Consideration of Loans Granted by the National Development Fund’s Development Funds and Banks
| No: 42049450 | Date(g): 28/2/2021 | Date(h): 17/7/1442 | Status: In-Force |
Effective from 2021-02-28 - Feb 27 2021
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With reference to The principles of responsible finance communicated under Circular No. (99/46538) issued by the central bank dated 02/09/1439 AH. which is stipulated in paragraph number (13), mandates that financing entities must include loans provided by government bodies within the monthly obligations of clients and take them into consideration in the debt-to-income ratios.
Accordingly, the central bank emphasizes to all banks, financial institutions, and loan companies the consideration of loans granted by the development funds and banks affiliated with the National Development Fund for individual customers. This should be done by referring to reports issued by accredited credit information companies, The deductions by the development funds and banks affiliated with the National Development Fund should be included within the monthly liability ratios for clients wishing to obtain any financing products.