The “Updating Collection Controls and Procedures for Individual Customers” project seeks to improve and organize the mechanism for collecting customer debts and communicating with them in this regard.
The Saudi Central Bank has “Sama” By proposing a project Update on “Collection Controls and Procedures for Customers ”Individuals” to receive the views and opinions of the public from interested parties and specialists, through the “Survey” platform affiliated with the National Competitiveness Center.
Saudi Central Bank Project
The project includes the minimum controls and procedures that financing entities must adhere to in the collection process, which are:
- Customer Communication
- Mechanism for deducting installments from their accounts
- Explain how to deal with potential defaulters and defaulting clients, while taking the necessary care to collect bad debts
- Provisions relating to exemptions in the event of death or total disability
Project objectives
The project aims to organize and improve the mechanism for collecting customer debts and communicating with them, in a way that ensures the protection of the rights of all parties to the relationship.
Visual reception time
Comments and observations on the project to update “Controls and Procedures for Collection of Individual Customers” will be received for a period of (15) days, to be studied after the deadline for approving the final version. Details of the project can be viewed through the “Istithla” platform of the National Competitiveness Center via (the following link).
