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BC-3.1.5

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 Paragraphs BC-3.1.24 and BC-3.1.25);
(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-3.1.29 and BC-3.1.30);
(d) Appoint a customer complaints officer and publicise his/ her contact details (refer to Chapter BC-4 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 in the credit agreement in both Arabic & English languages;
(g) Show clearly the APR for instalment facilities and the annual rate of interest for other credit facilities 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-3.1.6).
January 2014