1. The Board of Directors shall issue regulations relating to protection of customers of Licensed Financial Institutions, in line with the nature of activities the latter carry on and the services and products they offer. 2. The Central Bank shall establish an independent unit with legal personality to receive, hear, adjudicate, and issue binding resolutions on customer complaints against Banks and Insurance Companies. The Board of Directors shall issue a resolution establishing this unit, specifying its functions, charter, powers and the human resources and financial affairs regulations applicable thereto. 3. Banks and Insurance Companies shall process any customers’ complaint or claim in accordance with their contractual terms and conditions, and the legislation in force. The concerned institutions shall issue a decision on any complaint or claim. In the event that any complaint or claim is rejected, in whole or in part, Banks and Insurance Companies shall state the reasons for such decision in writing. 4. If a dispute arises out between a customer and a Bank or an Insurance Company, the customer may file a complaint to the unit, referred to in item (2) of this article, according to the established procedures. 5. One or more committees shall be established in the unit, referred to in item (2) of this article, to settle disputes arising from Licensed Financial Activities pertaining to Banks and Insurance Companies. The Board of Directors shall issue necessary decisions determining their competences, powers, rules of procedure, remunerations of its members and the fees it collects, in addition to the decisions related to its formation. Each committee shall be headed by a judge with membership of another judge and one expert or more selected by the Central Bank. 6. The committee’s resolutions shall be final and enforceable against the concerned Banks and Insurance Companies, where such institutions shall not challenge the decisions referred to in this article on disputes whose value does not exceed one hundred thousand (100,000) Dirhams. 7. Resolutions of the committee referred to in this article shall not be final and enforceable immediately upon their issuance, if the dispute value exceed one hundred thousand (100,000) Dirhams. The concerned institution and concerned party may challenge such resolutions before the competent ‘Court of Appeal’ in accordance with the rules of jurisdiction contained in the civil procedures law within thirty (30) days, from the date of its issuance or knowledge thereof, otherwise, the challenge shall be inadmissible. 8. Claims arising from disputes arising from insurance contracts, business and services shall not be accepted if such disputes are not presented to the committees formed in accordance with the provisions of this article. 9. The Central Bank may expand the jurisdictions of the unit, referred to in item (2) of this article, to include complaints and claims arising against Licensed Financial Institutions other than Banks and (Re)Insurance Companies if deemed necessary. In this case, provisions of items nos. (2) to (7) of this article shall be applicable herein. 10. The Central Bank and Licensed Financial Institutions shall work together to raise public awareness of the types of banking and insurance services, financial products, and their inherent risks, through all means of communication and media, in accordance with the controls set by the Central Bank. 11. Licensed Financial Institutions shall not charge interest on accrued interest (compound interest) in relation to facilities extended to customers, and shall, in this regard, follow the rules and controls prescribed in regulations issued by the Central Bank.
Interpretation and application must be checked against the official text and current version.