Saudi Central Bank Fines 16 Banks Including Rajhi, Emirates NBD
Saudi Central Bank Fines 16 Banks Including Rajhi, Emirates NBD
(Bloomberg) -- Saudi Arabia’s central bank fined 16 financial institutions, including the kingdom’s largest banks, for violating "responsible finance principles."
The fines were imposed "in order to implement principles of justice and transparency and to ensure" that institutions comply with "responsible finance that should meet with the actual needs of all segments of the society," the central bank said in a statement on its website. It didn’t provide details of the fines.
The central bank said violations related to the ratio individuals were made to pay from their monthly income when obtaining financing.
The banks fined are:
- National Commercial Bank
- Al Rajhi Bank
- Emirates NBD
- Banque Saudi Fransi
- Riyad Bank
- Bank Al-Jazira
- Alinma Bank
- Samba Financial Group
- Saudi Home Loans
- Dar Al Tamleek
- Abdul Latif Jameel United Finance
- Saudi Fransi For Finance Leasing
- Nayifat Finance
- Murabaha Marina Financing
- AlJabr Financing
- Raya Financing
To contact the reporter on this story: Vivian Nereim in Riyadh at vnereim@bloomberg.net
To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Shaji Mathew, Claudia Maedler
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