Article Eleven
| No: 7133/99 | Date(g): 3/10/2019 | Date(h): 4/2/1441 |
Effective from 2019-10-03 - Oct 02 2019
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The Microfinance Company shall set written policies, rules and procedures for finance in line with its activity nature, and ensure their implementation, including, as minimum, the following:
| a | Rules and conditions for granting Finance and its procedures. | |
| b | Standards and procedures for assessing the economic feasibility of the activity or the production assets to be financed and the borrower’s ability to repay. | |
| c | Procedures to ensure the usage of the finance amount for the purpose specified in the contract. | |
| d | Procedures for monitoring finance performance, and providing advice and guidance to the borrower according to the case. | |
| e | Procedures and controls for collection due installments as well as procedures for dealing with cases of default. | |
| f | Measures of calculation finance cost. |