Financial Consumer Protections (SAMA) in Saudi Arabia
Reviewed by the Commoner Law Editorial Team. Sourced from Saudi royal decrees, regulations, and ministerial decisions. Written in plain language for general understanding — this is educational content, not legal advice. Our editorial standards
What is this right?
The Saudi Central Bank (SAMA) has the most comprehensive financial consumer protection framework in the Gulf, accessible through the SAMACares portal:
- Transparency: Banks, insurers, and finance companies must provide clear, written terms in Arabic before you sign. All fees, rates, and charges must be disclosed upfront — including the annualized percentage rate (APR) on loans.
- Complaint handling: Every financial institution must have an internal complaints unit. If they do not resolve your issue within 10 business days, escalate directly to SAMA.
- Insurance claims: Insurers must process claims within 15 business days of receiving complete documentation. Health insurance claims must be processed even faster.
- Cooling-off period: For certain financial products (loans, insurance policies), you have a 10-day cooling-off period to cancel after signing.
- Fair treatment: Predatory practices — hidden fees, excessive penalties, pressure selling, unauthorized account changes — are all prohibited.
- Debt collection: SAMA regulates how banks and collection agencies contact debtors — harassment, threats, or contacting your employer about personal debts is prohibited.
- BNPL consumer rights (SAMA Governor's Decision 145/MShT of 23/05/1445H): Any 'buy-now-pay-later' provider operating in Saudi Arabia must hold a SAMA licence with SAR 5 million minimum capital, and is forbidden from charging the consumer a 'term cost' — BNPL by definition cannot impose interest or finance charges on the buyer; merchant-side fees only. Written, Arabic-language disclosure of every fee schedule, default consequence, and credit-reporting practice is required before purchase. Internal complaint unit with 10-business-day response deadline; unresolved complaints escalate to SAMACares.
- Open Banking consent rights (SAMA Open Banking Framework, updated September 2024): Only SAMA-authorised Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) can access your bank data. You have rights to clear, informed, specific consent, a register of every third party authorised, and to revoke consent at any time — the bank or fintech must honour revocation immediately. The Open Banking Lab's 'View My Bank Accounts' service (live May 2024) is a fraud-prevention check accessible via Absher.
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 beyond the 15-day limit.
What to Do If a Bank or Insurer in Saudi Arabia Treats You Unfairly or Denies Your Claim
- File a complaint with the financial institution first — they must respond within 10 business days.
- If unresolved, escalate to SAMA through the SAMACares portal (samacares.sa) or call 800-125-6666.
- Keep all contracts, statements, and correspondence — SAMA requires evidence when reviewing escalated complaints.
- For insurance disputes, check your policy carefully — the insurer must follow the exact terms, and SAMA can force compliance.
What should you NOT do?
- Do not sign financial agreements without reading the Arabic 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, and silence is not consent.
- Do not throw away financial documents — keep records for at least 5 years for SAMA complaint purposes.
Common Questions
When does it apply — financial consumer protections (sama)?
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 beyond the 15-day limit.
What should I do if my bank or insurance company in Saudi Arabia refused my claim or charged undisclosed fees?
File a complaint with the financial institution first — they must respond within 10 business days.If unresolved, escalate to SAMA through the SAMACares portal (samacares.sa) or call 800-125-6666.Keep all contracts, statements, and correspondence — SAMA requires evidence when reviewing escalated complaints.For insurance disputes, check your policy carefully — the insurer must follow the exact terms, and SAMA can force compliance.
What should you NOT do — financial consumer protections (sama)?
Do not sign financial agreements without reading the Arabic 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, and silence is not consent.Do not throw away financial documents — keep records for at least 5 years for SAMA complaint purposes.