2.8.2 Disclosures with or upon application
| No: م أ ق/15631 | Date(g): 2/5/2012 | Date(h): 11/6/1433 | Status: In-Force |
Effective from Jan 31 2025 - Jan 30 2025
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A prepaid payment service issuer shall disclose the following with or on an application:
| a) | All charges and fees, if any, associated with the use of the instrument, including: | ||
| 1) | Fees for issuance, or availability, such as any annual or other periodic fee, expressed as an annualised amount, or any other fee that may be imposed for the issuance or availability of the prepaid payment service, including any fee based on card activity or inactivity; | ||
| 2) | Minimum commission charge or any minimum or fixed commission charge that could be imposed upon completion of a certain period; | ||
| 3) | Transaction charges or any transaction charge imposed for the use of the payment device for purchases and/or any conditions attaching to such charges; | ||
| 4) | Cash withdrawal fees. Any fee imposed on cash withdrawals from the account (if cash withdrawals are allowed); | ||
| 5) | Any other fee or penalty fee imposed in connection with the usage of the prepaid payment service account. | ||
| b) | The terms and conditions relating to the redemption of the value remaining on the prepaid account. For illustrative purposes, table 2 outlines the "beneficial ownership" of funds held on sub-record accounts. | ||
| c) | The rights and liabilities of the contracting entity (an individual or a juristic person or government entity) must be summarised in a set of Terms and Conditions, which shall meet the disclosure requirements contained in these Regulatory Rules; | ||
| d) | The time limits during which the contracting entity (an individual or a juristic person or government entity) has the right to cancel the prepaid payment service agreement after it has been signed (the cooling off period); | ||
Table 2: Beneficial owners of funds on prepaid accounts in specific cases
Beneficial Owner |
Cardholder |
Contracting entity |
Account Party Account Type |
| Employee | Employee | Employer | (Payroll Card) |
| Child* | Child | Guardian | Youth Card (U18) |
| Student | Student |
University\Student |
(Student Card) |
| Visitor | Visitor | Committee/visitor | Visitor Card (e.g. Hajj and/or Umrah) |
| Householder | Domestic Staff | Householder | (Household Card) |
| Company | Co. Employee | Company | Company Card (Petty Cash) |
| Welfare Recipient | Welfare Recipient | Government | (Welfare Card) |
| Cardholder# | Cardholder | Merchant | (Gift Card) |
| Cardholder | Cardholder | Cardholder | (General purpose Card) |
| e) | If the payment device is lost, stolen or misused by someone who obtained it without the contracting entity's (an individual or a juristic person or government entity) consent, any consumer liability, or limit thereof, shall be stated: | ||||
| 1) | For non-personalised prepaid account products where the contracting entity is anonymous (non-personalised cards) the payment device is considered equivalent to cash. | ||||
| 2) | For personalised prepaid account products the following liability rules apply: | ||||
| 1) | Notification to the issuer of loss or theft of the payment device is deemed given when the primary cardholder in person, in writing or by telephone has taken steps to inform the issuer about the loss, theft or possible unauthorised use of the payment device. | ||||
| 2) | The primary cardholder retains liability for all prepaid payment account usage up to the point of notification to the issuer. No liability shall exist for unauthorised use on the primary cardholder after notification to the payment device issuer; | ||||
| f) | A statement that the primary cardholder should contact the payment device issuer for any change in personal details / information and the issuer should provide a telephone number or a mailing address for that purpose; | ||||
| g) | The expiry period and the terms and conditions pertaining to expiration of the instrument; | ||||
| h) | Any optional additional services shall be presented as a ‘positive option’, which the applicant must indicate, if one wishes to receive them. Any charges for these services must be disclosed; | ||||
| i) | The customer service office, telephone numbers, Email (if exits) and website URL. | ||||
* The Child/Accountholder is the beneficial owner of the funds, but the Guardian will typically have Power of Attorney and signing rights on the Account until the Child reaches age of majority (18)
#The value on the Gift Card will be the property of the Cardholder, but may be limited to ‚withdrawal through Purchase‘ at the Merchant outlet. This will be defined in the Prepaid Service Terms & Conditions