Regulatory Alerts2022-10-02
Ensure that finance companies update their credit granting policies and procedures
The Saudi Central Bank requires finance companies and licensed crowdfunding entities to update their credit granting policies and procedures to align with rapid sector changes. The directive mandates the implementation of precautionary measures to curb rising non-performing loans and ensures that provisions and collateral remain commensurate with associated business risks. Issued under the Finance Companies Control System, this circular applies to all financing operations across the Kingdom.
Share