Saudi Central Bank Seeks Public Consultation on Draft Standard Retail Consumer Finance Contract

The Saudi Central Bank (SAMA) announces launching a public consultation on the Draft Standard Retail Consumer Finance Contract. To achieve transparency and public participation, SAMA invites the public, stakeholders, and specialists to submit their feedback and comments on the draft through the Public Consultation Platform of the National Competitiveness Center. This step comes as part of SAMA’s ongoing efforts to advance the finance sector, ensure its transactions’ fairness, and protect financial institutions’ customers.

SAMA indicated that this Standard Contract is for consumer finance products and aims to reduce differences and disparities in consumer finance contracts among financiers that engage in consumer finance activity by stating all rights and obligations arising from these contracts to prevent potential disputes.

Finally, SAMA stated that receiving feedback and comments on the Draft Standard Retail Consumer Finance Contract will be open for 15 days. Please note that all feedback and comments will be considered in the final version of this Standard Contract.