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Article 5: Implementation and Update of the APR Calculator

No: 45025707 Date(g): 31/10/2023 | Date(h): 17/4/1445 Status: In-Force
  1.  Finance providers shall update the relevant policies and procedures to comply with the requirements included in the Rules.
  2. Finance providers are responsible for implementing adequate internal controls and audit mechanisms to safeguard the integrity of the APR Calculator deployed. In case where the APR Calculator is automated, finance providers should verify the results obtained using the automated tool by comparing those results to the figures obtained by using Excel based APR Calculator provided by SAMA.
  3. Finance providers shall also ensure that the APR Calculator made available to customers through their websites is updated to align with the Rules requirements and the enclosed Calculator.