Installment sales cancellation to apply on all deferred transactions, says SAMA official

29/07/2019 Argaam

 

The Saudi cabinet’s decision of cancelling the installment sales system will apply on all deferred sales transactions by natural or legal persons, Al-Ekhbariya TV reported, citing Bader Al-Otaibi, director general of supervision of finance companies at the Saudi Arabian Monetary Agency (SAMA).

 

“The move came in to avoid a negative impact from the variance in regulatory requirements between financing activities and installment sales,” Al-Otaibi stated.

 

“This step is expected to contribute to regulating the financing market in the Kingdom and reduce disparities in regulatory requirements,” he added.

 

“It will also help protect the financial system, regulate fair and responsible finance, reduce unfair transactions and protect consumers,” Al-Otaibi continued.

 

In May this year, SAMA announced new measures for implementing a new structural order for sales of commodities on installments, Argaam reported.

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