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This regulation has been amended and clarified by the following notices respectively Notice No. (E 28/02/2011), Notice No. (N 2705/2012), Notice No. (N 4501/2011), Notice No. (N 13/1187/2013), Notice No. (N 22/2017), Notice No. (N 193/2018), Notice No. (N 3986/2019), Notice No. (N 5060/2019) and Notice No. (N 2535/2022). |
Following review of reports on loans and other services offered to individual customers, and banks’ responses to the questionnaire previously sent, titled “Personal Consumer Loans”, and pursuant to provisions of Article 5, Article 18, Article 94 and Article 96 of Federal Law No. 10 of 1980, Regarding the Central Bank, the Monetary System & Organization of Banking, the Central Bank has decided that all banks must abide by the provisions of these regulations, at all times.
The objective of these regulations is to determine the relationship between banks conventional and Islamic) and finance companies on the one hand, and their individual customers on the other, in a...