Approved by the Resolution of Board of National Bank of Tajikistan of June 25, 2020 No. 79

The instruction No. 241 "About procedure for disclosure of information on banking services to consumers of the credit financial institutions"

The instruction No. 241 "About procedure for disclosure of information on banking services to consumers of the credit financial institutions" (further - the Instruction) is developed according to articles 6 and 7 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan", article 55 of the Law of the Republic of Tajikistan "About banking activity", article 61 of the Law of the Republic of Tajikistan "About Islamic banking activity" and taking into account article 3 of the Law of the Republic of Tajikistan "About the microfinancial organizations", Articles 4, 7 and 8 Laws of the Republic of Tajikistan "About payment services and payment system" and Article 39 (1) the Law of the Republic of Tajikistan "About consumer protection" for the purpose of creating favorable conditions for consumer protection of services of bank system, increase in level of financial intermediation, building confidence of the population in activities of the credit financial institutions also determines the minimum and main single requirements by disclosure of information on the provided banking services to consumers of services of the credit financial institutions.

Chapter 1. General provisions

1. This Instruction establishes the minimum and main single requirements on disclosure of information on bank system to consumers of services of the credit financial institutions.

2. The credit financial institutions the internal documents shall provide procedure for disclosure of information on rendering banking services to consumers of the credit financial institutions taking into account the minimum requirements and the single basic rules established by this Instruction.

3. In this Instruction the following basic concepts are used:

- the credit financial institutions - the credit institutions and Islamic credit institutions performing the activities provided by the law based on the license of National Bank of Tajikistan;

- credit institutions - legal entities (banks and non-bank credit institutions, including the microfinancial organizations) performing all or separate banking activities provided by the law based on the license of National Bank of Tajikistan;

- Islamic credit institutions - the legal entities (Islamic banks, Islamic non-bank credit, the organizations, the Islamic microfinancial organizations, including "Islamic bank window") performing all or separate Islamic banking activities provided by the law based on the license of National Bank of Tajikistan;

- the credit - the money provided to the borrower by credit institution on the terms of interest payment and recoverability in certain time and (or) the amount provided to the client by Islamic credit institution according to the principles of Islamic banking activity which can include or not include payment terms of the main amount, profit, lease or for services;

- Islamic financing - urgent placement, interbank placement, subordinated financing, murabakha, commodity murabakha, idzhara, idzhara muntakhiya bittamlik, muzoraba, musharaka, musharaka of mutanokis, fat, istisna, the Islamic credit (cards Hassan), the mortgage, the letter of credit added, but the uncollected income, unused credit lines of clients, guarantees issued by Islamic credit institutions and others according to the Islamic principles, financings;

- disclosure of information - provision of data to consumers of banking services about conditions of services of the credit financial institutions in oral or in writing, including before agreement signature, during agreement signature and during validity, the minimum requirements and the single basic rules which are established by this Instruction and other regulatory legal acts of National Bank of Tajikistan and internal acts of the credit financial institutions; 

- the consumer of services of bank system (client) - physical person or legal entity which uses or intends to use service of the credit financial institutions;

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