1. Parties and Background
The following terms and conditions intend to set out the business relationship between the customer and Aurexo Ltd. Our terms and conditions aim to comply with Shariah law and in particular the “Shari’ah Gold Standard no 57 of the accounting and auditing Organisation for Islamic Financial Institutions (AAOIFI). (version November 2016).
Aurexo Limited aims to keep in mind that interest on its products are to be in line with Shariah compliance and Aurexo draws the customers attention to condition 20.
The following terms and conditions apply between the customer and Aurexo limited unless expressly agreed and in writing. your rights and entitlements are not affected.
Details of Aurexo are as follows:
Edmund House, 12-22 Newhall Street
Birmingham, B3 3EW
Phone: +44 (0)330 043 0047
Complaints E-mail: firstname.lastname@example.org,
Registered in England and Wales
Company number 10994350
Managing Director: Mr. M A Fattah
In these Terms and Conditions, the following terms shall, unless the context requires otherwise, have the following meanings:
"Consumer" means a Customer who is a living individual who enters into the transaction or arrangement other than in the course of a business;
"Customer" means the legal person entering into a transaction or arrangement with Aurexo;
“working day” means any day in which banks are trading. Subject to local times in United Kingdom.
3. Object of the Agreement
The following terms relate to the transactions and/or arrangements for the purchase of and the sale of gold by Aurexo on behalf of the customer. These also relate to any third parties wion which Aurexo limited may need to complete transactions, dealings or exchange information. All such third party dealing, transactions and information exchange will be in accordance the purpose of consumer benefit and arrangement between Aurexo and the consumer. Customer details to third parties will be in accordance with the GDPR 2018. Ownership of the gold is transferred by constructive delivery and possession to the Customer (in the case of the sale) and to Aurexo (in the case of purchase). The gold is either delivered to the Customer or as it directs (in accordance with Condition 9 m)) or, stored by Aurexo in the name and on behalf of the Customer (with the consequence that Aurexo exercises direct possession of the gold for the Customer) (in accordance with Condition 7).
4. Conclusion of Contract
a) The advertisement or promotion of gold by Aurexo on the Internet does not constitute a binding sale offer. It represents a non-binding invitation to the Customer to order goods which will only be binding on Aurexo when it accepts the Customer's order in writing.
b) By submitting a purchase order for gold by offered Aurexo by fax, letter or e-mail, the Customer enters into a binding offer to conclude a purchase agreement with Aurexo.
c) When the order is made through the Aurexo Internet platform, the Customer, in accordance with the individual steps listed below, makes a binding offer to conclude a purchase agreement; (1) By clicking the "Buy" button, the Customer places the respective gold into the virtual shopping cart. This process is not binding and still does not represent an agreement to offer. Before making a binding purchase order, the contents of the order, including the customer data, is summarized on an overview page ("Order Summary"). There, the Customer can correct all order data using the provided entry fields. By clicking on the confirmation button just below the order summary, the Customer makes a binding offer to Aurexo to conclude a purchase agreement.
d) Where the Customer is a Consumer, the Customer will NOT have any right to cancel the purchase. Although sales of goods by distance selling may carry a right to cancel within 14 days of delivery of the goods, this does not apply to the purchase of golds under these Terms and Conditions as the market price for the gold may vary. Once the Customer has therefore clicked the confirmation button to confirm the purchase the only way the purchase may be cancelled is for the Customer then to sell the gold which may be at a different price (which could be lower than the purchase price) in accordance with Condition 12.
e) After ordering, the Customer will receive an automatically generated e-mail confirming receipt of the order by Aurexo (confirmation of receipt). This confirmation of receipt does not constitute acceptance of the order.
f) The Customer can view these terms and conditions in their current version during business hours at Aurexo office or download or print at www.aurexo.co.uk. The contents of the order should be printed by the Customer immediately after placing an order.
g) Together with the confirmation of receipt referred to in Condition 4(c) or by separate notice, Aurexo shall notify the Customer of its acceptance (order confirmation) or, if necessary, of the order's rejection. When approved, the agreement is concluded with an order confirmation. The order confirmation can be made by post, fax, e- mail or (tacitly) by sending of the gold to the Customer. If an order confirmation or delivery of goods is not received by the Customer within seven (7) Working Days, the offer is ipso facto rejected by Aurexo.
