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  • General Rules

    • BC-1.4.5

      Where a customer has a credit agreement with a licensee, licensees must:

      (a) Duly inform their customers in accordance with this Module about the nature and the characteristics (including relevant risks) of the credit agreements and services offered by them, and about the terms and conditions governing such agreements;
      (b) Periodically inform, in writing, their customers on the evolution and the terms of any credit agreement signed, throughout the duration of the contract (refer to Paragraph BC-1.4.17);
      (c) Respond in due time, to customers' requests for the provision of information and clarifications regarding the application of contractual terms (refer to Paragraphs BC-1.4.21 and BC-1.4.22);
      (d) Appoint a customer complaints officer and publicise his/her contact details (refer to Chapter BC-2 on Customer Complaints Procedures);
      (e) Ensure the proper training of employees involved in interfacing and providing specific information to customers;
      (f) Disclose information required in this Module the credit agreement in both Arabic & English languages;
      (g) Show clearly the APR on the credit agreement application and 'key terms disclosure' document; and
      (h) Disclose all information in a clear and readable form (refer to Paragraph BC-1.4.6).
      January 2014

    • BC-1.4.6

      Marketing of customer credit agreements, advertising and sales promoting credit agreements, irrespective of the media used (SMS, Internet, printed material, telephone solicitation) must be clear and understandable, must be true and not misleading and meet the basic customer information requirements as defined in this Module. Licensees are also asked to take special care to ensure that the content of any advertising material does not mislead or deceive the public in any way.

      Amended: July 2021
      January 2014

    • BC-1.4.7

      The use of "small print" to make potentially important information less visible is not compatible with good business conduct, and should be avoided.

      January 2014