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SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
The Consumer Microfinance Company shall not engage in any activity other than the activity of consumer microfinance. It shall practice such activity according to the following:
a.
The finance shall be for purchasing goods and services for purposes of consumption, including, but not limited to, purchase of furniture, consumer goods and household products or payment of education fees and the like.
b.
The finance to the borrower shall not be for commercial or professional purposes.
c.
Vehicle purchase financing is excluded from consumer microfinance activity.
