Effective Date: 1/10/25
Last Updated: 10/10/25

1. Introduction

1.1 These Terms of Use ("Terms") regulate the relationship between Shokran Ltd. ("Shokran", "we", "us", or "our") and the Client ("you", "your", or "Customer") when accessing and using our digital banking and financial technology services ("Services") via the website shokran.io and associated platforms.

1.2 By registering, accessing, or using any of the Services, you agree to these Terms and confirm that you have read, understood, and accepted them.

1.3 These Terms apply alongside other documents published on our Website, including the Privacy Policy, Fee Schedule, and any product-specific terms or regulatory disclosures.

2. About Shokran

2.1 Shokran is a licensed financial technology institution operating under the principles of Islamic finance and regulated within its respective jurisdictions.

2.2 The company provides Shariah-compliant banking and payment services for businesses, including:

• Multi-currency business accounts;

• Local and international transfers;

• Cross-border settlements and foreign exchange;

• Integration with payment gateways;

• Digital asset-related payment infrastructure (where regulated under VARA).

2.3 Shokran operates in accordance with:

• The Virtual Assets Regulatory Authority (VARA) framework;

• Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) legislation;

• The Shariah Governance Framework approved by recognized Islamic authorities.

3. Definitions

For the purpose of these Terms:

• Client (Customer) – a legal entity registered in a permitted jurisdiction and onboarded by Shokran.

• Account – a digital business account provided by Shokran for holding and managing funds.

• Virtual Assets – digital representations of value regulated under VARA.

• Shariah Compliance – adherence to Islamic finance principles as determined by the Shariah Supervisory Board.

• Transaction – any payment, transfer, or operation performed within the account.

4. Scope of Services

4.1 Shokran provides business financial services based on Islamic principles, including:

• Opening and maintaining Shariah-compliant multi-currency accounts;

• Executing local and international payments;

• Supporting fiat and (where applicable) regulated virtual asset payments;

• Enabling digital financial infrastructure for Free Zone and global SMEs.

4.2 Shokran's products are designed to exclude riba (interest), gharar (uncertainty), and maysir (speculation).

4.3 All activities are overseen by an independent Shariah Advisory Board, ensuring full compliance with Islamic banking ethics.

5. Onboarding and Client Verification

5.1 Access to the Services requires completion of the Know Your Customer (KYC) and Customer Due Diligence (CDD) process.

5.2 During registration, the Client must provide:

• Company registration documents and proof of beneficial ownership;

• Identification for directors and authorized representatives;

• Description of business activities;

• Source of funds and expected transaction volumes.

5.3 Shokran reserves the right to request additional documentation and to decline onboarding where:

• The business operates in prohibited (haram) sectors;

• The company is registered in restricted jurisdictions;

• The activities conflict with Islamic ethics or regulatory obligations.

6. Shariah Compliance Obligations

6.1 All Clients agree to use the Services in accordance with Shariah principles.
6.2 Clients must not use their Shokran account for:

• Interest-based lending or borrowing;

• Activities involving gambling, alcohol, adult content, pork, or other non-halal products;

• Speculative virtual asset trading or derivatives;

• Money laundering, fraud, or financing of prohibited activities.

6.3 Shokran may suspend or close any account found to be in violation of these standards.

7. Fees and Payment Terms

7.1 Shokran maintains a transparent fee structure published on its website.
7.2 Unless otherwise stated, the following apply:

• Account opening: free of charge;

• Local payments in AED: free of charge;

• Account top-ups: free of charge;

• Cross-border payments: subject to published transaction fees.

7.3 No hidden fees or interest-based charges are applied. All pricing complies with principles of transparency (amanah) and fairness (adl).

8. Prohibited and Restricted Activities

You may not use the Services for:

• Conducting illegal transactions or funding unlawful acts;

• Exchanging or transferring unregulated virtual assets;

• Tax evasion or sanctions violations;

• Actions contrary to the regulatory requirements of VARA or Islamic law.

9. Data Protection and Confidentiality

9.1 Shokran processes Client data in accordance with:

• The UAE Federal Decree-Law No. 45 of 2021 on the Protection of Personal Data;

• The EU GDPR (where applicable);

• Islamic principles of confidentiality (amanah).

9.2 Client data will not be disclosed to third parties except when required by law, regulatory request, or Shariah audit.

10. Risk Disclosure

10.1 Financial transactions, including virtual asset transfers, involve regulatory and operational risks.
10.2 Shokran applies best practices to mitigate these risks but does not guarantee uninterrupted access or market performance.
10.3 Clients are responsible for ensuring that their transactions comply with all applicable laws.

11. Liability

11.1 Shokran shall not be liable for indirect, incidental, or consequential damages arising from use of its Services.
11.2 Our total liability will not exceed the total amount of fees paid by the Client in the 12 months preceding the claim.

12. Amendments

12.1 Shokran may update these Terms periodically to reflect regulatory or Shariah governance changes.
12.2 Clients will be notified through the Website or email before material changes take effect.

13. Governing Law and Dispute Resolution

13.1 These Terms are governed by the laws of the Dubai International Financial Centre (DIFC) and the relevant provisions of Islamic commercial law (fiqh al-muamalat).
13.2 Disputes shall be resolved amicably; failing which, they shall be referred to arbitration under the DIFC-LCIA Arbitration Centre or another recognized authority consistent with Shariah principles.

14. Contact Information

Company Name: Shokran Ltd.
Email: support@shokran.io
Website: https://shokran.io Registered Address: IFZA Business Park, Building A1, Dubai Digital Park, Dubai Silicon Oasis, UAE

15. Final Provisions

15.1 These Terms constitute the full agreement between Shokran and the Client concerning the Services.
15.2 If any provision is found invalid, the remainder shall remain in effect.
15.3 Continued use of Shokran's Services constitutes acceptance of the Terms and any subsequent amendments.