Saudi Arabia’s central bank fined 16 financial institutions for violating “responsible finance principles,” it said on Sunday.
The Saudi Arabian Monetary Authority (SAMA) said in a statement that the fines were imposed “in order to implement principles of justice and transparency and to ensure full compliance with the responsible finance that should meet with the actual needs of all the segments of the society”.
The violations related to the percentage of debt that individuals had to bear in proportion to their monthly income.
The decision will also ensure fairness and competitiveness of financiers, the regulator said.
Details about the fines were not disclosed.
Some of Saudi’s biggest banks were among those fined, with Dubai lender Emirates NBD also featuring on the list.
The banks that were fined by SAMA include – National Commercial Bank, Al Rajhi Bank, Al Ahli Bank, Saudi Fransi Bank, Al Riyad Bank, Al Jazira Bank, Emirates NBD, Alinma Bank, Saudi Home Loans, Dar Al Tamleek, Abdulalatif Jameel Finance, Saudi Fransi for Finance, Nayifat Finance Company, Flexible Murabaha Finance, Al-Jabr Financing Company, and Raya Financing Company.