Disclosure of Interest Rates on Financing and Savings Products

1. INTRODUCTION

Previous Amendments

  • The purpose of these Rules is to provide transparency to the market in terms of APR/AER of various products that Banks and finance companies offer for Retail, Micro and Small enterprises as defined by SAMA. This will further allow Retail, Micro and Small Enterprises to compare APR/AER between different financing and savings products offered by Banks and Finance Companies. SAMA has issued this update of Disclosure of Interest Rates on Financing and Savings Products that supersede SAMA's circular No. 67/70318 dated 25/11/1440H and complementary circular No. 41044254 dated 25/06/1441H. Added or amended texts are underlined.

2. SCOPE OF APPLICATION

Previous Amendments

  • All Banks and Finance Companies authorized and regulated by SAMA in Saudi Arabia.

3. Definitions

4. DISCLOSURE REQUIREMENTS

5. DISCLOSURE TABLES FOR RETAIL CUSTOMERS

6. DISCLOSURE TABLES FOR MICRO AND SMALL ENTERPRISES

7. IMPLEMENTATION DATE

These Rules shall enter into force within 15 days from issuance date.