Regulatory Alerts2016-01-01
Decision of the Board of Directors of the Authority No. (15) of 2016
The Financial Regulatory Authority issued Decision No. (15) of 2016 to amend the regulatory framework for microfinance activities conducted by associations and civil society institutions. The amendment adds Article 25, which mandates that licensed entities must accept clients' requests for modified repayment on existing financing contracts. It authorizes these entities to deduct the financing cost for the modification month and impose an early settlement commission not exceeding 5% of the remaining outstanding balance.
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