity and proof of address.

 

You understand and accept that where an ownership interest is shared or where other parties are involved in the operation or administration of the account, you may be required to provide additional photographic identities of all joint owners and any other relevant parties involved in the operation or administration of the account. Business and trust account owners must also provide any requested institutional documentation – for example copies of trust deeds or incorporation documents, as well as photographic identification of beneficial owners and those operating or controlling the account.

 

Where you are operating the Sunnah Currency account on behalf of another party, who may be the beneficial owner, you confirm that you do so with their approval and with appropriate legal authorisation and will provide evidence of such authorisation upon Sunnah Currency's request.

 

During the period your account is open, you agree to provide additional or updated documents or information about you or other parties associated with the account which Sunnah Currency may need to maintain accurate records in accordance with UK law.

 

You undertake to provide clear evidence of the single bank account from which your Sunnah Currency deposits originate and to which your money will be returned. This evidence, which will usually be visible on the top page of your bank statement, will detail:

• Your bank's country
• Your bank's name and logo
• Its branch name or address
• Its branch identifying code (e.g. transit, sorting or routing code)
• Your bank account name
• Your bank account number
• Your name and address

...and for accounts outside of the USA and UK:

• Your bank's SWIFT BIC (Bank Identifier Code)
• Your IBAN (International Bank Account Number)

You accept that your documents should be written in English, or any other language that Sunnah Currency actively supports. Where this is not so you undertake to provide certified translations along with your documents, at your expense.

 

Setting your linked bank account

By comparing the details you submit with the details submitted by your bank on your funds transfer to Sunnah Currency, we will set your linked bank account, and email you that we have done so. You are responsible for checking the details, and notifying Sunnah Currency immediately if the details are incorrect.

 

Sunnah Currency will always present to you the current details of your linked bank account at the time you request a funds withdrawal, which you will do via a logged-in session on the Sunnah Currency website. When you accept those bank account details you agree that you are requiring Sunnah Currency to remit the funds you withdraw to your linked bank account. Sunnah Currency will not be responsible for any loss where you have accepted the banking details presented to you and they have turned out to be incorrect.

 

Sunnah Currency considers the owner(s) of a Sunnah Currency account to be the party or parties named on the linked bank account.

 

If an owner is added or removed from your linked bank account, you will notify us within 45 days and provide the documentation requested by us to validate the addition or removal of that owner from your Sunnah Currency account. Where an owner is removed from an account, evidence of renunciation of the value in the account will also be required.

Modifying your linked bank account

Ordinarily your Sunnah Currency account will be permanently associated with your linked bank account. However your link may be changed should your bank fail, or for other reasons.

 

Your formal request to change your linked bank account will be accepted only via a logged-in session on the Sunnah Currency website.

 

Where you seek a change to your linked bank account you accept that your new bankers, or an alternative and qualified professional, who can be contacted by Sunnah Currency, will be required by Sunnah Currency to endorse the continuity of your identity by agreeing to send us a letter, confirming details which we will specify – on request – when you contact us.

 

Where you request a change to your linked bank account, you accept that the new bank account must be held in exactly the same name(s) as the old bank account.

 

Where you change your name you will re-validate your old linked bank account on your new name. You accept that Sunnah Currency cannot accept a simultaneous change of name and a change of bank account number.

 

Sunnah Currency undertakes to acknowledge a change to your linked bank account, via email, to your registered email address.

 

Where Sunnah Currency operates according to these above procedures you accept that it has applied an appropriate degree of diligence and care with regard to such changes. A failure by Sunnah Currency to operate according to these above procedures controlling changes in your linked bank account, and resulting in subsequent loss to you, is the financial responsibility of Sunnah Currency, subject to the provisions of these Terms and Conditions.

 

You accept that Sunnah Currency is entitled to charge you an administration cost for changing your linked bank account, according to its published Tariff.

 

Where these procedures cannot for any reason be met but where, for whatever reason, your original linked bank account cannot be used for the return of your money from Sunnah Currency, then Sunnah Currency is entitled to use an appropriate process and/or seek appropriate insurance cover against identity fraud, all at your expense. Under these circumstances Sunnah Currency is also entitled to charge you on a time and materials basis according to the published Tariff.

If you fail to validate your account

You understand and accept that Sunnah Currency will ordinarily refuse to pay monies requested for withdrawal from an un-validated account.

 

You understand and accept that a persistent failure by you to validate your account, after having received reminders, may incur the penalty charges described in the Tariff and could lead to the suspension or closure of your account.

 

Sunnah Currency acknowledges that no such penalty charge will be applied where it is clear you are making a genuine effort to validate your account, but are being prevented from doing so by circumstances beyond your reasonable control.

 

You understand and accept that were you to fail to validate your account in suspicious circumstances then Sunnah Currency would be legally obliged to notify anti-money-laundering authorities, without notifying you.

 

You hereby indemnify and keep indemnified Sunnah Currency against any and all losses and costs which arise out of your failure to identify yourself and validate your account promptly.

Contact details

Sunnah Currency maintains contact details for you at an email address, an address and optionally at

• a mobile telephone
• a home telephone

You accept a duty to keep your name, address and other contact details held by Sunnah Currency up to date and accurate. Sunnah Currency is entitled to rely on the accuracy of the details supplied.

 

Sunnah Currency accepts an obligation to notify changes to your contact details to your contact email address, and a further obligation to notify changes to your contact email address itself to both your old and new contact email addresses.

 

You accept that your failure to maintain your contact details correctly may negate some of the protections you seek in Sunnah Currency. You hereby indemnify and keep indemnified Sunnah Currency against losses which arise out of your failure to maintain your contact details correctly.

What details of your activity are publicly visible?

In the interest of transparency and good marketplace practice certain information is made freely available to users:

• You may post limit Orders on the Sunnah Currency website and the best prices available combine to define the current trading prices of bullion on Sunnah Currency. The best prices, and their associated Order sizes, are published on the site. In this way your Orders ordinarily become visible to other users of the system, but not in a way which is attributable to you.
• A transaction ticker reports on the Sunnah Currency website the prices and sizes of trades which have been executed. In this way your transactions ordinarily become visible to other users of the system, but not in a way which is attributable to you.
• Vault Bar Lists are produced by the vault manager and reconciled to the holdings of entitled Sunnah Currency holders of bullion at that vault. The reconciliation is published, but only identifies you by a nickname, which is a private and unique label typically only recognised by you.
• Bank statements of segregated accounts are treated in the same way. Together these reconciliations enable you to see that your property is an identified part of a reconciled pool of all users' property, held at arm's length from Sunnah Currency. In this way your cash and bullion balances ordinarily become visible to other users of the system, but not in a way which is attributable to you.
• Sunnah Currency may report your activity to duly authorised government agencies with a formal right either to monitor bullion trading activity or investigate activity which arouses suspicion of money laundering or terrorist financing.

Security & privacy

Passwords

Your personal and financial data held at Sunnah Currency are protected from unauthorised access by a password and other access data which you have a duty to keep secret.

 

You accept that in order to provide reliable customer access Sunnah Currency must have a robust procedure for re-issuing forgotten passwords. You accept the details of this password reset process.

