Regulatory Alerts2025-06-19
Rules of Issuance and Operation of Credit Cards
The Saudi Central Bank (SAMA) has issued the second edition of the Rules of Issuance and Operation of Credit Cards to replace previous controls and establish minimum requirements for transparency, fair practices, and credit risk mitigation. The rules mandate strict issuance protocols, including explicit customer consent, creditworthiness assessments, and mandatory SMS notifications, while standardizing repayment terms, statement disclosures, and fee caps for individual customers. Additionally, the regulations enforce robust consumer protections regarding unauthorized transactions, objection handling timelines, and clear disclosure of costs, benefits, and promotional offers.
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