CBB Volume 1: Contents

Central Bank of Bahrain Volume 1—Conventional Banks
Part A
Business Standards
BC Business and Market Conduct
BC-4 Customer Account Services and Charges
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In addition to the initial disclosure of key terms noted in Paragraphs BC-4.3.17 to BC-4.3.21, the "key terms disclosure" document must at the time of signing the credit agreement, amongst other things, make clear:

(a) The detailed breakdown of the payments:
(i) The principalG amount being borrowed, the interest per month and the maturity of the credit agreement;
(ii) The net amount provided to the customer after deducting or applying any upfront or other charges;
(iii) The total interest payments and principalG repayment for the term of the credit agreement; and
(iv) The total administration/handling fees and any other fees and charges spread over the term of the credit agreement.
(b) The APR and the nominal annual rate as defined in Paragraphs BC-4.3.10 and BC-4.3.4(d) respectively;
(c) Whether the rate of interest is fixed or can be varied, and under what circumstances;
(d) The basis on which interest is charged (e.g. actual reducing balance) and applied to the account (e.g. monthly or quarterly compounding) and whether principalG repayments are taken into account in the calculation, together with an illustration of the calculation method;
(e) The detailed costs associated with "top-ups" of credit agreements or other alternative arrangements for extending additional credit or early repayments, whether partial or full, of amounts due including the treatment of remaining interest and the payment of premium for insurance;
(f) Any late payment charges;
(g) The annual interest rate and credit limit being offered for credit agreements such as credit cards and overdrafts; and
(h) Any other charges related to the credit agreement not included above.
Amended: January 2019
Added: October 2012
(2 Versions)
Oct 1 2012 - Dec 31 2018Jan 1 2019 onwards
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