Social responsibility

CJSC MDO IMON International is the socially focused organization and within its activity strictly observes the client protection principles developed in accordance with the Legislation of the Republic of Tajikistan and internal documents of Organization. The principles reflect maximum level of guarantees by Organization that  clients are entitled to expect. This document includes 7 main Client Protection Principles:

1. Prevention of over-indebtedness;

IMON International takes certain measures on prevention of over- indebtedness cases of its clients, particularly conducts evaluation of ratio of amount requested by client and its earnings. Since receipt of clients' request for loan in accordance with the Instruction of the National Bank of Tajikistan “About operation of credit organizations with loans” under #437 dated December 5, 2008, a comprehensive financial and economic analysis of clients, capacity and readiness of clients to loan repayment in accordance with the established conditions of agreement, as well as preventing the risk of failure to repay the loan is carried out to determine the level of their solvency. IMON International also investigates interaction of clients with other financial institutions and keeps their records to maximally exclude the possibility of clients over-indebtedness.

2. «Transparency» of pricing;

Policies and processes developed in IMON International to ensure information transparency on the conditions of product and its pricing is mandatory. Information about the conditions of lending and services cost for clients is provided in simple and easy form. Its compliance with the Regulations of the National Bank of Tajikistan «About calculation and collection of interest for loan by banks, nonfinancial banking organizations and microfinance institutions» and highlighted that calculation of interest rate should be explained to the client in easy and accessible form. In clause 5.5 of Regulations #136 “About microcredit organizations” dated 28^th March 2005 is also highlighted that credit organizations should provide information about the conditions of services provided to potential client for its independent evaluation and compare with cost of loan services. Information about calculation of loan interest rate is placed at all service centers of IMON International for easy access of clients to necessary information and evaluation of received services. This information is also provided for client during his consultation by business specialist. For the purpose of pricing transparency in the Organization, an explanation of the effective interest rate is provided in the microcredit agreement, in accordance with Regulation No. 136 "On microcredit organizations" dated March 28, 2005. 

3. Faithfulness of debt collection method;

In the event of indebtedness of client Organization does not take rood measures for debt collection. Collection implements based on internal procedures and policies of Organization. Also, upon loan issuance business specialists explain the conditions of loan repayment to the clients.  Clients repay the loan monthly according to the repayment schedule. IMON International holds campaigns to protect clients during which the clients are trained the timely repayment and proper storage of receipts for the purpose of preventing overdue. Mechanisms of work with clients failed to repay the loan in time have been developed in case of loan overdue payments. If the internal mechanisms of overdue payments collection do not reached the positive results disputes between microfinance organizations and their clients (individuals and legal entities) are resolved within the procedure prescribed by the laws of the Republic of Tajikistan, in accordance with Article No. 40 of the Law of the Republic of Tajikistan "On Microfinance Organizations" dated May 17, 2004 under No. 38.

4. Business ethics standard compliance;

IMON International staff complies with the Code of Conduct and Client Service Ethics while operation with clients. According to these documents staff is obliged to: 1. Comply with the rules and regulations of IMON International corporate culture; 2. All staff of Organization, both Head Office and all branches should understand and implement business ethics standard; 3. Follow core values, principles and rules upon making a strategically crucial decision and daily cases. According to the Regulation of Department of internal control and audit of IMON International, this department of Organization takes necessary protection measures to identify and eliminate facts of corruption and improper treatment of clients.

5. Procedure for handling and satisfaction of clients’ complaints;

Effective system of reception and settlement of clients’ complaints is developed in IMON International. This system sets up on operational and daily basis. Clients are provided with information about their rights for submission of complaint and methods and ways to do it. Procedure for handling and satisfaction of clients’ complaints in the Organization sets up on operational and daily basis. Complaints submitted by clients are handling in mandatory and promptly basis by management of Organization. Hotline is operating at the level of organization served by risk department. All received complaints are handled and used in future as the method of improving the quality of goods and services.    

6. Privacy of client data;

The Board of Trustees, members of Supervisory Board, executive management, employees and business specialists of CJSC MDO IMON International are prohibited to disclose to the third parties or misuse (information received about the client, its financial and economic and other activities) of confidential information to which they have access due to performance of their duties. 

Prohibition on disclosure includes:

Unacceptability of using information received from client in the interests of organization or any other person, except for its using with written permission or under the instruction of client; nondisclosure of information to the third parties, except for cases prescribed under the legislation of the Republic of Tajikistan.

General Director of CJSC MDO IMON International is entitled to permit the arrangement of information exchange about clients within the credit bureau or interbank information exchange about clients and set the condition for this exchange.  

Generated information about loans, amount of portfolio and other indicators could be used by IMON International in publications and reports.

Disclosure of information about client and use of information in advertising materials is carried out only after written consent of client. 

7. Applicable specifics and sales outlet.

Products and services of CJSC MDO IMON International and also sales outlets have been developed by considering the needs and feedbacks of clients. Serviceability of products, services and supply chains are regularly monitored. Products and sales outlets do not harm the clients in accordance with the acting policies and procedures in the Organization. Policy is developed and the process to prevent the using of aggressive techniques of sales and forced signing of contract is documented in the organization.

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