Regulatory Alerts2021-03-31
Added · Updated
SAMA Circular on Disclosure of Costs for Retail Installment Postponement
The Saudi Central Bank (SAMA) mandates that all banks operating in the Kingdom must clearly announce all costs and interests collected from retail customers resulting from the postponement of monthly installments due in May 2020 or any month of 2020. This requirement applies specifically to the announcement of such postponements for the specified period. The directive was issued by Governor Dr. Ziad Fariz on May 18, 2020.
No.: 27/1/5545 Date: 25/Ramadan/1441 Hijri Corresponding to: 18/5/2020 Circular to all banks operating in the Kingdom After Greetings, When announcing the postponement of the monthly installment due on retail customers for the month 5/ 2020 and / or any month of 2020, banks must clearly announce all costs and interests that will be collected from the customer as a result of the installment postponement. Respectfully, Governor Dr. Ziad Fariz