 

You accept that the re-issue of a password entitles Sunnah Currency to suspend your right to immediate withdrawal for a period not exceeding six weeks.

 

Communication between us

Contact Sunnah Currency through the following channels 

Email: info@amanahvault.com

Sunnah Currency Ltd, 295 Blackburn Road, Bolton, BL1 8HB.

Amanah Vault™ is part of Amanah FZE LLC which is a branch of Sunnah Currency Ltd operating in the United Arab Emirates, Amanah FZE LLC, Sharjah Freezone, Dubai, company number 4305979

Opening Hours: 9am to 5:30pm (UK), 4am to 1:30pm (EST), Mon to Fri

UK and International: +44 (0)7745 296814

Transmissions

You accept that during a logged-in session on Sunnah Currency all data which pass between you and Sunnah Currency, in either direction, are passed across the internet using the https protocol, which incorporates a level of security widely accepted as offering extremely reliable privacy and accuracy in data transmission.

Email

You accept that Sunnah Currency will send off-line information to you by email, including – but not limited to – acknowledgements of changes to your key account settings, login notifications, order confirmations, execution advices, contracts, monthly statements, price alerts, and changes to Terms and Conditions. You may not unsubscribe from emails relating to your account and its administration. Sunnah Currency may also send you general information regarding updates to its products and services. You may unsubscribe from these general updates by following the instructions included in such emails. The Sunnah Currency system records all outward email transmissions.

 

It is your responsibility to ensure that you have a reliable email service provider that allows messages from Sunnah Currency and properly displays them to you in a timely fashion.

 

Sunnah Currency is entitled to rely on your receipt and acceptance of the content of an email if within 3 calendar days of the transmission no response from you has been received by Sunnah Currency.

 

In the event that you communicate an issue with content of a Sunnah Currency email after this date any resolution will be considered in the context of the delay, which you accept may have a bearing on the value of any resolution proposed either by Sunnah Currency management, or through complaints arbitration.

 

You understand and accept that email is not encrypted and that it operates with a similar degree of privacy as physical post, in that a network engineer, like a postman, has the ability to see email and attachments if he chooses to open your mail. You accept and understand that easily comprehended open format feedback to a known and used address is appropriate for reporting your completed business to you, off-line, and after the event.

 

SMS

Sunnah Currency may use voice or SMS on mobile phones as a means of contacting you rapidly.

 

Sunnah Currency is entitled to rely on your receipt and acceptance of the content of SMS communications if within five minutes of the transmission no rejection of the information has been received by Sunnah Currency. Sunnah Currency is entitled to rely in this regard on the accuracy of its own transmission records when backed up by the independent confirmation of its telecommunications provider's records.

 

Sunnah Currency is responsible for initiating SMS messages correctly according to the settings on your account, and ensuring that they are received by its SMS technology provider. But Sunnah Currency is not responsible for losses you may incur as a result of an SMS message not being delivered in circumstances beyond Sunnah Currency's direct control. This might occur if your mobile phone was switched off, or was operating in a zone or on a service technology which was not reachable via the SMS technology providers employed by Sunnah Currency.

 

If your account diminishes in size below a level at which it is reasonable to communicate via SMS then Sunnah Currency reserves the right to suspend SMS outputs.

 

Mail

Sunnah Currency may send information to you by mail to your address on Sunnah Currency records. Sunnah Currency is entitled to rely on your receipt and acceptance of the content of posted communications if within 7 calendar days of the communication being sent no rejection of the information by you has been received by Sunnah Currency.

 

If your account diminishes in size below a level at which it is reasonable to communicate via the mail then Sunnah Currency reserves the right to suspend posted outputs.

 

Special measures for your extra protection

Account feedback

You are entitled to rely on Sunnah Currency sending you emails in confirmation of any changes to the contact details, Burglar Alarm and the linked bank account settings on your Sunnah Currency account.

 

A failure by Sunnah Currency in these obligations, and resulting in loss to you, is the financial responsibility of Sunnah Currency, subject to the provisions of these Terms and Conditions.

The Burglar Alarm

Sunnah Currency implements its Burglar Alarm alerting service through mobile phone technology.

 

Where enabled, and when the value on your account exceeds a certain threshold, Sunnah Currency undertakes to initiate text messages to your listed mobile/cell phone, via SMS technology, at account log-in, at the point of order entry, when a withdrawal is requested or when a password reset is initiated, according to the settings on your Sunnah Currency account.

 

Sunnah Currency's duty is to raise the Burglar Alarm message appropriately and to maintain ongoing tests that validate that the outward routing of messages is occurring.

 

However Sunnah Currency does not have the duty to ensure delivery to your mobile phone. You accept that it is not practicable for text messaging to be used with a 100% reliability, and you recognise that – as with household Burglar Alarms – there is a risk that the alarm fires, but is not heard by you.

 

Nevertheless you accept and acknowledge that the implementation of the Burglar Alarm system does act as a powerful disincentive to illicit access to your Sunnah Currency account, as it empowers you to report to Sunnah Currency such access even while it is occurring, thereby enabling Sunnah Currency to investigate and seek the assistance of the authorities in detecting crime and arresting offenders.

 

You accept a duty to inform Sunnah Currency in the event that the operation of the Burglar Alarm system suggests unauthorised access to your account.

 

When the Burglar Alarm fires you accept that Sunnah Currency may debit your Sunnah Currency account according to its published Tariff provided that the debit is approximately the cost of transmitting a single SMS message to your mobile phone device.

 

You accept that an unwillingness on your part to set the Burglar Alarm on your Sunnah Currency account might diminish the level of compensation which – in the unlikely event of a loss – might be awarded to you from the Sunnah Currency compensation fund or by any arbitrator independent of Sunnah Currency.

 

A failure by Sunnah Currency in these obligations, and resulting in loss to you, is the financial responsibility of Sunnah Currency, subject to the provisions of these Terms and Conditions.

 

Care of your money

Pooled Accounts

You accept the bank(s) Sunnah Currency selects to look after your cash balances held at Sunnah Currency. The current bank(s) are listed here and are referred to as ‘the bank' for the rest of the document, with the particular bank being dependent on context.

 

You accept that in selecting the bank to look after your cash balance Sunnah Currency has taken due care in ensuring that the bank charged with looking after your money is of adequate standing.

 

You also accept and acknowledge the possibility of subsequent downwards revision of the bank's standing without considering them to be the responsibility of Sunnah Currency.

 

Sunnah Currency accepts a duty to place funds received from you directly into segregated client accounts maintained for multiple currencies at the bank for the express purpose of pooling un-invested Sunnah Currency customer money.

 

Where Sunnah Currency operates more than one client account for a particular currency, you accept that these un-invested client funds are considered pooled across those bank accounts. You also accept that withdrawals of funds back to you may come from a different bank account than the one you deposited into.

 

Sunnah Currency confirms that the bank has acknowledged and accepted in writing that the money on Sunnah Currency's Client Accounts is held by Sunnah Currency as trustee. The bank has further acknowledged and accepted that it is not entitled to combine these accounts, or to exercise any right of set off or counterclaim against money in this account in respect of any money owed to the bank on any other Sunnah Currency account.

