The Saudi Arabian Monetary Agency (SAMA) will begin compulsory and full implementation of the regulation to monitor financing firms as of Sunday, according to Saudi Gazette.
“Full implementation of the regulations and bylaws will have the positive effect of protecting beneficiaries through upgrading the level of transparency,” SAMA Governor Dr. Fahd Abdullah Al-Mubarak.
“This will help enable in creating a competitive environment that will contribute to providing more services, with higher quality and competitive prices in order to serve the citizen and meet the market needs, apart from boosting the strength and stability of the financing sector,” he noted.
The Governor urged citizens and expatriates, who want to get financing, to deal only with licensed banks and financing companies.
He said SAMA has approved 37 applications for practicing financing activity.
These include 12 banks and four companies for practicing real estate financing. It also licensed seven companies for activities other than real estate financing.
Fourteen other companies have obtained preliminary approval from SAMA to practice different financing activities.