Abu Dhabi: Saudi Arabia’s central bank has fined 30 finance entities, including a UAE bank and some of kingdom’s largest banks, for violating its laws and demanded all the lenders correct the violations.
The central bank said the institutions were fined for violating the “individual responsible finance principles”.
The regulator said the decision will also ensure fairness and competitiveness of financiers and to maintain efficiency of procedures and mechanism in this regard. However, it didn’t disclose details of the fines.
The banks that were sanctioned are: Al Rajhi Bank, National Commercial Bank, Saudi British Bank, Riyad Bank, Al Jazira Bank, Albilad Bank, Samba Financial Group, Alinma Bank, Gulf International Bank, Emirates NBD Branch, Al Yusr Leasing and Finance Company, Matajer Finance Company, Financial Leasing Company, Maalem Finance Company, Financial Agencies Company, National Finance Company, Ijarah Finance Company, Nayifat Finance Company, Abdul Latif Jameel United Finance Company, Saudi Home Finance Company, Al Jabr Finance Company, United Financial Services Company (Tasheel), Deutsche Gulf Finance Company, Company Bidaya Home Finance, Saudi Finance Company, First Tamweel Company, Al-Amthal Finance Company, Al Tayseer Arabia Company, American Express Saudi Arabia, and Imkan Finance Company.