 

On your behalf Sunnah Currency is permitted to manage your money on the segregated client account exclusively for the following purposes:-

 

• It may be used to buy physical bullion from another Sunnah Currency account holder according to your order placed on the Sunnah Currency website. In this case your money does not move from the bank account but the entitlement to it is transferred within Sunnah Currency's records to the selling holder of vaulted bullion, while simultaneously the outright ownership of vaulted bullion is transferred to you.
• It may be used to pay withdrawals of your money back to you – but never beyond the extent to which you have available funds.
• It may be used to pay Sunnah Currency in respect of service and other charges earned according to the prevailing Terms and Conditions.
• It may be used to buy physical bullion from the recognised bullion market on your behalf, where you have exercised your right to trade on a local bullion market.
• Subject to the segregation of client property being maintained it may be transferred between accounts held at the different banks.

Sunnah Currency undertakes to maintain at all times within the segregated client account sufficient funds to pay back the gross credit balances of all Sunnah Currency Customers, and to have that money available for return at short notice, if required.

 

Sunnah Currency undertakes to operate robust internal controls such that payments of Customer money at withdrawal get authorised only when at least two senior officers of Sunnah Currency have inspected and approved the payment instructions.

 

The client account statement from the bank shall be fully reconciled to Sunnah Currency's own records every London banking day, and so far as is practicable the reconciliation shall be published on that day on the Sunnah Currency website and shall be accessible via the DAILY AUDIT link on Sunnah Currency's front page.

 

You acknowledge that the bank is entitled to act in good faith according to instructions given by Sunnah Currency's officers.

 

You accept and acknowledge that interest is not payable to you on any un-invested cash balance held in your Sunnah Currency account.

Acceptable ways of making deposits

You agree to fund your Sunnah Currency account from your linked bank account.

 

Your money deposits are acceptable only through recognised banking channels which may change from time to time according to the details on Sunnah Currency's website. 

 

Whether depositing through a physical paper transaction, or by electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to Sunnah Currency, including (i) your bank name (ii) your branch identifying code, (iii) your account name (iv) your bank account number and (v) your Sunnah Currency user name (as the payment reference).  

 

You accept that a failure by your bank to identify the source of your money may delay your Sunnah Currency account being credited. Then Sunnah Currency will place your money safely in suspense, pending your contact with us, at which time your advice of the correct remittance details will cause the money to be placed directly into your Sunnah Currency account where it will be capable of being used to buy bullion immediately. Where a currency holding fee applies, we reserve the right to retrospectively charge your account for any such fees accrued while your deposit was in suspense.

 

You accept that where you have provided us with necessary details independently of the actual bank transfer on which your money was received Sunnah Currency is entitled to suspend your right to immediate withdrawal for a period not exceeding 60 days.

 

Your deposit and your linked bank account

You agree that you will not merge funds belonging to different parties within a single Sunnah Currency account.

 

You agree that you will not deposit in any way which obscures the source of your funds. For example, you will not deposit cash, bankers' drafts or make anonymous/unreferenced credits at a counter. All your deposits must come from a clearly identifiable source.

 

You accept that where deposit by debit card is offered, you must only make a card deposit using a debit card associated with your linked bank account. If you use a card that is not associated with your linked bank account or that is not a card permitted by Sunnah Currency (as stated on the deposit page) then Sunnah Currency is entitled to apply a fee according to the published Tariff and may return the funds to source.

 

Nevertheless Sunnah Currency may exercise its discretion to allow the funds to be applied to your Sunnah Currency account, provided it is our reasonable belief, supported by evidence you provide, that the deposit has come from you. Sunnah Currency may also seek additional information concerning the deposit's source, which you agree to provide.

 

You accept that Sunnah Currency retains the right to 'bounce back' funds to the originating bank account if deposits are made from a bank account other than your linked bank account or when insufficient information is provided regarding the source of those funds. Whenever this occurs, you accept that Sunnah Currency is entitled to apply a fee according to the published Tariff. You also accept that the bank(s) involved in returning those funds may deduct a fee which will not be refunded by Sunnah Currency.

 

If you have purchased bullion with funds which we determine have come from an account other than your linked bank account, Sunnah Currency reserves the right to sell your bullion and return the funds to source.

 

You hereby indemnify and keep indemnified Sunnah Currency against any and all losses which arise out of your failure to fund your Sunnah Currency account directly and identifiably from your linked bank account.

 

If your Sunnah Currency account is erroneously credited with funds, you accept responsibility for advising us within 24 hours of your becoming aware of it and agree to cooperate in the re-assignment of such funds to the rightful depositor.

 

Reversible international deposits

Sunnah Currency recommends that wherever possible you deposit funds by wire.

 

Where you do not fund by wire (for example, where you deposit by check, by BillPay, or by e-check from the USA) you acknowledge that Sunnah Currency may apply special security procedures before processing any subsequent withdrawal request.

 

Under some jurisdictions (e.g. in the USA) there is a right to repudiation by your bank of a fraudulent check debited to your bank account. Instead of accepting the loss itself your bank transmits the cost internationally, in this case to Sunnah Currency, exercising a unilateral right to debit Sunnah Currency's British bank accounts with funds previously paid to us by check, and duly cleared. This right does not apply to funds remitted to us by wire, because you and your bank are deemed sufficiently protected from fraud when using wire transfers.

 

Accordingly, if you have deposited money in Sunnah Currency by a method on which this repudiation right applies, and if you seek to withdraw within the period of possible repudiation (e.g. 60 days from the USA), then we will require formal notice from your bankers that your earlier deposit will not be repudiated. You will therefore be required to provide details to us of a named staff member at your bank who can provide this notice. Otherwise you accept that the repudiation delay will expire before you will be allowed to withdraw.

 

You accept that Sunnah Currency is entitled to charge according to the published Tariff for contacting your bank in these circumstances.

 

Unidentifiable deposits

Where we are unable to identify the Sunnah Currency account to be credited, and it is not possible to return the funds to their source, client funds remaining in our suspense account for a period of 5 years or more may – at Sunnah Currency's discretion – be accumulated and irrevocably contributed in a single payment to a recognised children's charity, on Customers' joint behalf.

 

Withdrawing your money

Subject to your previous and correct verification of your identity, and to the irrevocable clearance of your deposited funds, you may make withdrawals of your available money balance to your linked bank account.

 

You undertake to re-check the details of your linked bank account presented to you as you make your withdrawal request during a logged-in session, and you undertake to confirm your withdrawal only if you are satisfied with the linked bank details presented to you. Provided that it is satisfied with the security of your withdrawal request Sunnah Currency will remit funds to your linked bank account via SWIFT (international), CHAPS, BACS or other banking system generally considered appropriate to the payment.

 

Sunnah Currency is entitled to subtract bank transfer costs from the sum to be remitted.

 

If your withdrawn funds are to be received outside the UK and your bank is not itself a SWIFT participant you accept that a correspondent bank – being a bank in your country which receives money via the international SWIFT transfer system, and which routes it to your bank – may deduct from the money sent a fee consistent with normal international banking practice.