h) The agreement will be stored by Aurexo after conclusion. For registered customers, i.e. a client with a customer ID and a password, it is possible to consult the text of the agreement using the "Customer login" even after concluding the agreement online. Furthermore, Aurexo will provide the customer with the agreement including these terms and conditions at the latest upon sending of the order confirmation in text form after placement of an order.
a) Aurexo does not express or imply and warranties or representations. Other than the terms and conditions defined here. Any legal rights of the consumer are not affected subject to the governing law.
b) With the exception of liability for death or personal injury, Aurexo is liable only for damages caused by wilful misconduct, gross negligence or culpable breach by Aurexo or their agents of a material obligation. Any further liability for damages is excluded.
c) Website, software and systems Aurexo uses is not error free and time to time may incur problems which are not due to Aurexo and their conduct, thus they will not be liable for any losses or damages.
d) Aurexo is not liable for damage caused by disturbance of its operations (e.g. bomb threat, robbery), particularly as a result of force majeure (e.g. war and natural disasters) as well as due to other incidents not of its causing, caused by or resulting from sovereign acts of any country or otherwise over which Aurexo has no control.
6. Obligations of Customer
Aurexo intends to deal with the customers requirements and orders in the highest professional manner, in turn the consumer should participate in the duties and care set out as follows, failing to do so may deem the agreement void and Aurexo has the right to terminate such agreement:
a) Aurexo is to be immediately notified in writing or by electronic communication of all facts essential for the business relationship, especially changes of name, address, civil status, the availability or inability of the customer to fulfil their obligations (e.g. due to marriage, entering into a partnership, change in property status) or of its signing authority (e.g. subsequent legal incapacity of a representative or authorized agent) as well as changes of the beneficial owner or that of the representation or powers of disposal (e.g. as managing property, power of attorney, power of attorney) indicated to Aurexo.
b) Such notification obligation exists even when the facts are entered and published in public registers. Where the Customer has given authority to a third party to instruct Aurexo, the Customer must provide Aurexo with handwritten signature samples. Moreover, in individual cases further statutory notification requirements may exist, in particular arising from Money Laundering and related legislation and legal requirements with which Aurexo must comply.
c) Aurexo may be required in certain cases to identify the Customer and any beneficial owner by law (in particular money laundering regulations). In these cases, the customer will be required to provide two forms of identification and proof of address
d) Orders and instructions of any kind must unequivocally indicate the business to be transacted and the Customer is responsible for its accuracy. Amendments and confirmations must be designated as such. The Customer must pay particular attention to providing correct, complete, unequivocal and legible information when placing orders.
e) When issuing orders or instructions, it is the Customer's responsibility to ensure that no errors of transmission, misunderstandings, abuses or mistakes occur. Aurexo is entitled to rely on such orders or instructions and to assume that they are properly issued by the Customer or person authorised to act on the Customer's behalf.
f) Objections to Aurexo statements and objections to the quality of gold supplied by Aurexo must be raised in writing immediately.
g) If portfolio statements and other statements, announcements or information expected by the Customer, or required for his financial records, are not sent to the Customer, he must immediately inform Aurexo of this.
h) The Customer portfolio statements (accounts) are provided monthly at the online portfolio ("customer login"). For illustrative purposes, the Customer confirms the "client login" as a means of receipt of legally binding documents. The transmission of electronic mail is currently carried out in "Portable Document Format" (PDF) format. It is the Customer's responsibility regularly, at least every 14 days and immediately after receipt of an e-mail alert, to check the contents of the "customer login". Print outs of electronic PDF documents are copies and for evidentiary and tax law purposes are not the same as an original.
i) Objections based on inaccuracy or incompleteness of a balance statement must be raised no later than six weeks after its receipt; if the objections are made in written form, it is sufficient to dispatch these within the six-week period. Failure to make timely objections is considered as approval and acceptance for all purposes. If an objection is raised after the deadline, the Customer must prove that its account has been unduly charged or that it is entitled to credit which has not been granted.
j) If discrepancy occurs in Aurexo confirmations of orders or Customer instructions, the Customer must object in writing 24 hours.
