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The Obligation to Give all Citizens the Same Treatment in Financing Products and Insurance Coverage in Financial Lease

No: 391000078943 Date(g): 28/3/2018 | Date(h): 12/7/1439 Status: In-Force

Effective from 2018-03-28 - Mar 27 2018
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In line with the Central Bank's supervisory and regulatory role over the banking and financing sectors and its commitment to ensuring that all community segments receive the financing services and products they need at a reasonable cost, fairly, and transparently, and without discrimination, based on Principle (1/5) of the Principles for the Protection of Bank Customers and Principle (1/4) of the Principles for the Protection of Financing Company Customers.

And referring to the Central Bank's circular No. (T.A.M/201803/157) dated 2018/3/15 to all insurance companies regarding insurance coverage for the actual user in vehicle leasing and financing leasing, which prohibits all insurance companies engaged in vehicle insurance from denying insurance coverage in mandatory vehicle insurance or comprehensive insurance due to the age of the actual user of the leased vehicle.

Therefore, the Central Bank confirms that all banks and financing companies must not discriminate between customers based on the age of the actual user of the financed leased vehicle.