 

You accept that Sunnah Currency may need to perform additional security checks and there may be some delay prior to sending you your money. Any delay will depend both on the recent operation of your Sunnah Currency account and on other circumstances of the withdrawal. Where your Sunnah Currency account was promptly validated, and where your linked bank account has been long-standing and stable, you have the right to expect your money to leave Sunnah Currency by the end of the business day following a request for payment received before midnight GMT.

How we treat small cash balances

Because of the cost of bank to bank transfers, Sunnah Currency will not pay residual account balances of less than £100 or other currency equivalent.

 

Ordinarily sums below this threshold will be retained for account re-activation except that after an account has been empty of bullion and inactive for 2 years or more and remained beneath a currency equivalent balance of £20, this small balance may – at Sunnah Currency's discretion – be accumulated and irrevocably contributed in a single payment to a recognised children's charity, on Customers' joint behalf. Sunnah Currency may then close the account.

 

Where a small balance arises from a Sunnah Currency promotion, and the account has neither been funded nor had the account holder's identity verified according to Sunnah Currency's identity validation procedure, then after any period of inactivity exceeding 3 months the balance may be returned to Sunnah Currency's own resources as an unclaimed promotion.

 

Sunnah Currency reserves the right to claim back promotional balances where it reasonably believes the account has been set up to abuse the promotion.

Unsettled charges

If you retain a bullion balance but do not have a sufficient available money balance to settle your charges accrued, then Sunnah Currency has the right to redeem its entitlement by a sale of your bullion but only to the extent needed, and to the nearest gram of bullion, as estimated at the point of order placement. Gold will usually be sold first, then silver.

 

Sunnah Currency accepts a duty to inform you by email a minimum of 7 days prior to selling your bullion for this reason. Provided you remit sufficient funds in the intervening period Sunnah Currency will not sell any of your bullion.

 

If you withdraw an amount while you have unsettled charges, Sunnah Currency is entitled to deduct from the amount withdrawn the amount of the outstanding charges.

 

Where unsettled charges exceed the value of holdings within an account then subject to providing you with 7 days' notice Sunnah Currency has the right to sell any remaining bullion and close the account.

Account suspension and closure

Sunnah Currency reserves the right to suspend or close any account for reasons including, but not limited to:

• Sunnah Currency reasonably believes your account poses significant risk to you, itself or to other users;
• Sunnah Currency identifies information provided by you as false, or you or someone else are using the account illegally or fraudulently;
• you have acted abusively or violently towards members of Sunnah Currency's staff;
• you are in breach of these Terms and Conditions (or have failed to remedy a breach where we have asked you to do so).

You acknowledge that the suspension of your account will prevent further deposits or withdrawals and the ability to buy or sell bullion. You accept that applicable fees will continue to be charged. You accept that Sunnah Currency is not under any obligation to disclose the details of its risk assessment to you.

 

If Sunnah Currency suspends your account it will not result in the expropriation of your property. Sunnah Currency will remove the suspended status from your account as soon as the reason for suspension is remedied.

 

If Sunnah Currency closes your account we will sell any bullion in the account and, if the account has been validated and it is legal to do so, we will return the cash balance to your linked bank account by bank transfer.

 

Confidentiality, money laundering, and the linked bank account

Sunnah Currency is designed to be a very secure home for legally acquired wealth. It is not a useful or secure resource for money launderers.

 

For reasons relating to both security and anti-money-laundering legislation Sunnah Currency requires deposits to come from a single bank account, or, after prior approval by Sunnah Currency when the account was first set up, from a second bank account listed under identical name(s) and address as the linked bank account.

 

For reasons relating both to security and anti-money-laundering legislation Sunnah Currency enforces the exit of funds to the linked bank account.

 

There is no capability for transferring funds or bullion between accounts at Sunnah Currency even where commonly owned.

 

Sunnah Currency recognises your right to confidentiality where your identity has been validated. However, where for whatever reason Sunnah Currency becomes suspicious of an attempt at money laundering, terrorist financing or other breach of law, you understand that Sunnah Currency will actively assist the appropriate authorities in their efforts to detect and prosecute it. Sunnah Currency also keeps comprehensive records of cash and bullion dealing activity in order to assist the authorities in this regard.

Care of your bullion – Sunnah Currency Vaults

Form and location

You are entitled to expect that Sunnah Currency takes assayed bullion bars as good delivery from recognised market professionals, and according to the practices which exist in the local market.

 

Bullion which you buy through Sunnah Currency remains in the national jurisdiction which was selected by you on your order.

 

This bullion is held as weighed and numbered bars in a form generally acceptable in settlement of local bullion markets sales.

 

Gold bars constitute investment gold bullion (as defined by UK Customs and Excise 701/21) being not less than 99.5% purity and of a weight and manufacturer accepted by the bullion markets.

 

Sunnah Currency accounting units of gold, in line with standard bullion-market practice, are expressed in fine gold content. The fine gold content of each bar is its weight multiplied by its purity. The resulting units of gold applied on your Sunnah Currency account are 100% pure gold, and are denominated in kilograms and grams.

 

Silver bars are not less than 99.9% pure and of a weight and manufacturer accepted by the bullion markets.

 

Sunnah Currency accounting units of silver, in line with standard bullion-market practice, are expressed in gross weight, not fine. They are denominated in kilograms and grams.

Warranted bullion content

Sunnah Currency warrants that:

• every gram of gold on your account is a gram of the 100% pure gold content (fine gold) of a 99.5% (or greater) assayed bullion bar held in the relevant vault;
• every gram of silver on your account is a gram of an assayed silver bullion bar which is a minimum 999 parts per thousand silver;

Any breach of this warranty shall be remedied by Sunnah Currency itself arranging a replacement through the procedures of the professional bullion markets, or, failing that, by replacing any shortfall, or substandard material out of its own funds.

 

Vault Operators

A Vault Operator is a professional organisation of the highest reputation which is in the business of managing the receipt, storage and re-delivery of bullion bars according to the practices of a local professional bullion market.

 

You accept the Vault Operator(s) engaged by Sunnah Currency for each metal and storage location (at this time, Dubai – United Arab Emirates and London, United Kingdom)

 

Each Vault Operator has warranted to Sunnah Currency that its status within the bullion industry permits bullion stored within its vaults to retain the high levels of integrity expected by the professional bullion market.

 

You acknowledge that Sunnah Currency may, for the custody of client property, contract with more than one Vault Operator for a particular metal in a particular national jurisdiction. In this case, and except for when you have reserved a specific bar, you accept that client holdings of that metal in that jurisdiction are considered pooled.

Your bullion is held as a bailment

Your bullion is held in vaults controlled by each Vault Operator pursuant to a Storage Agreement [the "Storage Agreement"] executed between Sunnah Currency and each Vault Operator.

 

In each Storage Agreement, the Vault Operator acknowledges that your bullion is the subject of a bailment.

 

Sunnah Currency undertakes to pay fees to the Vault Operator on your behalf to cover the costs of storage and insurance of your bullion, and thereby evidence the bailment nature of the storage service provided by the Vault Operator.

 

Sunnah Currency confirms that your bullion safekeeping is structured as a bailment for the purpose of arranging the strongest and simplest legal protection for your bullion within a professional bullion vault, and for no other reason.

