SAMA stresses on banks, finance firms for quick response to judiciary: report

Logo of SAMA

The Saudi Central Bank (SAMA) said that all banks and finance companies must respond quickly to the judiciary in the filed cases, as well as claims within the specified legal period (from three to 15 days according to the required document), Okaz newspaper reported, citing sources.

In case of the lender’s inability to respond, it must clarify the reason immediately and the period in which the required will be provided, as it should not exceed 30 days from the claim date, according to a circular from SAMA.

The circular asserted that banks and finance companies are committed to receive verdicts and rules issued by the courts and implement them immediately.

There are 45 types of documents received from the judicial authorities, including account statements, approved signature records, transfer documents, point-of-sale (POS) documents, objections to credit cards, account authorization documents, clearance documents, copies of checks, and mortgage documents.