Saudi Arabia's Central Bank Fines 16 Banks For Violating 'responsible Finance Principles'
Saudi central bank said violations related to the ratio individuals were made to pay from their monthly income when obtaining financing
The fines were imposed "in order to implement principles of justice and transparency and to ensure" that institutions comply with "responsible finance that should meet with the actual needs of all segments of the society," the central bank said in a statement on its website.
Saudi Arabia’s central bank fined 16 financial institutions, including the kingdom’s largest banks, for violating "responsible finance principles."
The fines were imposed "in order to implement principles of justice and transparency and to ensure" that institutions comply with "responsible finance that should meet with the actual needs of all segments of the society," the central bank said in a statement on its website. It didn’t provide details of the fines.
The central bank said violations related to the ratio individuals were made to pay from their monthly income when obtaining financing.
The banks fined are:
- National Commercial Bank
- Al Rajhi Bank
- Emirates NBD
- Banque Saudi Fransi
- Riyad Bank
- Bank Al-Jazira
- Alinma Bank
- Samba Financial Group
- Saudi Home Loans
- Dar Al Tamleek
- Abdul Latif Jameel
- United Finance
- Saudi Fransi For Finance Leasing
- Nayifat Finance
- Murabaha Marina Financing
- AlJabr Financing Raya Financing
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
Investcorp exits RESA Power In Sale To Kohlberg, Marking First Exit For North American PE Fund
Investcorp aims to replicate RESA’s success globally across its private equity business Read more
Gate Group Secures Dubai VARA License
Gate Group’s Dubai arm is accelerating the expansion of its local team as it prepares for its official launch Read more
UAE Reviews Tax Authority Achievements As Report Identifies Over 537,000 Corporate Tax Registrants And 511,000 Signed Up For VAT
UAE Federal Tax Authority meets to discuss progress Read more
UAE Announces New Tax Rule
The UAE has announced a new waiver for tax fines in the country Read more
First Abu Dhabi Bank Powers Ahead With Record Q1 Numbers
Total income up 11 per cent to $2.4bn as net profit rises 23% to $1.4bn and profit before tax reaches $1.67bn; Total as... Read more
UAE To Launch Dirham-backed Stablecoin
Dirham-backed stablecoin launched in the UAE will enable simple digital payments Read more