SAMA imposes penalties on 30 financial entities for violating ‘responsible finance principles’
24/11/2020
Argaam
The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, imposed penalties on 30 financial institutions due to violations of “responsible finance principles” for individuals.
These financial entities include - among others - Al Rajhi Bank, National Commercial Bank (NCB), Saudi British Bank (SABB), Riyad Bank, Bank AlJazira, Bank Albilad, Samba Financial Group, Alinma Bank, Gulf International Bank (GIB), Emirates NBD, Al Yusr Leasing & Financing, and Matager Finance Co.
The Kingdom’s central bank instructed these financial entities to take corrective measures. Otherwise, SAMA is entitled to take the necessary regulatory measures against these institutions, banning them from offering the responsible finance products.
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