Saudi Arabia Sets New Regulations for Finance Companies

Saudi Arabia’s King Salman bin Abdulaziz Al Saud has issued a royal order instructing the Ministry of Justice to establish regulations to restrict the conduct of financial activity by illegitimate persons, in line with the Financial Companies Regulation Act.

Dr Walid bin Mohammed Al-Samaani, the Minister of Justice and the Chairman of the Supreme Judicial Council, stated that the new regulations would aim to mitigate the manipulation of debtors’ defaults by unconstitutional methods that do not take into account the creditworthiness of the debtors.

Al-Salmaani added that the royal order would guarantee the online links of the Ministry of Justice to the Saudi Arabian Moneta...