7. Storage and insurance
a) The customer must by pre order request for their gold to be delivered to them. Failing to do this Aurexo will store the Customers gold stocks in a collective custody separately from assets of the Aurexo or other consumers.
b) Aurexo reserve the right to exclude access of gold by third parties. Aurexo hold the rights to retain instruct a holding of the gold in their name for the purposes of safe keeping. In such event Aurexo hold the right to instruct a reputable third party to do so. The gold of the agreement partner is always insured for at least 100% of its daily value by the storing partner.
c) Aurexo reserves the right to terminate the storage and delivery of the gold to the Customer. If this is the case, Aurexo will notify the consumer immediately via contact details provided. Aurexo will give written details of such as soon as practicable
d) Where goods are arranged to be delivered to the consumer, the address provided to Aurexo will be the delivery address and any such liabilities will pass to the consumer once they have receipt of the goods.
8. Denominations, indeterminate obligation, makeover
a) Aurexo is entitled to determine the standard units of the gold at its discretion. For Aurexo's Islamic Gold Dinar savings plan, gold bars with the weights 20g, 50g, 100g, 250g or 500g are used.
b) Price (both for purchase and sale) based on purity, grams and/or fractions. For gold, Aurexo obtains/stores gold with a minimum purity of 999.9/1000 gold content for the Customer. Gold as ordered are held and described generically and if a particular item is no longer available Aurexo is entitled to deliver a product of the same quality and price value to the Customer. Depictions of the gold in the online customer login are for illustrative purposes only. The actual delivery claim of the Customer is only for a product of the same type or equal value.
Aurexo reserves the right to determine the standard units of the gold. This relates to the Aurexo Islamic Gold Dinar savings plan, gold bars with the weights 20g, 50g, 100g, 250g and 500g.
9. Prices and settlement
a) The price is valid at the time of the purchase, in particular when the order is placed and accepted. The price list will be in EUR (inclusive of VAT) shown on Aurexo’s platform at such time
b) For one-off investments, a set minimum deposit is specified in the price list.
c) For the monthly savings plan a monthly minimum savings amount is required specified in the price list. This will be for a fix term.
d) Payment: The Customer shall grant Aurexo a direct debit authorization for the collection of the monthly savings amount. Payment in cash is not permitted. Settlement of the gold sale is made exclusively cash-free. For one-off investments, payment via PayPal or “Sofort direct payment” is possible. However, must be agreed prior with Aurexo
e) The Consumer may increase the monthly savings amount at any time. In order for this to take place, a new agreement must be entered into. A reduction in the monthly savings amount is also permitted with the prior consent of Aurexo. This consent shall not be unreasonably withheld. With a reduction of monthly savings amount, agreed account fees and premium will not, not even pro rata, be reduced or refunded.
f) If the Customer has issued a direct debit authorization when making its binding offer, Aurexo is entitled to immediately charge the purchase amount to the relevant account of the Customer. Should Aurexo withdraw the amount but the transaction fails to be concluded, Aurexo warrants by way of a no-fault warranty promise, to reimburse the amount collected to the Customer's relevant account without delay.
g) If the transaction cannot be performed (e.g. due to insufficient funds), the Customer must bear additional costs according to the current price list.
h) With recovery of the monthly savings amount or payment of one-time investment, the Customer commissions Aurexo, to undertake the purchase of gold (a.m. fixing of "The London Gold Market Fixing Limited" plus consideration surcharge according to the valid price list) on their behalf. The smallest acquired unit is 1/10,000gram.
i) Aurexo generally acquires the gold on the open market in the name of and on behalf of customers. Purchases for savings plans in external business are carried out by Aurexo on the 5th Working Day following the redemption date. Purchases for one-off investments in external business are executed immediately by Aurexo at the soonest possible time, but not later than within 2 Working Days after receiving the payment. In proprietary trading, Aurexo is obliged to deliver to the Customer immediately upon receipt of the purchase price or assign the gold holdings to the portfolio of the Customer. In all cases, Aurexo will charge the customer the price of the gold according to the official price list to find at www.aurexo.co.uk.
j) If on the date of the planned purchase of gold, no gold is available from Aurexo's sources of supply, the gold purchase will be made at the next earliest possible date with prices in accordance with paragraph 9h).
k) Should the purchase of gold be or become subject to VAT, the agreed purchase price will be increased by the applicable VAT rate. Aurexo will then provide the Customer with the respective gross amount mentioned.
