Regulatory Alerts2016-01-01
Decision of the Board of Directors of the Authority No. (16) of 2016
The Financial Regulatory Authority issued Decision No. (16) of 2016 to amend the regulatory framework for microfinance companies. The decision mandates that all licensed microfinance firms must accept customer requests for early repayment on existing financing contracts. It authorizes these firms to deduct the financing cost for the repayment month and charge an early repayment commission not exceeding 5% of the remaining outstanding balance.
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