Saudi Arabia - Saudi Central Bank (SAMA) is seeking public opinion on Draft Standard Retail Consumer Finance Contract being implemented as part of its ongoing efforts to boost the finance sector.
To achieve transparency and public participation, SAMA has invited the public, stakeholders and specialists to submit their feedback and comments on the draft through the Public Consultation Platform of the National Competitiveness Center within 15 days, reported SPA.
This step comes as part of SAMA's ongoing efforts to advance the finance sector, ensure its transactions' fairness, and protect financial institutions' customers.
The kingdom's central bank indicated that this Standard Contract was for consumer finance products and aims to reduce differences and disparities in consumer finance contracts among financiers that engage in consumer finance activity by stating all rights and obligations arising from these contracts to prevent potential disputes, it added.
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