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11.1.2 Early Settlement Fee

C 8/2020 STA يسري تنفيذه من تاريخ 25/12/2020
  1. 11.1.2.1IFIs must adhere to the Early Settlement Fee requirements set by the Central Bank and disclose this fact to their Consumers.
  2. 11.1.2.2In the event that the Central Bank mandates the IFI to waive a part of the outstanding debt in case of early settlement, the IFI must comply with the Permissible limits of debt/liability IFIs are allowed to retain prescribed by the Central Bank in accordance with the relevant HSA resolutions.
  3. 11.1.2.3Licensed Financial Institutions must not impose Early Settlement Fees except in relation to the actual costs incurred by the Licensed Financial Institutions as a result of the early settlement process and in accordance with the HSA resolution on early settlement No. (76/3/2019), and these principles should be considered in the product disclosure statements while ascertaining transparency and truthfulness of the information.