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5. Lending Application Special Controls

No: 202200000245 Date(g): 21/4/2022 | Date(h): 20/9/1443 Status: In-Force

Effective from Apr 21 2022 - Apr 20 2022
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The controls below should be implemented by lending companies in addition to the above mention controls. 
 
5.1.Member Organization should have process implemented to assure the recipient IBAN belongs to the loan requester.
 
5.2.Member Organization should use a trusted and authorized digital signature provider.(see appendix A for additional details)
 
5.3.Ensure a process is implemented to securely create, save and manage promissory note by using national trusted party (e.g. Nafith)
 
5.4.Member Organization should implement a process to call the customer to confirm the loan request.
 
5.5.SMS notification should be sent with customer when:
 
 a.User submitted the request.
 
 b.When the loan request is approved or denied.