Saudi central bank fines 16 commercial lenders
Country’s largest banks fined in what may be part of crackdown on consumer finance abuses
The Saudi Arabian Monetary Authority (Sama) has taken the rare step of imposing fines on 16 commercial lenders, it announced on May 19.
But the Saudi central bank did not say how much it had fined the banks and gave very little information on why it had acted. Several local media outlets gave the names of the banks, which included a large Abu Dhabi-based lender and some of Saudi Arabia’s biggest financial institutions.
The Sama statement, issued in Arabic, said the institutions had violated
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