Authorised Agent: a commercial representative of a Licensed Financial Institution, which undertakes to enter into transaction in the name and for the account of, the Licensed Financial Institution. The Licensed Financial Institution shall be liable for any actions, transactions and contracts entered into by the authorised agent.

Bank: a juridical person licensed in accordance with the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities, to primarily carry out the activity of taking deposits, and any other Licensed Financial Activities.

Bank Account: for the purposes of this Regulation, a Bank Account is a transactional basic business bank account that allows the making of payment, deposit and withdrawal of funds.

Board: a Licensed Financial Institution’s Board of Directors (Owners/Partners in the absence of a Board of Directors).

Borrower/Financee: a Customer to which a Licensed Financial Institution provides Credit as a Service and/or Product.

Central Bank: the Central Bank of the United Arab Emirates.

Central Bank Law: Decretal Federal Law No. (14) Of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities and its amendments

Complaint: an expression of dissatisfaction by a Small to Medium sized Enterprise with a product, service, policy procedure or action by the Licensed Financial Institution that is presented to the Licensed Financial Institution in writing or verbally.

Compliance of an IFI with Islamic Shari’ah refers to compliance with Shari’ah in accordance with:

1. resolutions, fatwas, regulations, and standards issued by the Higher Shari’ah Authority (“HSA”) in relation to licensed activities and businesses of IFIs (“HSA’s Resolutions”); and
    
2. resolutions and fatwas issued by Internal Shari’ah Supervision Committee (“ISSC”) of the respective IFI, in relation to licensed activities and businesses of such institutions (“the Committee’s Resolutions”), provided they do not contradict HSA’s Resolutions.

Customer: for the purpose of this Regulation, a Customer is a Small to Medium Sized Enterprise as herein defined who obtains or may prospectively obtain Financial Services and/or Products, with or without charge.

Credit Information Agency: Al Etihad Credit Bureau and any credit information agency established for the purpose of credit reporting requirements.

Credit products: products that provide funding including any advance, loan/financing or other facility in whatever form, including the giving of a guarantee or undertaking of any surety obligation for a Customer.

Fee: any fees, charges, penalties and commissions incurred on a Product and/or Service.

Finance Company: any juridical person licensed in accordance with the Finance Companies Regulation issued via Circular No. 112/2018 on 24/04/2018.

Financial Crime Compliance: includes compliance with, but not limited to, all applicable fraud, anti-money laundering, counter-terrorism financing, sanctions, bribery and corruption laws, rules and regulations.

This Regulation does not impose, reduce or modify any requirements pertaining to the compliance with all laws, rules and regulations relating to Financial Crime Compliance.

Financial Products and/or Services: Products and/or Services (including stored value facilities) provided by Licensed Financial Institutions, with or without charges, through their financial activities. It will be referenced to as Products and/or Services in this Regulation.

Higher Shari’ah Authority (HSA): The Central Bank’s Higher Shari’ah Authority for financial and banking activities, formed by virtue of the Cabinet’s Resolution No. (1/و5/102) of 2016 and referred to in article 17 of the Central Bank Law

Internal Shari’ah Supervision Committee (ISSC): An independent committee established within each Licensed Financial Institution that carries on all or part of its activities and businesses in accordance with the provisions of Islamic Shari’ah. Membership of this committee shall consist of experienced specialists in Islamic financial and banking transactions jurisprudence. The said committee shall undertake Shari’ah supervision of all businesses, activities, products, services, contracts, documents and conduct of business charters of the concerned institution and shall approve them and establish their respective Shari’ah requirements, within the framework of the rules, principles and standards set by the Higher Shari’ah Authority, in order to ensure compliance thereof with Shari’ah Fatwas or opinions issued by the Committee shall be binding.

Islamic Financial Institution (IFI): the Licensed Financial Institution that carries on all or part of its activities and businesses in accordance with the provisions of Islamic Shari’ah.

Licensed Financial Activities: The financial activities subject to Central Bank licensing and supervision as specified in Article (65) of the Central Bank Law.

Licensed Financial Institutions: Banks and Finance Companies licensed in accordance with the provisions of the Central Bank Law to carry on a Licensed Financial Activity or more, including those which carry on the whole or a part of their business in compliance with the provisions of Islamic Shari’ah, and are either incorporated inside the State, or have branches, subsidiaries or representative offices inside the State.

Market: the financial Market where Licensed Financial Institutions promote and/or sell Financial Products and/or Services and compete for Customers who are SMEs.

Market Conduct: Market Conduct is the focus on Licensed Financial Institutions' Market place actions, behavior and practices that are applied in providing Financial Products and/or Services to the market.

Permissible: any action that is specifically permitted by regulation or standards, or any actions which the Consumer is allowed by laws, rules and regulations to agree to and is confirmed by expressed consent.

Regulation: any resolution, legislation, circular, rule, instruction, standard or notice issued by the Central Bank.

Senior Management: the executive management of the Licensed Financial Institution responsible and accountable to the Board (or Owner/Partners where there is no Board of Directors) for the sound and prudent day-to-day management of the Licensed Financial Institution, generally including, but not limited to, the chief executive officer, chief financial officer, chief risk officer and heads of the compliance and internal audit functions.

Small to Medium Sized Enterprises: For the purposes of this Regulation, the words and acronym SME includes small, micro and medium businesses, provided that the businesses meet the thresholds of employee headcount and turnover, as defined by the Federal Cabinet Resolution No. 22 of 2016 which sets out the Small to Medium sized Enterprise definition for the purposes of Federal Law No. 2 of 2014 or any subsequent amendments to the Federal laws defining a SME:

1. Medium Enterprise:
   Trading Sector 51 – 200 employees; or < AED 250 million annual revenues; Manufacturing Sector 101 – 250 employees; or < AED 250 million annual revenues; Service Sector 51 – 200 employees; or < AED 200 million annual revenues.
    
2. Micro Enterprise:
   Trading Sector < 5 employees; or < AED 3 million annual revenues; Manufacturing Sector < 9 employees; or < AED 3 million annual revenues; Service Sector < 5 employees; or < AED 2 million annual revenues.
    
3. Small Enterprise:
   Trading Sector 6 – 50 employees; or < AED 50 million annual revenues; Manufacturing Sector 10 – 100 employees; or < AED 50 million annual revenues; Service Sector 6 - 50 employees; or < AED 20 million annual revenues.

Staff: one or more employee(s) of the Licensed Financial Institution or third parties acting in any capacity for or on behalf of the Licensed Financial Institution.