Saudi central bank fines 16 lenders on extra income deductions

19/05/2019 Argaam

 

The Saudi Arabian monetary Authority (SAMA) has imposed fines on 16 banks for non-compliance with financing regulations set on monthly income deductions for retail clients, the Kingdom’s central bank said in a statement.

 

SAMA did not disclose the amount of fines imposed.

 

The penalized lenders include Al Rajhi Bank, National Commercial Bank (NCB), Riyad Bank, Aljazira Bank, Alinma Bank, Samba Financial Group, Emirates NBD, Saudi Home Loans, Dar AlTamleek, Abdul Latif Jameel Finance, Saudi Fransi Leasing, Nayifat, Morabaha Marina, Aljabr Financing and Raya Financing.

 

The decision aims to sustain the principals of responsible financing for individuals, taking into consideration the financial burdens of all segments of society, and ensuring fair competition among financing firms.

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