Rule · SAMA · 22 Jul 2014
Banks and financing companies operating in the Kingdom must attach the Finance Contract Summary Form before executing finance contracts subject to the Financing Control System and updated Consumer Financing Controls. This requirement applies to all entities within the specified distribution scope. The form is mandated by Circular Ref. No. 351000123114 dated 1435/09/24. No other obligations, thresholds, or sanctions are specified in the provided provisions.
In the name of Allah, the Most Gracious, the Most Merciful Saudi Central Bank Headquarters
Office
Deputy Governor for Supervision
Ref. No.: 351000123114
Date: 1435/09/24
Attachments: Form
Date:
Corresponding to:
Circular
Dear Sir/Madam, .................................................................................................
Peace, mercy, and blessings of Allah be upon you,,,
Subject: Finance Contract Summary Form
With reference to Article 79 of the Executive Regulations of the Financing Companies Control System and Paragraph (1) of Article 5 of the updated Consumer Financing Controls.
Attached is the "Finance Contract Summary Form", which must precede all finance contracts subject to the provisions of the Financing Control System and the updated Consumer Financing Controls. The electronic version of the form can be obtained through the Bank's website (www.sama.gov.sa).
For your information and compliance.
Yours sincerely,,,
(Signature)
Abdulaziz bin Abdulrahman Al-Hulaisi
Deputy Governor for Supervision
Distribution Scope:
P.O. Box 2992, Riyadh 11169, Tel: 4662300 - Fax: 4662543
*
[Financing Entity Logo]
Finance Contract Summary
| Beneficiary Details | |
|---|---|
| Beneficiary Name | Date |
| National ID, Residency, or Commercial Registration Number | Contract Reference Number |
| Financing Details | ||
|---|---|---|
| Details of Amount Payable | Amount (SAR) | Type of Financing |
| Financing Amount | Annual Percentage Rate (APR) | |
| (+) Total Financing Cost | Financing Contract Term | |
| Installment Cost | Number of Installments | |
| Administrative Fees | Monthly Installment Amount (SAR) | |
| Insurance* | First Installment Due Date | |
| Property Valuation Fees* | Last Installment Due Date | |
| Any Other Fees or Costs* | Additional Notes | |
| (=) Total Amount Payable |
| Key Finance Contract Provisions | |
|---|---|
| Financing Contract Repayment Schedule | Article, Clause, or Annex No. (....) Page No. (....) |
| Consequences of Late Installment Payments | Article or Clause No. (....) Page No. (....) |
| Early Settlement Procedures | Article or Clause No. (....) Page No. (....) |
| Withdrawal Right Procedures (if applicable)* | Article or Clause No. (....) Page No. (....) |
| Collateral Management Procedures in Case of Depreciation (if applicable)* | Article or Clause No. (....) Page No. (....) |
| Contract Termination Right Procedures | Article or Clause No. (....) Page No. (....) |
Note: Reviewing this summary does not replace reading the full contents of the finance contract and its annexes, nor does it exempt the beneficiary from the obligations stated therein.
Beneficiary Signature (Acknowledgment & Receipt) | Authorized Person Signature (Financing Entity) & Stamp
[Financing Entity Information & Contact Details]
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