Not Requesting Promissory Notes from Individual Consumers when Offering Credit Card Financing Products

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Saudi Central Bank

Reference No.: 472038007
Date: 1447/07/02
Attachments: None

Circular

To the Esteemed,
Peace be upon you, and God's mercy and blessings.

Subject: Not Requesting Promissory Notes from Individual Consumers when Offering Credit Card Financing Products.

In light of the Saudi Central Bank's supervisory and regulatory role, and based on the authorities granted to it under the Saudi Central Bank System (Royal Decree No. M/36 dated 1442/04/11 AH), the Banking Control System (Royal Decree No. M/5 dated 1386/02/22 AH), and the Financial Companies Control System (Royal Decree No. M/51 dated 1433/08/13 AH), and with reference to the Financial Institutions' Instructions on Handling Promissory Notes issued under Circular No. 43076917 (dated 1443/09/04 AH), and considering the recent prevalence of obtaining promissory notes from individual consumers when offering credit card financing products.

Therefore, without prejudice to the obligations and responsibilities of financial institutions stipulated in relevant systems and regulations, including the Principles for Responsible Individual Financing; financial institutions must cease requesting promissory notes or any commercial paper from individual consumers when offering credit card financing products, and must update their internal policies and procedures accordingly.

For information and implementation effective from 1 February 2026 AD, financial institutions are required to submit a corrective action plan to the Saudi Central Bank (Customer Protection Supervision Department) within 30 days of this date. The plan must include, at a minimum, the reissue or cancellation of previously obtained promissory notes or commercial paper from individual consumers that are non-compliant with this Circular, with implementation not exceeding 6 months from the date of this Circular.

Yours sincerely,

Abdullah bin Saleh Al-Humaid
Acting Deputy Governor for Financial Behavior

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Distribution Scope:

• Banks operating in the Kingdom.
• Financial companies operating in the Kingdom.

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P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 ---