News Spokesman of the bank: rescheduling debts of people in default if their financial situation is mandatory

The Kingdom's banks, banks and financial authorities have confirmed their willingness to abide by the procedures and controls established by SAMA for the rescheduling of debts of defaulted persons at the customer's request, with the possibility of changing the cost of the term without additional charges.

The Secretary General of the Committee on Information and Awareness of Banks in Saudi Banks, Talaat Hafez, stressed the commitment of these institutions to reschedule debt at the request of the client, in case it would be proved that the client's financial conditions change (compulsorily) with the availability of a salary for the client to the bank, without granting new funding.

He explained that the mandatory change includes "a partial or total incapacity to work, mandatory retirement or a loss of forced employment, such as dismissals, or the loss of certain lump-sum benefits granted to the employee each month by his employer" .

SAMA has proposed the debt rescheduling option, with the option of changing the cost of the term at no additional cost if the client provides collateral for its difficult situation. The funding authority is committed to providing the rescheduling option to reflect the situation of clients to whom judicial enforcement decisions have been made when they provide the services. necessary guarantees.