MPs Push Tighter Credit Card Rules
TDT | Manama
Email: mail@newsofbahrain.com
Members of the Parliament Zainab AbdulAmeer, Khalid Buanaq, Hisham Al Awadhi, Ahmed Al Salloom and Mohammed Al Maarfi submitted an urgent proposal calling for stricter oversight of credit card issuers to protect consumers from high interest rates, excessive fees and aggressive debt collection practices.
The proposal urges the Central Bank of Bahrain to impose tighter regulations on banks and financial institutions offering credit cards, including clearer rules governing transactions, fees, repayment terms and collection procedures.
The MPs behind the initiative said the rapid growth in credit card usage has been accompanied by a rise in complaints from both citizens and residents regarding account management, fee structures and enforcement measures taken by some lenders.
They warned that such practices risk increasing personal debt burdens, straining household finances and undermining trust in the financial system.
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