The Central Bank of Bahrain said that it is working to regulate the lending business provided by banks and finance companies licensed to operate in the Kingdom of Bahrain, so that these services are subject to controls that take into account, in their entirety, the rights of customers and the means available for filing complaints, and to set ceilings for fees imposed on the cost of operations provided by those entities.
The bank indicated in its views on the low standard of living of the citizen, of which Al-Bilad newspaper obtained a copy, that it is working to follow up the complaints it receives from clients of all financial institutions to verify the integrity of the procedures followed and to take the appropriate decisions in the event of any transgression against the complainants, stressing that The procedures lead directly and indirectly to the protection of customers of banks and financing companies and provide them with appropriate arrangements to guarantee their rights.
He pointed out that it is customary for banks to provide loans to a wide segment of citizens, which led to an increase in the value of loans directed to individuals to reach 5765.8 million dinars at the end of February 2023, which constitutes 50.4% of the total value of existing loans, and this level of indebtedness is considered for individuals. unprecedentedly high.
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