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  • Article 10: Financial Inclusion

    • 10.1 Inclusion

      • 10.1.1 General Provisions for Inclusion

        1. 10.1.1.1Vulnerable Consumers are Consumers who, due to their personal circumstances, are particularly susceptible to abuse, discrimination and harm, especially when Licensed Financial Institutions do not act with appropriate levels of fairness and due care. Vulnerable Consumers normally encompass low-income, Minority Groups, People of Determination or any other disadvantaged groups.
        2. 10.1.1.2Licensed Financial Institutions must demonstrate to the Central Bank their compliance with the provisions of Federal Law No. (29) of 2006, In Respect of the Rights of People with Special Needs and any subsequent amendments or relevant laws.
        3. 10.1.1.3Licensed Financial Institutions must ensure vulnerable Consumers have access to services provided by Licensed Financial Institutions on equivalent terms with others Consumer.
        4. 10.1.1.4Licensed Financial Institutions must incorporate anti-discrimination principles into their internal code of conduct in accordance with Article 3: Institutional Oversight. The anti-discrimination principles are to ensure that Licensed Financial Institutions must, with due skill, care and diligence, act fairly, honestly and professionally in their relationship with all Consumers, regardless of their religion, gender, age, income level, and marital status.
        5. 10.1.1.5Licensed Financial Institutions must ensure their public information is available in written, verbal and/or digital formats that are suitable to Consumers from vulnerable groups. The use of plain language content and method of delivery of information to such Consumers should be focus tested before distribution.
        6. 10.1.1.6The Board and the Senior Management of Licensed Financial Institutions must ensure financial product and service design, business operations, premises and processes are made suitable and accessible to Consumers across different vulnerable groups.
        7. 10.1.1.7Licensed Financial Institutions must review its Retail Operations annually for the purpose of identifying and eliminating any unreasonable barriers to the use of the Financial Products and/or Services that may be faced by Consumers who are People of Determination.
        8. 10.1.1.8Relevant Staff of Licensed Financial Institutions must be trained on an annual basis to identify, assist and serve Consumers in vulnerable groups. Staff are expected to adhere to the Institution’s service standard for Consumers in vulnerable groups.

      • 10.1.2 Inclusion of Vulnerable Groups

        1. 10.1.2.1This Section must be read in conjunction with Fair Treatment of Financially Distressed Consumers of Article 5: Business Conduct of these Standards.
        2. 10.1.2.2Pursuant to Clause 5.1.2.1 of Article 5: Business Conduct, Licensed Financial Institutions must be transparent and always disclose the lowest cost option of its Financial Products and/or Services to Consumers. Such Financial Products and/or Services include, but are not limited to, current, savings and/or call accounts. Licensed Financial Institutions should provide products and services that have minimum requirements such as minimum salary, minimum balance and can offer low fees.
        3. 10.1.2.3Licensed Financial Institutions should respect the intended Consumer rights set out in Article (123) on Inclusion, Decretal Federal Law No. (14) of 2018, Regarding the Central Bank & Organization of Financial Institutions and Activities.
        4. 10.1.2.4Licensed Financial Institutions should ensure branches and points of services used for public access and ATMs can accommodate the needs of vulnerable Consumers. The Central Bank may carry out periodic verification in line with the international standards of public access.
        5. 10.1.2.5Licensed Financial Institutions must undertake regular reviews of all publicly available information and contracts to ensure that the content and delivery of information is suitable to People of Determination. All information regarding financial product features, risks, terms and conditions must be suitable for and comprehensible to vulnerable Consumers.
        6. 10.1.2.6Licensed Financial Institutions must consider the provision of Financial Products and/or Services for residents in remote regions. Licensed Financial Institutions must assess when locating and relocating Consumer service location, the distance Consumers’ in remote locations must travel to access financial product and/or services and consider options to service those needs.
        7. 10.1.2.7Licensed Financial Institutions must serve elderly and technologically illiterate Consumers with trained Staff and interactive guides to help them use mobile applications and online services. Service must include awareness of ways to protect Consumers from fraud and cyber-attacks.
        8. 10.1.2.8Provision of services for Consumers who are illiterate and do not have a nominated representative must include, but not be limited to, audio information about financial products and contracts that do not exclude or distort any information to ensure that such Consumers make informed decisions.
        9. 10.1.2.9Licensed Financial Institutions should inform illiterate Consumers that they may choose to conduct interactions with their Licensed Financial Institution in the presence of their trusted Person such as an advisor, family member or friend.

    • 10.2 Gender and Racial Equality

      • 10.2.1 General Provisions for Gender and Racial Equality

        1. 10.2.1.1Licensed Financial Institutions, without prejudice to Data privacy and confidentiality, must regularly collect, analyze, and track Data aggregated by gender, income level, age and marital status in order to assess the differences in access to services and quality of services provided based on this Data. The analysis will identify any possible issues of inequality on the grounds of gender, income level, age and marital status. Licensed Financial Institutions must document its evaluations and findings for review by the Central Bank.
        2. 10.2.1.2Licensed Financial Institutions must establish and implement a procedure to annually train Staff to provide service equally regardless of family status, gender, Minority Group status or age of Consumer.