 

Bailments in Sunnah Currency

You agree that when your purchase of bullion is transacted within the Sunnah Currency
system, the bullion purchased is to be delivered by the seller within the Vault Operator's premises, so as to become a bailment of your property, according to your instructions submitted exclusively to Sunnah Currency.

 

From that point forward the Vault Operator has agreed to act as physical custodian of your bullion until the bailment is terminated at your instruction, again submitted exclusively via Sunnah Currency.

 

You agree that when your sale of bullion is transacted within the Sunnah Currency system, the bullion sold is to be delivered to the buyer, within the Vault Operator's premises, on your behalf, terminating your bailment to the extent sold, as per your instructions submitted exclusively to Sunnah Currency.

 

You agree that the record keeping of the creation and termination of the bailment is to be performed by Sunnah Currency according to these Terms and Conditions, while the bullion rests throughout with the Vault Operator.

 

You acknowledge that your ownership does not necessarily relate to a specific bar but to a specific quantity of bullion in a specific vault. Sunnah Currency acknowledges that the bullion you own exists, is in the vault, is yours, and that being physical it is ultimately capable of being sub-divided into measurable amounts of material which you could take into your possession, subject to paying the physical withdrawal fee according to the Tariff.

Your right of individual bar ownership

Sunnah Currency allows you to own specific whole bars of gold or silver outright.

 

When you have within one vault an available balance of gold, silver, which matches or exceeds in fine gold, gross silver, content the smallest unreserved gold, silver bar in that vault, then you may elect to have individual bar(s) reserved exclusively to you as your property.

 

You will undertake the reservation process online. When you do so the specific bar(s) you select becomes your property. Your ownership will be evidenced publicly on the Daily Audit, under your name.

 

The bar you own in this way will be eliminated from the pool of liquidity on Sunnah Currency – meaning no-one, including you, can sell it while it is reserved.

 

You will be able to release this bar, which you will again be able to do online, and thereafter you will be able to sell it through the Sunnah Currency system.

 

You accept the charges applied for individual bar ownership according to the published Tariff.

Sunnah Currency's Storage Agreement(s) with the Vault Operator(s)

You authorise Sunnah Currency to act as your agent for arranging custody of your bullion with the relevant Vault Operator. Sunnah Currency confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that the bullion stored under the agreement is allocated and is the property of Sunnah Currency Clients.

 

Sunnah Currency confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that this allocated bullion shall be specifically identified, and physically segregated at all times.

 

Sunnah Currency confirms to you that in each "Storage Agreement" the Vault Operator accepts responsibility for the bullion from the time of full custody and control of the consignment, through transportation and storage, until the custody and control has been relinquished by the Vault Operator to a third party, according to Sunnah Currency's instructions for making a withdrawal.

 

Sunnah Currency confirms to you that in each "Storage Agreement" the Vault Operator undertakes that prior to executing any authorised withdrawal of bullion from a vault, the Vault Operator will, independently of Sunnah Currency, satisfy itself that: (i) Sunnah Currency has publicised the withdrawal on the Sunnah Currency website; and (ii) the holder identified has a sufficient gold or silver balance according to the website's Daily Audit; and (iii) for gold, the withdrawal does not cause more than both 25 kilograms and 5% of the gold in the vault to be withdrawn on any one day; (iv) for silver, the withdrawal does not cause more than both 1 tonne and 5% of the silver in the vault to be withdrawn on any one day.

 

You acknowledge that transits between contracted Vault Operator facilities used to care for Sunnah Currency client property do not require a withdrawal notice to be posted.

 

Sunnah Currency confirms to you that a minimum of 12 months' notice from a Vault Operator is required to terminate the "Storage Agreement". In the event that such notice has been received by Sunnah Currency, and if no alternate storage solution has been put in place in the intervening period, then a minimum of 3 months prior to the termination of the storage service Sunnah Currency undertakes to inform you of the situation, thereby allowing you such time as you may need to arrange an alternate mechanism for owning and storing your bullion.

 

Sunnah Currency undertakes that your bullion will not be subject to any kind of lending, collateral, hypothecation, or derivative transaction of any type and will remain your property in the safekeeping the Vault Operator(s) until sold or withdrawn according to your instructions received via Sunnah Currency.

Insurance

Sunnah Currency undertakes to ensure your bullion is insured against theft and damage according to the accepted insurance standards of the bullion industry, and at a cost which is included in the charge you pay to Sunnah Currency in respect of custody of your bullion.

 

Sunnah Currency confirms to you that in each "Storage Agreement" the Vault Operator undertakes to provide documentary Evidence of Insurance.

 

Sunnah Currency undertakes to you to make available the Evidence of Insurance for each Vault Operator to be viewable on Sunnah Currency's website by Sunnah Currency Clients who have an interest in the insurance cover provided.

Ownership records

Sunnah Currency maintains the master copy of ownership records. Sunnah Currency agrees with you that in so far as they relate to you these records shall only be modified upon the execution of your valid instructions, made according to these Terms and Conditions. Copies of your gold and silver ownership are listed on your account pages with IMC certification and your Account number – also these will be printed and together closed and encased with your bullion in the vaults.

 

On a daily basis, or as near to daily as reasonably practicable, Sunnah Currency shall publish on its website reconciled and aliased customer-by-customer records of ownership of all the bullion in the vaults and all the money in the segregated client bank accounts.

  

Sunnah Currency ensures that at least two widely separated data storage sites receive duplicates of the full Sunnah Currency database.

 

Every day Sunnah Currency sends a new, deeply encrypted, electronic copy of all clients' identities, aliases and their balances to both of those locations, which are both known to its auditors and to at least one Vault Operator. Neither can interpret or use this data without the decryption key. The decryption key is held by Sunnah Currency's lawyers, with a copy held in their offices on two separate continents. These lawyers are under instruction to release the decryption keys as follows:

• Only to Sunnah Currency, unless it is no longer operating, in which case
• To our auditors, unless they are no longer operating, in which case
• To a liquidator unless one has not and will not be appointed, in which case
• To the Vault Operator(s) themselves.

How we treat small bullion balances

Where a small bullion balance arises from a Sunnah Currency promotion, and the account has neither been funded nor had the account holder's identity verified according to Sunnah Currency validation procedure, then after any period of inactivity exceeding 3 months the balance may be returned to Sunnah Currency's own resources as an unclaimed promotion.

 

Sunnah Currency reserves the right to claim back promotional balances where it is believed that the account has been set up to abuse the promotion. Sunnah Currency reserves the right to stop a promotion at any time and without prior warning.

Your right to trade on local bullion markets

Where your cash balance or bullion holding enables you to settle either:

 

• one or more whole bars of gold; or
• one tonne or more of silver

on the local bullion market, you have a right to trade gold or silver directly on the local professional spot bullion market, but only via bullion dealers which Sunnah Currency itself has a regular dealing relationship with.

 

The local good delivery unit for gold is usually a 400 troy oz bar (about 12.441 kg).

 

The local good delivery unit for silver is usually a 1,000 troy oz bar and they are processed on sealed pallets of usually 32 bars, being approximately one tonne.

 

If you use this right you will pay Sunnah Currency's normal commission or mark-up rates, and the Armoured Transportation fee according to our published Tariff.

