|19 May, 2019

Saudi central bank fines 16 financial institutions for violations of responsible finance

The Saudi Monetary Authority said in a statement the violations were related to exceeding debt burdens

Image used for illustrative purpose. Saudi Arabian currency. Image used for illustrative purpose.

Image used for illustrative purpose. Saudi Arabian currency. Image used for illustrative purpose.

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DUBAI- Saudi Arabia's central bank said on Sunday it had fined 16 financial institutions for violating principles of responsible finance.

The Saudi Monetary Authority said in a statement the violations were related to exceeding debt burdens imposed on people in proportion to their monthly income. It did not disclose the amount of the fines.

The financial institutions included Al Rajhi Bank, National Commercial Bank, Riyad Bank, Banque Saudi Fransi and Dubai-based Emirates NBD.

(Reporting by Saeed Azhar and Hadeel Al Sayegh) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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