Regulatory Alerts2015-04-15
REGULATIONS FOR ISSUANCE AND OPERATIONS OF CREDIT AND CHARGE CARDS
The Saudi Arabian Monetary Agency (SAMA) issued updated regulations for the issuance and operation of credit and monthly charge cards, applicable to all SAMA-licensed entities including banks and finance companies. These comprehensive regulations supersede previous guidelines and cover aspects such as card issuance, credit limits, advertising, information disclosure, and dispute resolution. Card issuers are required to implement all provisions by July 30, 2015, and submit a compliance plan within one month of the circular's date.
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