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  • 15-10-20

    KSA Implements new law through E-link

    (MENAFN) This Monday, 12th of October, The Saudi Arabian Monetary Authority (SAMA) fulfilled its goal of creating an electronic project that will limit unauthorized financing, under the name Tanfeeth.

    The decision was made in order to comply with the Finance Companies Control Law, after a royal order was announced to stop unlicensed financing.

    SAMA declared that the new program will be implemented as a way to protect the Kingdom's economy, which is a link used to precisely locate the outlaws committing mentioned offense, so they can be brought to justice, and penalized.

    Following the royal decree, SAMA will tag any unlicensed person involved in financing activities as "under investigation" if the number of promissory notes presented by a candidate to enforcement courts is more than a particular number in one year.
    And the tag will not be removed, until the investigation is resolved by the proficient judicial authority.

    MENAFN1510202000450000ID1100961549

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