 

Where you elect to take up this right Sunnah Currency will act as your agent in the transaction.

 

To exercise this right you will need to contact Sunnah Currency directly by telephone during London office hours and you will be provided with the prevailing details of the procedure.

Your general right of bullion withdrawal

Where you own bullion stored in a vault, you have a right of withdrawal of your gold, silver from Sunnah Currency, but you acknowledge Sunnah Currency is not designed primarily as a service for those who wish to take physical possession of bullion.

 

Your wish to withdraw gold will be accommodated only for quantities above 50 grams and in the form of whole numbers of appropriate gold bars of varying sizes and of generally accepted gold bullion coins to be selected at Sunnah Currency's discretion.

 

Your wish to withdraw silver will be accommodated only in the form of whole numbers of 1,000 troy oz bars.

 

You understand and accept that Sunnah Currency charges withdrawal fees according to its published Tariff, and that these vary according to the type of bullion you are withdrawing.

 

By using standard bullion products of its choice Sunnah Currency undertakes to meet your withdrawal request to the nearest 10 grams, and to debit your Sunnah Currency account to the nearest gram of the actual delivery made. It further undertakes that to the extent that rounding in whole grams favours either party, through the acquisition or disposal of partial grams of gold or silver, Sunnah Currency will adjust the monetary balance on your account to within £2 of the value of the partial gram so acquired or disposed.

 

To make physical withdrawals you will be required to provide reliable forms of identification, address verification and, depending on the amount being withdrawn, professionally certified source of funds and source of wealth declarations (for which evidence may be required). In addition, you may be required to indemnify Sunnah Currency against identity fraud through the purchase of appropriate insurance.

 

Where an account from which a physical withdrawal is requested is not owned by a single individual, Sunnah Currency needs to establish that the individual both requesting and receiving the bullion is entitled to do so. You understand and accept that this may require both further documentation from you and/or other related parties and the need for Sunnah Currency to seek advice from an appropriately licensed lawyer. Any costs incurred in establishing the right of the individual to receive a withdrawal of bullion from such an account will be charged to the Sunnah Currency account.

 

You understand that you cannot claim withdrawal directly from a Vault Operator. Your right to withdrawal is to be effected through Sunnah Currency who have the means and responsibility for identifying you reliably. Depending upon the quantity withdrawn you may be required to identify a local bank or equivalent institution to which your bullion can be delivered.

 

Upon withdrawing bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.

 

Upon withdrawing bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit Sunnah Currency to deduct those taxes where appropriate.

 

You understand that Sunnah Currency does not buy back bullion once withdrawn from the vault.

Coin purchase for delivery

You accept that you are committing to your order at the time it is placed and that your order establishes a contract between you and Sunnah Currency where you become liable for the costs of any goods and services you have requested.

 

You understand you will be required to provide clear and complete forms of identification, address verification and, depending on the value being bought, professionally certified source of funds and source of wealth declarations (for which evidence may be required). You agree to provide the requested documents in the timeframe and by the channel specified by Sunnah Currency

 

You agree to send the exact funds required to pay for your order and that these funds will be received in the timeframe stated on the website.

 

You accept that when purchasing coins directly you must make a payment for each order and cannot use any funds held in your Sunnah Currency account.

 

You accept that where full payment is not received within the stipulated timeframe that Sunnah Currency may not complete your coin order.

 

You accept that if excess payment is made and Sunnah Currency does not deem it economic to return the excess funds to you, the funds may be irrevocably contributed to a recognised children's charity of Sunnah Currency’s choosing, on Customers' joint behalf.

 

You agree that Sunnah Currency has the right to refuse to accept a coin order. Further, you accept that Sunnah Currency may cancel your coin order at its discretion and return any funds received to you.

 

You accept that you are liable for any additional costs to Sunnah Currency resulting from incomplete, excessive or late payment, or incomplete or late delivery of requested verification documents including administration costs and fluctuations in the prices of coins. You agree not to request a withdrawal of bullion from the vault or place a coin order if you have requested a withdrawal or placed a coin order through another Sunnah Currency account within the prior 12 months.

 

You accept that there is no statutory right under the Financial Services (Distance Marketing) Regulations 2004 for you to return or cancel an order once placed, if you change your mind, as the prices of bullion coins are dependent on fluctuations in the financial markets beyond the control of Sunnah Currency.

 

You understand that Sunnah Currency does not buy back coins and small bars.

Deliveries to your verified address

Where you have requested a Sunnah Currency delivery to your address you accept that the acts or omissions of any person at that address are fairly deemed by Sunnah Currency to be acts or omissions by you.

 

You accept an obligation to inspect your package prior to signing for receipt. You understand that government or customs agencies may have opened (and re-sealed) your package. If the package has been opened or visibly damaged by any other party then you will refuse to receive the package, and you will not sign for receipt.

 

Sunnah Currency agrees with you that it is responsible for paying the courier's ordinary charges out of the delivery fees charged to you upon your request to withdraw. But you acknowledge that you may still be liable for any customs, tax, delivery, release or other charges which may be applied as a result of action by any government agency in the course of making your delivery. Whether such charges are applied to you upon receipt, or by demand to Sunnah Currency, you indemnify Sunnah Currency against those charges.

 

You accept delays which may arise as a result of action of government agencies.

 

You accept an obligation to sign for receipt where a delivery appears to be in good order.

 

You acknowledge that a signature applied by a package recipient at your address evidences a receipt of a package in appropriate condition.

 

You agree that, excluding your rightful refusal to sign for receipt of the package, any returns to Sunnah Currency for whatever reason shall be at your expense.

 

Sunnah Currency will not deliver to jurisdictions in which a sales tax is levied on bullion, except within the UK, where Sunnah Currency is VAT registered.

Your right of transfer to an alternate vault

Where international law permits it you have a right of transfer of bullion within Sunnah Currency from one vault location to another, but only in the form of entire and appropriate bars. Transfers of this kind are performed through accredited bullion couriers. Vault and courier charges are variable, are payable by you, and can be quoted at the time.

 

If it is not possible for transferred bars from one location to be accepted as good delivery in the alternate location of your choice there may be additional charges to cover either the selling of your bullion and its replacement with a locally acceptable form, or its refining and manufacture into a locally acceptable form.

 

Upon transferring bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.

 

Upon transferring bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit Sunnah Currency to deduct those taxes appropriately.

 

You accept the charges as stated on the published Tariff.

Procedures for bullion withdrawal from a vault

Sunnah Currency accepts responsibility for implementing security procedures which prevent the unauthorised removal of bullion from a vault. You must meet the threshold of 6 or 12 months – depending on the account you signed up for. You cannot withdraw earlier then the agreement unless authorised by Sunnah Currency Ltd.

 

Excepting only duly authorised shipments to another Sunnah Currency storage location – such as might be requested by customers in response to an international crisis or to enable Sunnah Currency to change its contracted vault provider in any national jurisdiction – Sunnah Currency undertakes that on no single day shall any amount exceeding both 25 kilograms and 5% of the gold, 1 tonne and 5% of the silver, 25 kilograms and 5% vaulted at a Sunnah Currency location be authorised for removal.

