Saudi Arabia's central bank fined 16 financial institutions, including Al Rajhi Banking & Investment Corp., Samba Financial Group, National Commercial Bank, Emirates NBD Bank PJSC and Banque Saudi Fransi, for violating responsible finance principles.
The Saudi Arabian Monetary Authority said the violations were related to the percentage individuals were made to pay from their total monthly income when obtaining financing, adding that it has instructed the firms to take corrective measures.
The central bank also said it imposed the fines "in order to implement principles of justice and transparency" and ensure that firms comply with "responsible finance that should meet with the actual needs of all segments of the society."
The regulator did not elaborate on how much it fined the firms.
Riyad Bank, Bank AlJazira, Alinma Bank, Saudi Home Loans, Dar Al Tamleek Co., Abdul Latif Jameel United Finance, Saudi Fransi for Finance, Nayifat Finance Co., Murabaha Marina Financing Co., AlJabr Financing and Raya Financing were also fined.