Banking & Finance
Saudi Central Bank Fines 16 Banks Including Emirates NBD
(Bloomberg) — Saudi Arabia’s central bank fined 16 financial institutions, including the kingdom’s largest banks, for violating “responsible finance principles.”
Read more: Saudi Banks Set for Most Growth in 4 Years as Rates Offset Oil
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.
Read more: Banks Drag Saudi Arabian Stocks Down Ahead of Ramadan
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
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