Last updated: Jan 18, 2022

Referral Bonus Program

  1. Referral Bonus Program is valid for existing qualifying customers who have successfully completed a referral.
  2. A referral cannot be given to an existing or a previous Baraka customer.
  3. Free Credit are only awarded if the referred customer has been onboarded, funded their account, made their first trade, and used a valid referral code during sign up.
  4. For a referrer to be eligible for Free Credit, they must have been already onboarded and verified.
  5. The Free Credit will be a random value. The probability is weighted, so higher values will be rarer.
  6. The cash proceeds from a sale of a stock purchased using Free Credit may be withdrawn no earlier than 60 calendar days after the execution of the trade using Free Credit.
  7. The offer is only available where the referred customer is eligible and accepted as a Baraka customer. This applies to legal residents of a Gulf Co-operation Council country who are 18 years or over in age. We reserve the right to refuse to onboard an applicant customer.
  8. Baraka may remove or vary the Free Credit at any time for any customer or decline requests to participate in the Referral Bonus Program at our sole discretion.
  9. Neither receiving Free Credit through this program nor any mentions of particular securities in our communications as part of this referral program represents a recommendation to buy, sell, or hold any particular security.
  10. We may keep the customer who referred the recipient up to date on how far through the process the recipient is; and display the recipient’s name in their account.
  11. Employees, contractors, advisors, or persons associated with Baraka or a Baraka affiliate; members of their household; and employees of any securities regulatory organization or exchange are not eligible.
  12. Neither identification nor receipt of Free Credit through this Referral Bonus Program constitutes (a) investment advice or (b) a solicitation of any security or recommendation in connection with the purchase or sale of such security.
  13. Baraka shall not be liable to you for any loss of value of the stock purchased using the Free Credit.
  14. We reserve the right to change or terminate the Referral Bonus Program terms at any time without notice. You expressly acknowledge and accept that you shall have no liability or recourse whatsoever against us, or any legal entity or member of the Baraka group, in respect of our amendment or termination of the Referral Bonus Program.
  15. You shall be solely liable for any tax obligations arising out of your receipt and/or sale of a stock because of earning Free Credit. Please consult with a tax advisor if you are unclear as to the tax treatment of this reward or any tax implications associated with the receipt of the Free Credit.
  16. The Free Credit can only be redeemed for stock purchases in the Baraka app.
  17. Free Credit redemption requests cannot be amended or cancelled once they are placed by the customer.
  18. We reserve the right to disqualify a customer at any time if in our sole discretion if we determine that such person has acted fraudulently or dishonestly in any way and at any time during the Free Stock Program. We reserve the right to cancel (without any obligation to compensate) the award of any Free Credit made to a customer if we determine, in our sole discretion, that such person has participated fraudulently or with any intention to defraud us.
  19. Any data we collect and store from you in connection with the Referral Bonus Program shall be held by us in compliance with the Dubai International Financial Centre’s legislative and regulatory data protection framework.
  20. Should you have a complaint, kindly submit your complaint in writing to:
  21. Our Terms and Conditions apply