Regulatory Alerts2019-06-25
Added · Updated
Self-Employment National Program Inihad Loan Application Form
The Central Bank issues the standardized application form for the Self-Employment National Program "Inihad" to licensed banks. The document mandates specific commitments from beneficiary banks, including prohibitions on using loans for existing facility settlements or investment purposes, and requirements to maintain fixed re-lending rates. It further authorizes the Central Bank to debit loan values from bank accounts and liquidate collateral or government securities in cases of repayment delays. Banks must also comply with due diligence and anti-money laundering screening obligations when processing these loans.