JEDDAH: King Salman on Saturday issued a royal order instructing the Ministry of Justice to put in place controls to limit the practice of financial activity by unauthorized persons, according to the Finance Companies Control Law. This seeks to accurately track down the offenders, promptly putting them on trial and inflicting penalties on them.
The minister of justice and the chairman of the Supreme Judicial Council, Dr. Walid bin Mohammed Al-Samaani, said that the new regulations will help to reduce the exploitation of debtors’ default through illegal means that do not take into account the debtors’ credit status and their ability to repay the debt.
Furthermore, he pointed out that the royal order will guarantee the ministry’s online links to the Saudi Arabian Monetary Authority (SAMA) so that it can put in place the necessary mechanisms and arrangements, in partnership between the two bodies.
It also states that an unlicensed person may not, by any means, indicate, explicitly or implicitly, the engagement in finance activities as specified under this law.