Marketing of Finance Products That Meet Real Individual Needs

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank
Headquarters

Banking Policies Department

Reference No.: 67 / 26822
Date: 27/04/1440
Attachments: None

Circular

To Our Respected Colleagues,
Peace be upon you, and the mercy of Allah and His blessings.

Subject: Marketing of Finance Products That Meet Real Individual Needs.

The Bank has observed that banks and financial institutions focus on the marketing aspect of consumer-purpose finance products via SMS messages and other means, in a manner that does not serve the trend toward meeting individuals' actual needs and is inconsistent with the objectives of Saudi Vision 2030.

Therefore, the Bank hopes that banks and financial institutions will adopt a balanced approach in marketing their finance products through all marketing channels, and avoid overemphasizing the marketing of consumer-purpose finance products.

Yours sincerely,

Fahd bin Ibrahim Al-Shathry
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169 | Telex: MARKAZI | Fax: 404400 | Tel: 4633000 | Fax: 4662414