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  • BC-1.2 BC-1.2 Advertisements

    • BC-1.2.1

      Islamic retail bank licensees must allow a means for customers to opt-out from receiving promotional or advertisement material through email, SMS, WhatsApp or other communication means should such customers want to opt-out. The opt-out can be in writing or electronically.

      Amended: January 2022
      Deleted: July 2021
      Added: July 2012

    • BC-1.2.2

      The CBB may, at its discretion, require the licensee to withdraw the advertisement or any material thereof, if it believes that the advertisement is not compliant with the requirements of this Module or that it has a negative impact on the financial sector or on the society.

       

      Amended: January 2022
      Deleted: July 2021
      Amended: April 2013
      Added: July 2012

    • BC-1.2.3

      Islamic retail bank licensees must ensure that advertisements:

      a) Are clear, fair, accurate and not misleading;
      b) Are simple to understand and presented in a way that is likely to be understood by the average person to whom it is directed; 
      c) Clearly state what the letters stand for if acronyms are used (for e.g. APR);
      d) Font size for all advertisements must be clear and readable, including footnotes;
      e) Terms and conditions are easily accessible by customers;
      f) Any concessionary offer/promotion in an advertisement contains the validity period of such offer/promotion;
      g) Clearly present any comparison or contrast (if any) in a fair and balanced way. Such comparison or contrast must be meaningful and presented in general terms, i.e. banks must avoid making direct comparisons of their products with those of their competitors;
      h) Are publicly announced by the licensee only;
      i) Clearly state the name of the bank, bank logo, and contact details;
      j) The name of the product and its details are clear to the customers;
      k) Include a proper link to the terms and conditions including fees and charges;
      l) Include a statement that the bank is licensed by CBB as a Islamic retail bank licensee; and
      m) Do not make use of the name of CBB in any advertisement in such a way that would indicate endorsement or approval of its products or services.

       

      Added: January 2022

       

    • BC-1.2.4

      Islamic retail bank licensees must ensure that advertisements do not:

      a) Include the expression ‘profit free’ or any similar expression when there is implicit profit embedded in the product or service;
      b) Include the descriptions of product or service as ‘free’ or ‘with no cost’ or any similar expression if any type of fee would be imposed;
      c) Include the descriptions of feature of a product or service as ‘guaranteed’ or ‘secured’ or use a similar expression unless the bank communicates all the necessary information, and present that information with sufficient clarity and prominence to make the use of that term fair, clear and not misleading;
      d) Contain any statement such as “the best in”, “the most competitive”, “the best rate in”, “the first in”, ‘the highest’ or ‘the lowest’ or ‘the best’ in the market unless it is fully supported by evidential documents;
      e) Emphasise any potential benefits of a product or service without also giving a fair and prominent indication of any relevant risks; and
      f) Disguise, omit, diminish or obscure important information, statements or warnings.

       

      Added: January 2022

    • Digital Advertisements

      • BC-1.2.5

        Islamic retail bank licensees must ensure that each digital advertisement through the internet/social media (e.g. Twitter, Instagram, WhatsApp, Facebook, web page, etc.) complies with the requirements in this Section.

         

        Added: January 2022

      • BC-1.2.6

        Where a licensee publishes customer feedback/review on the internet/social media, it must display both positive and negative feedback/review.

        Added: January 2022