Sakana’s Code of Commitment
This Code has been formulated by Sakana Holistic Housing Solutions BSC © (the Company) pursuant to the Code of Best Practice on Consumer Credit and Charging issued by the Central Bank of Bahrain for all retail banks and finance companies vide circular EDBS/KH/0413/2007 dated 3 July 2007. This Code will come into force from 1 September 2007.
Objectives of the Code
The Code has been developed to:
- Follow good, fair and transparent business practices by setting reasonable standards;
- Increase transparency so that the customer can have a better understanding of what the customer can reasonably expect of the services;
- Encourage market forces, through fair competition, to achieve higher operating standards;
- Relate to the customer in such a manner so as to promote a fair and cordial relationship;
- Set such standards and practices so as to foster confidence in the banking/housing finance system.
Application of the Code
The Code is applicable to all persons offering the Products and Services of the Company as an employee or otherwise in any manner and/or by any mode.
The Code is applicable under normal operating environment except in the event of any force majeure.
The Code is based on ethical principles of integrity and transparency and all actions and dealings shall follow the spirit of the Code.
Commitment
The Company shall at all times do its best to act fairly, reasonably and meet the standard practices prevalent in the banking/housing/Islamic finance industry.
The Company shall abide by all the relevant laws, regulations and meet with the ethical principles of integrity and transparency during its interaction with customers.
The Company would not discriminate on grounds of sex and religion in the matter of financing. However this does not preclude the Company from participating in financing schemes for the weaker sections of the society in respect of schemes formulated by Government and implemented through the Company.
The Company shall treat the information relating to customers as strictly confidential and shall not share any information, unless required under law or waived or permitted by the customer.
If the Company avail services of third parties for providing support services, we will require that such third parties handle the customer personal information with the same degree of confidentiality and security as the company would.
The Company will make sure that all advertising and promotional material is clear, and not misleading.
Information
The Customer can get information on profit rates, fees and charges through looking at the notice in the branch/office; phoning the branch/office or call centre; looking at the website; asking the designated staff; or referring to the Fees and Charges Tarrif Schedule.
While interacting with customers, the Company may take all steps as may be required to provide clear information either in English or Arabic regarding:
• its various products and services;
• the terms and conditions, the profit rates/service charges;
• benefits available to customers and the implications, if any;
• contact persons for addressing the queries, if any.
The Company shall inform its customers of all financial information such as Benchmark rate, rates of profit, charges, method of calculation, Annual Percentage Rate (APR) etc through brochures, posters, website or during the course of meeting with the customers etc prior to entering into any transaction.
The Company shall take necessary steps to inform its customers of their right to information regarding their account and the facilities available to them.
The Company shall endeavor to keep its customers informed of any change in profit rates / charges etc through letters or any other form of general or public announcement or displays, from time to time.
Know Your Customer Guidelines
The Company shall assist its customers in complying with the Know Your Customer norms (KYC) and the Anti Money Laundering Policy (AML).
The Company will cause the customer to comply with the KYC and AML or any other statutory requirements, by providing all necessary information/documents. In the event the customer fails to do so, the Company will be at liberty to reject/close the account.
Financing
The Company in the normal course of its business shall endeavour at all times to guide its customers about the process and procedure to be followed for availing finance.
Each application shall be considered independently on merit, upon scrutiny of all the information, documents required for verifying the title of the property, identity of the person, entity and the security to be offered, including guarantees.
Normally all particulars required for processing of the financing application will be collected by the company at the time of application. In case any additional information is required, the company will contact the customer immediately.
The Company will supply authenticated copies of the financing documents executed by the Customer.
The letter of guarantees to be executed by the guarantors would cover their obligations, liabilities and circumstances in which they can be called upon to pay the dues of the customer/borrower.
It shall be the endeavour of the Company to inform the customer whose application has been declined.
Account Statements
The Company shall provide account statements every six months.
The Company shall also provide the customer with account statements more often than is normally available, at a charge. This charge will be indicated in the Fees and Charges Tariff Schedule.
Collection of Dues
The Company shall endeavour to discuss financial difficulties with the customers before taking legal proceedings.
The Company shall provide the customers with all the information regarding their dues and provide reasonable time for payment of the same.
The Company shall provide customers with a minimal level of counseling on debt problems.
The Company shall while protecting its interest adopt reasonable and lawful measures to recover its dues from defaulting customers, including use of persuasive methods for the purpose of collection of its dues.
Complaints, Grievances and Feeback
The Company shall make available facilities at each of its branches and offices for the customers to lodge and/or submit their complaints or grievances, if any.
The Company shall endeavour to address/respond to all complaints and grievances within a reasonable time and keep the customers informed about the status of their complaints. If the complaint is received in writing, the Company shall endeavour to send you an acknowledgement within 5 working days of receipt. The Company shall further endeavour to provide written response explaining its position within 15 days.
All complaints will be treated efficiently and fairly. The Company will work continuously towards providing quality service to its customers. The Company will always work in good faith and without prejudice to the interest of the customer.
The Company shall also ensure that all employees concerned will be informed about the Complaint Handling Process and its subsequent updates.
The Customers can walk into any Sakana branch/office and speak with branch/office officials for resolution of their issues. The customer can also contact the Customer Complaints Officer of the company at P O Box 21479, Manama, Bahrain. Tel No: 17 201 911 Fax: 17 214 663. If the customer is not satisfied with the response of the Customer Complaints Officer, the customer can address the complaint to the CEO. The Company shall inform the customers of their right to alternative remedy if they are not fully satisfied with the response of the Company to their complaint, including, where appropriate referring the matter to the Compliance Directorate to the Central Bank of Bahrain.
Protecting your account
The Company shall be informed as soon as possible when the Customer changes their name, address, phone number, email address (if this is how communication is done between the customer and the company).
The Company recommends that the customer shall check the account statement regularly. If there is any discrepancy, the customer should tell the company within 15 days of receipt of the statement so that the company can investigate the same.
Monitoring
Should the customer have any enquiries about the Code, the customer should contact the Customer Complaints Officer of the company at P O Box 21479, Manama, Bahrain. Tel No: 17 201 911 Fax: 17 214 663.
The Company will provide a copy of this Code, at request, to the customer. The Company will have notices in the branch/office and on the website explaining that copies of the Code are available.
**Sakana is a member of The Bankers’ Society of Bahrain**.