Financial Consumer Protections (SAMA)

Source: Saudi Central Bank (SAMA) Consumer Protection Principles; Banking Control Law; Insurance Control Law; Finance Companies Control Law

Written in plain language for general understanding. This is educational content, not legal advice. Based on Saudi royal decrees, regulations, and ministerial decisions.

Saudi National Law

What is this right?

The Saudi Central Bank (SAMA) regulates financial services and protects consumers:

  • Transparency: Banks, insurers, and finance companies must provide clear, written terms in Arabic before you sign any agreement. All fees, rates, and charges must be disclosed upfront.
  • Fair treatment: Financial institutions cannot engage in unfair or predatory practices — such as hidden fees, excessive penalties, or pressure selling.
  • Complaint handling: Every financial institution must have an internal complaints unit. If the institution does not resolve your issue within 10 business days, you can escalate to SAMA.
  • Insurance rights: Insurers must process claims within 15 business days of receiving complete documentation.
  • Cooling-off period: For certain financial products, you have a 10-day cooling-off period to cancel after signing.

SAMA can fine, sanction, or revoke licences of financial institutions that violate consumer protection rules.

When does it apply?

  • You have a dispute with a bank, insurer, or finance company.
  • You were charged undisclosed fees or given misleading information about a financial product.
  • An insurance claim was unfairly denied or delayed.

What should you do?

  • File a complaint with the financial institution first — they must respond within 10 business days.
  • If unresolved, escalate to SAMA through the SAMA consumer complaints portal (samacares.sa) or call 800-125-6666.
  • Keep all contracts, statements, and correspondence as evidence.
  • For insurance disputes, check your policy carefully — the insurer must follow the exact terms.

What should you NOT do?

  • Do not sign financial agreements without reading the terms — especially interest rates, fees, and early repayment penalties.
  • Do not ignore bank communications about changes to your account terms — they must give you notice.
  • Do not throw away financial documents — keep records for at least 5 years.

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