The Saudi Arabian Monetary Authority (SAMA) announced is decision to impose fines on 16 financial institution for the violation of the individual responsible finance principles; and it instructed these institutions to correct the violations.

SAMA clarified that this decision came based on its power as a supervisory and control authority over financial institutions operating in the Kingdom, in order to implement principles of justice and transparency and to ensure fully compliance with the responsible finance that should meet with the actual needs of all segments of the society, as well as to ensure fairness and competitiveness of financiers and to maintain efficiency of procedures and mechanisms in this regard. In a statement, SAMA said that as a result of the alleged violations, in particular the percentage of endurance of the total monthly income of the following financial institutions: Al-rajhi bank, Al-ahli bank, Saudi fransi bank, Al-riyad bank, Al-Jazira bank, Emirates NBD bank, Alinma bank, Saudi home loans, Dar al-Tamleek, Abdulalatif Jameel finance, Saudi Fransi for Finance, Nayifat Finance Company, Flexible Murabaha finance Al-Jabr financing and Raya Financing Company. In accordance with the power vested in SAMA, it has decided to impose fines on these institutions and to drew their attention of the violations and instruct them to take corrective measures.

In this regard, SAMA calls upon the financial institutions under its supervision to fully comply with regulations and instructions, in a manner that does not affect the rights and interests of customers.