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  • General Requirements

    • BC-1.1.5

      The requirements of Paragraph BC-1.1.4 do not apply to promotions or giveaways generally offered and selected through draws to customers on an ad hoc basis (at no cost to the customer, implicit or otherwise). In such cases, there is no direct link between the acquisition of the products or services by the customers and the periodic raffle draw/lotteries.

       

      Amended: January 2022
      Amended: July 2015
      Amended April 2011
      Added April 2008

    • BC-1.1.6

      While there is to be no formal restriction on the types of incentive which may be used by institutions, care should be taken to ensure that promotional schemes do not negatively affect the integrity, reputation, good image and standing of Bahrain and/or its financial sector, and do not detrimentally affect Bahrain's economy.

      Amended: April 08
      October 07

    • BC-1.1.7

      Bearing in mind the reputation of, and the requirement to develop, the financial sector in Bahrain, as well as the need to act at all times in the best interests of the customer, retail Islamic bank licensees need to take adequate care to ensure that promotional schemes do not unreasonably divert the attention of the public from other important considerations in choosing an institution or a banking/financial product.

      Amended: April 08
      October 07

    • BC-1.1.8

      All documentation concerning promotional schemes should be in Arabic and English and, if relevant, any other language necessary for customers to fully understand and appreciate their terms and conditions. Such terms and conditions, including any related advertising, need to be clear, concise, truthful, unambiguous and complete so as to enable customers to make a fully informed decision.

      Amended: April 08
      October 07

    • BC-1.1.9

      Customers to whom promotional schemes are directed should enjoy equal opportunity in terms of access to, and treatment within, such schemes.

      Amended: April 08
      October 07

    • BC-1.1.10

      No costs (including funding costs), charges or levies associated with promotional schemes should be concealed from prospective customers.

      Amended: April 08
      October 07

    • BC-1.1.11

      All materials related to promotional schemes, particularly where raffles/lotteries etc. are concerned, must be maintained for a minimum period of 5 years (see Paragraph OM-7.3.4).

      Amended April 2011
      Amended April 2008
      October 2007

    • BC-1.1.12

      Any raffles/lotteries etc. held as part of promotional schemes should be independently monitored (e.g. by the institution's external auditor) and adequate systems put in place to ensure fair play and impartiality.

      Amended: April 08
      October 07

    • BC-1.1.13

      An appropriate system must also exist for informing participants of the results of a raffle without delay. Institutions must note that raffles may be subject to rules and requirements (including prior authorisation/approval) laid down by the Ministry of Industry and Commerce.

      Amended: July 2015
      Amended April 2011
      Amended January 2011
      Amended April 2008
      October 2007

    • BC-1.1.14

      Retail Islamic bank licensees may use small 'gifts' as an inducement to members of the public to use banks' services, provided such gifts are offered on a general basis and have a low monetary value.

      Amended: April 08
      October 07

    • BC-1.1.15

      Due note should be taken of the overriding provisions of Bahrain (and any other relevant) law in relation to institutions' duties to customers to the extent (if any) that promotional schemes might impact on such duties.

      Amended: January 2011
      Amended: April 2008
      October 2007