Media ININ Economy We Trust
media in \Riyadh 19-05-2019
The Ministry of Trade and Investment (SAMA) and the Saudi Arabian Monetary Agency (Sama) have announced the start of work on the implementation of the new organizational arrangements for the practice of selling in installments. This will contribute to regulating the financing market and the financing activities in the Kingdom. With a view to protecting the financial system, regulating fair and responsible lending behavior, reducing unfair and unfair transactions and protecting consumers.
According to a joint statement issued by the Ministry of Commerce and the Monetary Authority, new licenses will not be issued for the practice of selling installments from the Ministry of Commerce and Investment, according to the system of sale by installments issued by Royal Decree No. (M / 13) dated 4/3/1426 e Ministry of Commerce, provided that the Monetary Authority shall regulate the provisions of practicing the natural or moral character of the activity of financing the goods of its establishments or services to its clients, provided that such provisions shall be completed within 90 days from the date of issuing the supreme directive. By the Ministry b The practice of selling the installment until the expiration date of the old licenses.
In addition to the above, the Ministry of Trade and Investment, the Saudi Arabian Monetary Agency and other concerned parties will cooperate and coordinate with regard to the control of persons of a natural or moral character who are involved in financing their goods or services to their customers in the event of violation of paragraph (3) IV) of the corporate finance control system.
In this context, the Ministry of Trade and Investment and the Monetary Authority stressed that consumers wishing to obtain financing should go to banks and financing companies licensed by SAMA to exercise financing activities, Limits of activities for which the issued license is issued.
