The Saudi Arabian Monetary Agency (SAMA) has imposed sanctions on 30 financial institutions under its supervision; This is due to its violation of the principles of responsible financing for individuals.
According to Arabiya Net, the Monetary Agency said in a statement that it is a result of proven violation of the financial institutions whose names are listed below of the principles of responsible financing for individuals; With regard to the percentage of individual customers' bearing of monthly credit obligations out of their total monthly income when they obtain financing products, the institution has imposed penalties on these financial institutions.
SAMA directed these institutions to take corrective measures towards the irregularities in their business, while emphasizing that the institution reserves the right to take the necessary legal measures against the violating financial institutions - including Stopping the supply of the product subject to the violation - in the event that it continues to commit similar violations, and does not correct what is existing thereof.
and Sama indicated that this procedure comes in order to ensure the application of the principle of fairness and transparency, and to emphasize adherence to its instructions that it is necessary to fully adhere to the principles of responsible financing for individuals, which will contribute to the preservation of the sector. Financial, ensures fairness and competitiveness among the financiers, and maintains the effectiveness and efficiency of the procedures and mechanisms followed by them in this regard in order to meet the actual needs of all segments of society, and takes into account the financial burdens that they can bear when applying for any financing product to avoid individual financial difficulties.
>
The list of violating financial institutions includes the following:
Al-Rajhi Bank, National Commercial Bank, Saudi British Bank, Riyad Bank, Al-Jazira Bank, Al-Bilad Bank, Samba Financial Group, Alinma Bank, Gulf International Bank, Branch Emirates NBD, Al Yusr Leasing and Financing Company, Matajer Finance Company, Financial Leasing Company, Maalem Finance Company, Finance Agencies Company, National Finance Company, Ijarah Finance Company.
The list of institutions also included Nayifat Finance Company, Abdul Latif Jameel United Finance Company, Saudi Home Finance Company, Al-Jabr Finance Company, United Financial Services Company (Tasheel), Company Deutsche Gulf Finance, Bidaya Home Finance Company, Saudi Finance Company, First Tamweel Company, Al-Amthal Finance Company, Al-Tayseer Arabia Company, American Express Saudi Arabia, and Imkan Finance Company.
