BC-1.4.4
For the purpose of this Section, the following definitions apply:
(a) Conspicuous notice – Means a written statement in both Arabic and English languages which is easily visible and legible and displayed in all licensees' premises open to the public (head offices and branches ), and via means such as websites, newspapers and other press notices;
(b) Nominal annual rate – Means the interest/profit rate charged to the customer , calculated by dividing the amount of the total interest/profit by the amount of the funds provided to the customer and excluding any other charges, the results of which is divided by the number of years or part thereof, of the term of the credit agreement;
(c) Outstanding credit amount – Means the amount outstanding under a credit agreement representing the amount of funds provided to the customer and any other charges that are included as part of the principal amount to be repaid by the customer over the duration of the agreement less any repayment made related to the principal amount at a specified date; and
(d) Principal – Means the amount of credit received plus any other charges, the total of which is subject to interest/profit.
January 2014