One of the Central Bank’s objectives, as mandated by the Decretal Federal Law No. 14 of 2018 Regarding the Central Bank & Organization of Licensed Financial Institutions and Activities, is to establish Regulations and Standards for protection of Consumers of Licensed Financial Institutions. This Regulation and the accompanying Standards are issued pursuant to the powers vested to the Central Bank according to Article (121) of the aforementioned Decretal Federal Law.

This Regulation is intended to ensure protection of Consumers’ interests in their use of any financial product and/or service or relationship with Licensed Financial Institutions. This Regulation is principles based and provides a broad scope of conduct expected from Licensed Financial Institutions. The Regulation will be supported by Standards whereby the Central Bank will define regulatory requirements to ensure consistent interpretation and implementation of this Regulation.

By introducing this Regulation & the accompanying Standards, the Central Bank will ensure that the Licensed Financial Institutions’ approach to Consumer Protection is in line with international standards. This Regulation and the accompanying Standards establish the overarching Regulatory framework for Licensed Financial Institutions in relation to Consumer protection in and of Licensed Financial Institutions in the State. These Regulations & the accompanying Standards must be interpreted in conjunction with other regulations, including but not limited Shari’ah compliance regulations.