Regulatory Alerts2014-07-22
Finance Contract Summary Form
The Saudi Central Bank issued a circular requiring all banks and financing companies operating in the Kingdom to attach the standardized Finance Contract Summary Form to the front of every consumer finance contract governed by updated financing regulations. The form mandates transparent disclosure of the total payable amount, annual percentage rate, installment breakdown, all associated fees and insurance, and cross-references to key contractual clauses regarding late payments, early settlement, withdrawal rights, collateral adjustments, and termination. While beneficiaries must sign to acknowledge receipt, the regulator explicitly states that the summary does not substitute the full contract text nor relieve parties of their contractual obligations.