The central bank said that the violations were related to exceeding debt burdens.
Monday 20, May 2019 BY KUDAKWASHE MUZORIWA
The Saudi Arabian Monetary Authority (SAMA) has fined 16 financial institutions for violating principles of responsible finance, the regulator has instructed these institutions to correct the violations.
SAMA stated that 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, without providing details of the fines.
The central bank fined some of the Kingdom’s major financial institutions such as Al-Rajhi Bank, Al-Ahli Bank, Saudi Fransi Bank as well as Al-Riyad Bank, Al-Jazira Bank and Dubai-based Emirates NBD Bank.
Additionally, SAMA said that the fines were imposed to ensure fairness and competitiveness of financiers as well as to maintain the efficiency of procedures and mechanisms in this regard.