Client protection

Responsible financial inclusion is being fully transparent in the pricing, terms and conditions of all financial products. Responsible financial inclusion is working with clients so they do not borrow more money than they can repay or use products that they do not need. Responsible financial inclusion employs respectful collection practices and adopts high ethical standards in the treatment of clients. Responsible financial inclusion gives clients a way to address their complaints so they can be served more effectively. Responsible financial inclusion ensures client data remains private. Responsible financial inclusion protects clients, businesses, and the industry as a whole.
Since 2007, Furuz has been operating in accordance with the Client Protection Principles of the “Smart Campaign”. 

Seven Client Protection Principles:
•  Appropriate product design and delivery
•  Prevention of over-indebtedness
•  Transparency
•  Responsible pricing 
•  Fair and respectful treatment of clients
•  Privacy of client data
•  Mechanism for complaint resolution


Principle 1: Appropriate product design and delivery
We will take adequate care to design products and delivery channels in such a way that they do not cause clients harm. Products and delivery channels will be designed with client characteristics taken into account.


Principle 2: Prevention of over-indebtedness
We will take adequate care in all phases of their credit process to determine that clients have the capacity to repay without becoming over-indebted. In addition, we will implement and monitor internal systems that support prevention of over-indebtedness and will foster efforts to improve market level credit risk management (such as credit information sharing).

Principles 3: Transparency
We will communicate clear, sufficient and timely information in a manner and language clients can understand so that clients can make informed decisions. The need for transparent information on pricing, terms and conditions of products is highlighted.


Principle 4: Responsible pricing
Pricing, terms and conditions will be set in a way that is affordable to clients while allowing for financial institutions to be sustainable. We will strive to provide positive real returns on deposits.


Principle 5: Fair and respectful treatment of clients
We will treat our clients fairly and respectfully. We will not discriminate. Furuz will ensure adequate safeguards to detect and correct corruption as well as aggressive or abusive treatment by their staff and agents, particularly during the loan sales and debt collection processes.


Principle 6: Privacy of client data
The privacy of individual client data will be respected in accordance with the laws and regulations of individual jurisdictions. Such data will only be used for the purposes specified at the time the information is collected or as permitted by law, unless otherwise agreed with the client.


Principle 7: Mechanism for complaint resolution
We will have in place timely and responsive mechanisms for complaints and problem resolution for their clients and will use these mechanisms both to resolve individual problems and to improve their products and services.