l) The transfer of ownership of the purchased gold to the Customer is made by posting of the gold purchase on the customer deposit account. Until full payment of the relevant delivery invoice, Aurexo reserves ownership of the purchased gold.
m) With prior notice, the Customer can at any time request delivery of the gold ordered and purchased for the Customer provided that the Customer has a minimum amount of 20g gold stock held by Aurexo. The delivery of gold is subject to denominations as set out in paragraph 8a) and takes place at the premises of Aurexo. A shipment is made at the expense of and only upon express request of the Customer. The Customer will be provided with details of the transport and security costs of delivery and no delivery will be made until payment of these is received.
n) Delivery denominations are only allowable in available denomination weights. For smaller amounts the Customer can only request the sale and realisation of the gold by Aurexo in accordance with Condition 12.
10. Fees and Expenses
a) Charges on the total cost (premium) will be levied on all agreed monthly gold savings plan and one-off investments. The individual price list for the items are listed in the current price list.
b) Aurexo reserves the right at its discretion to adjust the agreement based on prices and fees to the development costs. This will be derived from the price calculation which Aurexo time to time will review. An increase or decrease reflects mainly on the costs and charges. Aurexo will provide a written notification to the customer of the proposed changes to such charges and/or costs no earlier than six weeks prior to the planned effective date.
If the customer disagrees with the price adjustment, then they have the right to terminate the agreement up to the effective date of the price adjustment. This must be done in writing no late than 7 days prior to the adjustment date. If the Customer does not exercise this right, Aurexo will deem this to be approved. The notification will provide the outcome of such circumstances.
c) The full price of a lump sum investment is to be paid in advance. For a monthly savings plan, it may also be paid in advance in a lump sum or, as long as at least 75% of the price is covered by the current balance in the plan, the balance can be settled from future monthly contributions until the total cost is paid.
d) If the total cost is not paid, a maximum of 25% of incoming savings amounts for purchase of gold may be used. After payment of the cost of the purchase sum, purchase of the gold is made to the full amount of the incoming savings amount after deducting the monthly account fees. Ownership will not pass to the Customer until the full price is paid and Aurexo may exercise a lien over the gold for outstanding payments.
e) Account fees in accordance with the valid price list apply. For monthly purchases, account fees during the term of the savings agreement will be charged pro rata monthly with the incoming savings rates. If the Customer suspends his savings services, the fees will be deducted from the customer's portfolio holdings at a purchase price in accordance with Condition 12i).
f) If a fixed term has been agreed for a monthly savings agreement, the Customer commits to pay the monthly savings amounts to the agreed amount for the agreed term. However, the Customer has the right, during the premium payment period, to a one-off suspension of monthly payments for three (3) monthly savings amounts (i.e. for three months). The obligation to pay the monthly account fees remains unaffected. After completion of the costs eradication phase, or if the Customer has already paid the agreement costs (premium) in advance, the Customer has the right to at any time suspend payment of the savings amount. If the customer wants a suspension, it is obliged to issue Aurexo written notice. For all other transactions, fees according to the valid price list apply.
g) In case of non-payment due to a direct debit return and the resumption of payment by the Customer, a suspension of the gold purchase will occur up to the reference date of the gold purchase in the following month. The Customer will bear the costs according to the current price list.
a) Termination by the Customer
i) The Customer may terminate this agreement at any time, subject to a notice period of four (4) weeks to expire at the end of a calendar month, if no term or a diverging termination provision has been agreed.
ii) Should a term or a diverging termination provision for a business relationship be agreed, an ordinary termination can only be made a) with a notice period of two years as per the end of the month, if the agreement has been terminated within the first two years since it was entered into, or, if the agreement is more than 2 years, b) with a notice period of four weeks as per the end of the month. The right to terminate at will does not prejudice any right to terminate for breach.
b) Termination by Aurexo
i) If no term or a diverging termination provision has been agreed, Aurexo may terminate the agreement at any time with reasonable notice. In determining the notice period, Aurexo will take into account the legitimate concerns of the Customer.
ii) Should a term or a diverging termination provision for a business relationship be agreed, Aurexo may only terminate the agreement if there is good cause, which makes the continuation of the agreement unreasonable for Aurexo, taking into account the legitimate concerns of the Customer. Good cause exists in particular (but not exclusively) if the Customer does not or will not take part in the performance of identification and legitimization obligations to the necessary extent or provides false information regarding the person or beneficial owner.
