SAMA issues rules for calculation of annual percentage rate

08/11/2023 Argaam
Logo ofSaudi Central Bank (SAMA)

Logo of Saudi Central Bank (SAMA) 

The Saudi Central Bank (SAMA) issued the rules governing the calculation of the annual percentage rate (APR). The rules aim to improve disclosure practices for consumers and standardize the mechanism for the APR calculation to finance products for individuals.

 

The rules include various provisions related to the methodologies for APR calculation for consumer finance products, the determinants for the cost of financing and APR calculators. Additionally, the rules require periodic review and update of the APR calculator offered by financing institutions.

 

These rules shall come into force 90 days after the date of their publication on SAMA's official website.

 

The draft rules were published earlier for public consultation, with relevant suggestions factored in the final version. To view the rules, visit SAMA's website.

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