Saudi Central Bank seeks draft guidelines for retail finance

In a continuous attempt to strengthen the financial system, the Saudi Central Bank (SAMA) is soliciting feedback on the draught Standard Retail Consumer Finance Contract.
To achieve transparency and public participation, SAMA has invited the public, stakeholders and specialists to submit their feedback and comments on the draft through the Public Consultation Platform of the National Competitiveness Center within 15 days.
This step comes as part of SAMA’s ongoing efforts to advance the finance sector, ensure its transactions’ fairness, and protect financial institutions’ customers.
In order to reduce differences and disparities in consumer finance contracts among financiers who engage in consumer finance activity, the central bank of the kingdom stated that this Standard Contract was for consumer finance products. It also stated that all rights and obligations arising from these contracts were stated in order to avoid potential disputes.