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Article Three: Design and Development of Savings Products
No: 45059688
Date(g): 25/3/2024 | Date(h): 16/9/1445
Status: In-Force
Effective from Jan 31 2025 - Jan 30 2025 To view other versions open the versions tab on the right
1 .
When designing and developing savings products, the bank must adhere to the following:
1.1
Product Design Quality and Disclosure: Ensure high quality in product design, along with transparency and clarity in its presentation and offering.
1.2.
Product Effectiveness and Risk Evaluation: Continuously evaluate the product's effectiveness and risks using specific performance indicators.
1.3.
Transparency and Accuracy: Maintain transparency, clarity, and accuracy in all product documents, including agreements and initial disclosures.
1.4.
Flexibility in Product Conditions: Provide flexibility in the terms of acquiring, using, or canceling the product. The bank should make the product available through digital channels and should not require the customer to have or open a current account, except for products that necessitate such mechanisms, like those involving automatic deductions.
1.5.
Inclusivity: Ensure the products cater to various customer segments, including those with low income, resident foreigners, and individuals under the age of eighteen.
2.
The bank should prioritize savings products in its product development process, considering the best local and international standards and practices.
