– Take the necessary steps to ensure that SME customers understand the terms and conditions of financial products and services.
– Provide credit only in the amount that the SME customer can service.
– Disclose the reason for rejection of SME customers’ application for credit.
– Employ suitably qualified staff to deal with SME customers.
– Inform SME customers of the key characteristics of products and services, including risks, costs, fees, interest or profit rates, and locked terms.
– Ensure that all their authorised agents (commercial representatives of Licensed Financial Institution) comply with the CBUAE regulation.
– Provide impartial credit counseling services to their borrowers who face difficulties with servicing their debt;
– Incorporate and uphold Shari’ah principles when providing Islamic financial services.
Licensed financial institutions (LFIs) are also required to:
– Charge reasonable fees.
– Allow SME customers to easily switch their relationships between LFIs.
– Refrain from excessive pressure on SME customers in the collection of debts