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Saudi Central BankSaudi Central BankNewsAnnouncement from the Saudi Arabian Monetary Authority
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Announcement from the Saudi Arabian Monetary Authority
1/1/2017 12:00 AM

In December 2016, Al-Rajhi Bank deducted repayment installments in excess of the regulatory requirement of repayment installment to salary ratio, which has affected some customers.

SAMA, in its role as a regulator and supervisor of financial institutions and applying the principles of fairness and transparency, would like to inform the affected customers that it has directed the bank to announce such irregularity to its customers and refund any amount in excess of the regulatory ratio for their December installments within two working days, without the need of customers to apply to the bank. SAMA has also instructed the bank to contact the affected customers to reschedule the deferred installment without claiming any additional costs.

SAMA would also like to affirm that investigation of such irregularity is currently underway and appropriate regulatory actions will be taken accordingly.

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