iii) If the customer breaches the agreement, then the agreement will be terminated. Aurexo hold the rights to give the customer time to remedy the breach to enable the agreement to either continue to reactivate. Aurexo hold the rights to deem what breach amounts to a warning rather than a termination. Each breach is to be dealt with on its own individual merits. The customer will have opportunity to make written representations to Aurexo to consider.
c) Any statutory termination rights remain unaffected.
d) The termination must be in writing and may be made by mail, by fax or email. The terminated party is obliged to immediately acknowledge receipt of the termination in writing to the terminating party.
e) In the event of termination, Aurexo is entitled to retain all costs already received and fees received (only for the investment period), and if necessary demand payment of any still outstanding premium. The fees are included in the valid price list. However, the Customer is entitled to prove that these costs have not been incurred or incurred only to a limited extent. As long as outstanding premiums are not settled, Aurexo has the right to withhold any gold delivery to the customer in accordance with Section 9.m).
12. Sale of gold
a) The Customer has the right to request the sale of a portion or all of the quantity of gold holdings belonging to it at any time by Aurexo.
b) The willingness of Aurexo, advertised on the Internet or otherwise, to buy gold, does not constitute a binding purchase offer. It represents a non-binding invitation to the Customer to be able to sell gold to Aurexo.
c) When submitting a sell order to offer Aurexo purchase of gold by fax, letter or e-mail, the Customer enters, upon receipt of the sale order by Aurexo, a binding offer to conclude a sale agreement from the Customer.
d) When selling via the Aurexo internet platform, the Customer, in accordance with the individual steps listed below, makes a binding offer to conclude a sale agreement:
e) Together with the confirmation of receipt referred to in Condition 12 (d)(3) or by a separate notice, Aurexo shall notify the Customer of its acceptance (order confirmation) or if necessary of the rejection of the sell order. When approved, the sale agreement is concluded with an order confirmation. The order confirmation can be made by letter, fax, e-mail or (tacitly) by crediting of the sale proceeds to the reference account of the Customer. If an order confirmation or credit to the Customer reference account is not received by the Customer within seven (7) Working Days, the offer is ipso facto rejected by Aurexo.
f) The sale agreement will be stored by Aurexo after conclusion. For registered customers, i.e. a client with a customer ID and a password, it is possible to consult the text of the sale agreement using the "Aurexo Customer login" function even after concluding the sale agreement online. Furthermore, Aurexo will provide the Customer with the sale agreement contents including these terms and conditions after submission of his sell order at the latest upon sending of the order confirmation in text form.
g) Upon acceptance, Aurexo will process the sale at the earliest possible date, but no later than within seven (7) Working Days.
h) Aurexo will provide a binding purchase offer for sales order of the Customer for any gold quantity less than 20g and the customer savings plan holding is less than 20g. For any gold quantity equal to or above 20g Aurexo has the discretion to accept or reject any sales order of the Customer. In the event that Aurexo rejects the request, the Customer, after prior notice, is at any time entitled to delivery of its gold holdings in accordance with Condition 9 m).
i) The sale price payable by Aurexo corresponds to the currently applicable London gold price in GBP for the sale of this gold (a.m. fix of the "The London Gold Market Fixing Limited") minus a purchase reduction on the date of acceptance of the purchase in accordance with the currently valid price list. Sales tax may be deducted from the purchase price, if Aurexo is not entitled to pre-tax deduction.
j) The Customer grants Aurexo ownership of the gold sold. This is done by the granting of joint ownership by a fractional share in Aurexo located collective holdings of physical gold of the quality indicated in Condition 8.
k) Payment of the sale is made in GBP to the reference account specified by the Customer is made within two Working Days after transfer of ownership of the gold to Aurexo.
l) If, after an agreed period, the Customer issues no instructions to Aurexo regarding what to do with the gold owned by the Customer, Aurexo will perform the agreement until receipt of appropriate instructions for the agreed upon conditions. At the choice of the Customer, either a delivery of the gold in physical form of the quality defined in Condition 8 as well as transport and insurance costs or a buyback of gold by Aurexo in accordance with Condition 12 a)-f).
