SAMA instructs finance companies to update credit policies

Logo of the Saudi Central Bank (SAMA) 

The Saudi Central Bank (SAMA) instructed finance companies to update credit policies in line with the developments of both the industry as well as the business sectors.

SAMA requested the financing firms to set the proper precautionary measures to eliminate the increase of the non-performing loans (NPLs), and to ensure there are provisions that match the industry-related risks. 

These instructions came in line with SAMA’s authorities and the Kingdom’s financing regulations.