 

Where from time to time Sunnah Currency needs to authorise removal of up to 25 kilograms or 5% (whichever is the larger) of gold from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of its website at https://sunnahsurrency.com and it shall link conspicuously to details explaining both the quantity of gold due to be removed and the published nickname of the user(s) whose gold is to be removed.

 

Where from time to time Sunnah Currency needs to authorise removal of up to 1 tonne or 5% (whichever is the larger) of silver from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of its website at https://sunnahsurrency.com and it shall link conspicuously to details explaining both the quantity of silver due to be removed and the published nickname of the user(s) whose silver is to be removed.

 

These public notices shall appear not later than the business day before removal is scheduled and shall remain visible to all visitors of the Sunnah Currency website until the bullion has been delivered out of the vault.

 

The declaration is an obligation on Sunnah Currency known to each Vault Operator and Sunnah Currency confirms that each of the Vault Operators is contractually bound to check adherence to the publication of the withdrawal declaration when clearing bullion for withdrawal.

 

The withdrawing customer having been publicly identified by nickname Sunnah Currency undertakes to ensure that this customer has sufficient bullion to cover the withdrawal – as publicly evidenced on the Daily Audit.

 

Checking that the customer has sufficient bullion is an obligation on Sunnah Currency known to each Vault Operator and Sunnah Currency is also contractually bound independently to check that the nicknamed investor has sufficient bullion to cover the withdrawal, according to Sunnah Currency's published Daily Audit. Ordinarily accept your orders to sell bullion from a given vault for any currency offered, provided the quantity specified is currently stored and available on your behalf in the vault specified.

 

Sunnah Currency accepts your orders within 10% above and below prices broadly consistent with current market prices. Sometimes are markup will go up to 60% above and beyond market rates within UAE, China, UK, and any market. SC is not obliged by any Gold Market Council or Gold Market pricing regulation – we price our product based on market rates and premiums for making charges and our brand value and heritage.

 

If your order does not comply with the terms of the order type, or one or more of the above conditions are not met your order will be rejected.

Termination of this Agreement

The prevailing Terms and Conditions remain in effect until your account is closed.

 

You may close your account by following the steps outlined on the Sunnah Currency website.

 

Risk warnings

The following lists indicate such risks as Sunnah Currency considers material. It does not constitute a statement of all possible risks.

 

Risks which are not a Sunnah Currency responsibility

Gold and silver, price movements — You are exposed to the risk of potential loss arising from a falling bullion price during the time in which you own bullion. This risk is not a Sunnah Currency responsibility.

 

Money politics — Governments and other agencies seeking currency stability, or for other reasons, might seek to constrain or tax the ownership of bullion to the disadvantage of its owners. Sunnah Currency provides for multiple locations from which you may choose one or more. The actuality or fear of government action might affect the value of bullion stored in a given location. This risk is not a Sunnah Currency responsibility.

 

Bank insolvency — Your cash balances at Sunnah Currency are deposited in segregated accounts at a highly rated bank, but your money's safety is dependent on bank integrity. All banks are subject to possible failure. Depending on a number of factors in the event of bank failure you might be entitled to receive compensation from appropriate authorities, but the terms of such compensation are complex and the timescale for receiving compensation might be long. This risk is not a Sunnah Currency responsibility. [Note that when your money is used to buy bullion your exposure to bank insolvency ceases.]

 

Identity theft — If your Sunnah Currency account number and password are compromised, you are at risk of unauthorised access to your account. Such access will be alarmed within minutes by SMS messages if both your Sunnah Currency Burglar Alarm is enabled and your account is of sufficient size. Any change of your account details would be acknowledged to you. Any withdrawal resulting from use of a compromised password would only be to your linked bank account. As a result the most serious risk arising from the theft of a password are (i) loss of privacy and (ii) the entering of mischief orders on Sunnah Currency– which would execute at market prices and thereby potentially switch you between bullion and money – or vice versa – at prevailing values but not according to your wishes. An attempt to bleed your account of value in favour of another account would be reversed whenever advised in reasonable time, and would of course lead to detection and prosecution of any criminal activity without gain. In these ways Sunnah Currency seeks to minimise the risks to you associated with identity theft but these are not a Sunnah Currency responsibility unless the breach of security can be shown to have occurred because of Sunnah Currency's error.

 

Liquidity risk — The risks associated with a lack of immediate liquidity are not a Sunnah Currency responsibility.

 

System availability — Sunnah Currency's computerised machinery, which is accessed by you across the internet, might become inaccessible for periods of time. This could prevent you from executing a transaction which you would otherwise have made. This risk is not a Sunnah Currency responsibility.

 

Insurance exclusions — As your property your bullion is subject to insurance exclusions imposed by insurance underwriters in line with established insurance practice regarding the physical protection of your bullion. These excluded risks are presented on the evidence of insurance published on the Sunnah Currency site and include events like nuclear war. These risks are not a Sunnah Currency responsibility and are risks you undertake with respect to your bullion, except that no exclusion absolves Sunnah Currency in undertaking its correct duties of care in arranging the security of your property to levels considered commercially acceptable.

 

Force Majeure — The risks described under Force Majeure are not Sunnah Currency responsibilities.

Risks which are a Sunnah Currency responsibility

Sunnah Currency accepts it has duties of care with regard to aspects of risk to your property and undertakes to manage risks so as to contain them at minimal levels, consistent with best business practices.

 

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Sunnah Currency accepts liability for failing in this duty.

 

Physical bullion theft — Your bullion could conceivably be stolen from a vault by determined thieves. It is the Vault Operator which accepts a duty to retain sufficient security measures, and to maintain cover against such an eventuality either in terms of its own resources or its insurance policies. Sunnah Currency accepts a duty to regularly monitor the Vault Operator to ensure the maintenance of a limit sufficient to cover at least the value of the bullion stored.

 

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Sunnah Currency accepts liability for failing in this duty.

 

Theft of Customer money — Money held in the segregated Client accounts could be illegally transmitted through the banking system by a determined thief, or thieves, operating within Sunnah Currency.

 

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Sunnah Currency accepts liability for failing in this regard.

 

Sunnah Currency segregation management — A failure by Sunnah Currency's system to prevent a customer from over-purchasing beyond his cash balance, or over-selling beyond his bullion balance would render a segregated account temporarily incapable of meeting its obligations to other customers. All Sunnah Currency software is designed to eliminate this eventuality. Moreover Sunnah Currency checks its accounts daily for such eventualities. The risk of material loss is extremely small, because any such over-trading would be substantially offset by a surplus in the opposite segregated account.

 

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Sunnah Currency accepts liability for failing in this duty.

 

Sunnah Currency record keeping — a risk in all business record keeping systems is that internal records may show a position which satisfies the organisation's officers but does not represent the real world, and where the problems only come to light when it is too late. The risk rises with increasing complexity of transactions and the availability of credit, neither of which apply to Sunnah Currency. For all businesses the record keeping risk is statutorily addressed by annual audit. In addition Sunnah Currency controls its record set by voluntarily submitting its daily reconciliations of Customer property to public inspection on the web.

 

Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Sunnah Currency accepts liability for failing in this duty.