m) By clicking the "Sell" button, the Customer places the respective goods into the virtual shopping cart. This process is not binding and still does not represent a sale agreement offer. Before making a binding sell order, the contents of the business transaction, including customer data, is summarized on an overview page ("Order Summary"). There, the Customer can correct all data using the provided entry fields. By clicking on the confirmation button just below the order summary, the Customer makes a binding offer to Aurexo to conclude a sale agreement. (2) After submission of the offer, the Customer receives an automatically generated e-mail confirming receipt of the offer by Aurexo (confirmation of receipt). This confirmation of receipt does not constitute acceptance of the sale agreement. (3) The Customer can view these terms and conditions in their current version during Aurexo office business hours or download or print them at www.aurexo.co.uk. The Customer should immediately print the content of his sell order after its submission.
13. Heirs / executorship
Upon the death of the Customer, the legal relationship will continue with its heirs in accordance with the legal requirements. The heirs however, receive a special right of termination lasting 2 months from acknowledgment of the inheritance. After the death of the Customer, the appointed legal successor of the Aurexo customer must prove his inheritance entitlement to Aurexo. If an official or certified copy of the testamentary disposition (testament, agreement of inheritance) is submitted to Aurexo together with the relevant opening protocol, Aurexo may grant the person therein indicated as heir or executor of the will as the entitled person, right of disposal and transfer to him the corresponding assets, thereby discharging its obligations. This does not apply if it is known to Aurexo that the person designated therein is (e.g. following challenge or invalidity of the will) not authorized, or if this does not become known to Aurexo as a result of negligence.
14. Data protection
Aurexo maintains confidentiality of all customer-related information, especially their personal data and the overall business relationship. The collection, storage, modification, transmission, blocking, erasure and use of a Customer's personal data by Aurexo for the protection of personal data of customers is always carried out in accordance with the applicable data protection regulations and other legal regulations.
A transfer of personal data to third parties is made to participating parties exclusively for purposes of execution of the agreement and exclusively in the interest of Aurexo service partners, such as the staff responsible for the gold delivery logistics company. In cases where the Customer's personal data is transferred to such third parties, the amount of data disclosed is limited to the minimum necessary.
Aurexo will be compliant with the current legislation GDPR.
15. Amendment of terms
Changes to the terms and conditions will be communicated to the Customer in writing and shall be deemed approved unless the Customer objects in writing or by e-mail within a period of two months following notification. The consequences of which will be stated in the notification. The period starts from the receipt by e-mail or 3 days after its posting. If an explicit authorization by the Customer or the amended terms are considered approved following the objection period, the business relationship will continue in the future under the amended terms and conditions.
16. Agreement language, communication channels, reimbursement of expenses
a) The agreement language for this agreement is English. Therefore, all agreements and terms and conditions are available in English.
b) The Customer can get in touch with Aurexo by e-mail, post, phone or fax via the communication channels indicated in Condition 1.
c) As a rule, Aurexo will primarily contact the customer via e-mail or post.
d) A possible claim of Aurexo for reimbursement of expenses is subject to the statutory provisions.
Income from the purchase and sale of golds is generally subject to taxation. Depending on the particular tax law (in the UK, or abroad) similar capital gains tax on the payment of sale proceeds may therefore apply and is payable by the Customer to the respective tax authority.
The customer must seek own independent legal and financial advice in matters of tax. Aurexo hold no responsibility of advising or assisting in any tax issues for the customer.
18. Explicit risks
a) It should be noted that the storage of golds brings no return in terms of dividends or similar.
b) The price of golds is subject to fluctuations, over which Aurexo has no influence. These are the risk of changes in gold prices and exchange rate fluctuations.
c) The income generated by golds prices in the past is in no way a reliable indicator of future performance or appreciation.
19. Applicable law/Jurisdiction
The parties agree that the agreement shall be governed by and construed in accordance with the laws of England and the parties irrevocably submit to the exclusive jurisdiction of the English Courts."
Without prejudice to Condition 19 (Applicable law, jurisdiction), the parties recognize and agree that the principle of the payment of interest is repugnant to Shari’ah Law. Accordingly, to the extent that any applicable law would impose whether by contract or by statue any obligation to pay interest, the parties hereby undertake to enter into negotiations to waive and reject any entitlement to recover interest from each other.