• BC-A BC-A Introduction

    • BC-A.1 BC-A.1 Purpose

      • BC-A.1.1

        This Module contains requirements that have to be met by financing company licensees with regards to their dealings with customers. The Rules contained in this Module aim to ensure that financing company licensees deal with their clients in a fair and open manner, and address their customers' information needs.

        January 2014

      • BC-A.1.2

        The Rules build upon several of the Principles of Business (see Module PB (Principles of Business)). Principle 1 (Integrity) requires financing company licensees to observe high standards of integrity and fair dealing, and to be honest and straightforward in their dealings with customers. Principle 3 (Due skill, care and diligence) requires financing company licensees to act with due skill, care and diligence when acting on behalf of their customers. Principle 7 (Client Interests) requires financing company licensees to pay due regard to the legitimate interests and information needs of their customers, and to communicate with them in a fair and transparent manner.

        January 2014

      • Legal Basis

        • BC-A.1.3

          This Module contains the CBB's Directive (as amended from time to time) on business conduct by financing company licensees, and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 (CBB Law). The Directive in this Module is applicable to all financing company licensees.

          January 2014

        • BC-A.1.4

          For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.

          January 2014

    • BC-A.2 BC-A.2 Module History

      • BC-A.2.1

        This Module was first issued in January 2014 by the CBB. Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

        January 2014

      • BC-A.2.2

        A list of recent changes made to this Module is provided below:

        Module Ref. Change Date Description of Changes
        BC-3.5 10/2015 Added new Section on credit check reports.
        BC-3.6 07/2016 Added new Section on transaction advice.
        BC-5 01/2017 Added new Section on Cheques
        BC-3.7 04/2018 Added new Section on Fees and Charges for Services Provided to Individuals.
        BC-3.1.28A 07/2018 Added new Paragraph on existing "Early Repayment" requirements.
        BC-3.1.22 01/2019 Amended Paragraph on initial disclosure of charges by licensees.
        BC-3.1.24 01/2019 Amended Paragraph on disclosure to individual customers.
        BC-3.1.25A 01/2019 Added a new Paragraph on Rounding off in Transactions.
        BC-3.8 07/2019 Added a new Section on Interest on Credit Card Transactions.
        BC-4.3.14 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-4.5.6 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-4.7.1 - BC-4.7.3 04/2020 Amended Paragraphs adding reference to CBB consumer protection.
        BC-C 10/2020 Added a new Chapter on Provision of Financial Services on a Non-discriminatory Basis.
        BC-3.9 10/2020 Added a new Section on Fund Transfers by Customers of Payment Service Providers (PSP).
        BC-3.10 04/2021 Added a new Section on Merchant Fees on Payments to Zakat and Charity Fund.

      • Superseded Requirements

        • BC-A.2.3

          This Module supersedes the following provisions contained in circulars or other regulatory requirements:

          Document Ref. Document Subject
          Volumes 1 and 2 Module BC
          EDBS/KH/C/73/2018 Rounding off in Transactions
          Amended: January 2019
          January 2014