 

Sunnah Currency insolvency — As of March 2023 Sunnah Currency maintains sufficient shareholders' funds to pay for all its planned operations for a period of 5 years, even in the absence of all operating revenue. This makes it an exceptionally strong business in financial terms.

 

However unforeseen events could conceivably damage that financial strength, rendering Sunnah Currency insolvent.

 

The insolvency of Sunnah Currency would not affect your property rights with regard to money or bullion in a Sunnah Currency account, but it would be likely to create some inconvenience and delay for you in taking hold of that property.

 

Disastrous data loss — Sunnah Currency's system contains data in electronic form which could conceivably be lost in a widespread and catastrophic machinery failure. Sunnah Currency operates a redundant machinery policy which means that every component of its data storing capability is protected by both local and remote data duplication. The likelihood of a simultaneous loss of all data copies is extremely low. However, in addition to this the system sends an encrypted copy of full ownership records to remote data vaults identified to Sunnah Currency's auditors and Vault Operator(s), ensuring that data loss is a temporary inconvenience, not a disaster. Moreover you can save the published reconciliation of your property on your own computer, thereby duplicating that part of the records which relates to your own property.

 

In the event of your death or incapacity

In the event that you become incapacitated you permit Sunnah Currency to allow your account to be maintained on your behalf by your duly authorised attorney.

 

In the event of your death there are different procedures depending on the jurisdiction in which you die.

 

Sunnah Currency undertakes to process your Sunnah Currency account in accordance with the instructions of your authorised executors or administrators.

 

You permit Sunnah Currency to seek legal advice in the jurisdiction of your estate's administration, at the expense of your account but limited to the relevant charges detailed in the Tariff.

 

For further information please refer to our standard procedure for handling deceased accounts:

 

We can sell the gold for you or we can send the physical goods, read further below.

 

In case of death

• Good preparation
• Administration following your death
• Fees

 

Good preparation In case of Death

There are several things you can do before you die to ensure efficient estate administration.

You should make sure your Sunnah Currency Ltd account is named and addressed in a way which will exactly match with your Death Certificate. For a personal account your account should be named with your full name. You are strongly advised that this should also match the account name of your linked bank account. A mismatch between your Death Certificate and/or your Sunnah Currency Ltd account and/or your linked bank account on Sunnah Currency Ltd can cause difficulties and expense for your estate's administrators. Example, your Vault Account Number with SC should be listed so we can reference your bullion in our vaults immediately.

You should make sure that whoever will administer your estate after your death will find a printed copy of your Sunnah Currency Ltd account statement, or other evidence of your gold, silver, platinum and palladium holdings, among your investment records. This should include details of how they should contact us. It may also be sensible to make arrangements for them to be able to access your Sunnah Currency Ltd account and email account.

Administration following your death

Step 1 - Notification of death

Your estate's administrators should inform us of your death as soon as reasonably practicable.

Upon being notified of your death we will verify the report by attempting to contact you at the email address you have filed on your Sunnah Currency Ltd account.

Unless we have good reason to doubt the report of your death we shall within 7 days start to process the notification of your death in good faith.

Step 2 - Provision of documents

Your administrators will be requested to send to us the relevant documents required in the jurisdiction appropriate to your estate. Usually your administrators will be named in your will, as well as on official documents produced after your death, and those documents will bear the seal of the official issuing body - usually a court. These documents, and the Death Certificate, are sent to us.

Step 3 - Correct legal process

Depending upon the location of your death and on your nationality and citizenship we may contact our own lawyers. They are members of an international organisation which connects lawyers processing deceased estate administration across international borders. If we do not already have a relationship with lawyers in the relevant country we will be put in touch with one through this organisation.

We may forward the documents provided by your estate's administrators to our lawyers, together with our instructions to perform the necessary investigation, and to provide us with authority to accept instructions from certain individuals - usually your estate's administrators - with regard to processing your Sunnah Currency Ltd account. Our lawyers will check the validity and completeness of these documents in the appropriate jurisdiction.

Step 4 - Form of instruction

Your administrators should write to us as follows:-

Your administrators' names, addresses, and contact details

Assalamualaykum, The Manager, Sunnah Currency Ltd

Sunnah Currency Username: .................... and Vault Account Number ………….

Dear Sir,

Regarding the Estate of ......................... please accept this instruction to sell all bullion held in the above account for (US Dollar/Sterling/Euro/AED/GBP), and wire the proceeds to:

Bank name
Branch/routing code
Bank account name
Bank account number
SWIFT BIC
IBAN

I authorise the deduction of legal and other expenses to the extent that they do not exceed 1% of the value of the account, or $500, (whichever is the larger) without my prior approval.

Signed
Date

^*Delete as applicable.

Please check our contact details for our postal address.

IMPORTANT: Having established the correct local processing of the death within the relevant jurisdiction Sunnah Currency Ltd is authorised to accept the instructions of the administrator. It is now essential that the signature on the above document is independently verified to be the stated administrator. Usually the administrator should take this letter and a passport to a public notary, or local lawyer, who will endorse and/or stamp the letter bearing the signature and provide a contact detail at which they themselves can be contacted to verify the endorsement.

IMPORTANT: The administrator must send the instruction to us by recorded delivery to establish the date that the documents are received by Sunnah Currency.

Step 5 - The sale of the bullion

Upon receipt and verification of these instructions Sunnah Currency Ltd will place Daily price orders for the sale of the gold, silver, platinum and palladium. These orders use the IMC Islamic Monetary determined at 3pm for gold, mid-day for silver and 2pm for platinum and palladium and published on the IMC website at midnight. We'll usually process your orders on the business day following the confirmed receipt of the sale instruction. The IMC are internationally recognised and standard valuations of gold, silver, platinum and palladium bullion. The proceeds from Daily price orders typically take 2 business days to settle into the account. The funds can then be withdrawn. This is for sale, we can also SEND the physical coins and bullion if required.

Step 6 - Sending the proceeds

After not more than 21 days from the settlement of the sale proceeds Sunnah Currency Ltd will initiate a bank wire sending the account balance to the nominated bank account.

Fees

In finalising your account, Sunnah Currency will apply two sets of fees:

• Ordinary Sunnah Currency costs:
• Commission. Sunnah Currency applies a commission on the sale according to its usual tariff.
• Storage fees. Sunnah Currency deducts any unpaid storage fees according to its usual tariff.
• Bank wire fee. Sunnah Currency deducts a banking fee for wiring money - according to its usual tariff.
• Fees specific to administration of the deceased account:
• Legal fees will be deducted from the account balance remitted and will vary from case to case.
• Sunnah Currency may deduct an amount in respect of its own administration - according to its published tariff.
• Sunnah Currency may deduct third party costs and expenses.

The fees specific to the administration of a deceased account will not exceed the higher of $500 or 1% of the value of the account without explanation from us and prior approval of the administrator.

API and trading robots

You agree to abide by terms for using the Sunnah Currency API. You acknowledge that these terms may be amended from time to time. Sunnah Currency reserves the unilateral right to suspend or switch off your access to the API and remove all orders should you be in breach of these terms.

Sunnah Currency takes no responsibility for the performance of any unofficial product making use of the API. Sunnah Currency use the Islamic Monetary Council for its core API.