Saudi cbank warns lenders against misusing its name to reject applications

The Saudi Arabian Monetary Authority (SAMA) has warned banks and financial institutions to refrain from falsely citing SAMA regulations to reject customer applications.

The central bank said in a circular that it would take action against violators.

Recently, some clients have complained that their applications were refused because of SAMA’s regulations, which was not the case, SAMA said.

SAMA regulations should be referred to correctly, and by well-informed specialists, the statement added.