New rules on installment sales get Saudi thumbs up

Updated 20 June 2019
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New rules on installment sales get Saudi thumbs up

RIYADH: New rules allowing the sale of goods by installment payments in Saudi Arabia have been welcomed by businesses and financial organizations in the Kingdom.

The Shoura Council on Monday approved regulations authorizing the Saudi Arabian Monetary Authority (SAMA) to start work on implementing the ruling aimed at protecting consumer interests.

Earlier, the Saudi Ministry of Commerce and Investment and SAMA were given the green light to put in place regulatory arrangements on installment sales and licensing.

Existing licenses will be valid until they expire, with new licenses being issued by SAMA. The new regulations were expected to be ready within 90 days, and no installment sale licenses would be issued based on the previous regulations.

Abdallah Suboh, corporate communication manager at Nissan’s Saudi dealership Alissa Auto, on Wednesday told Arab News: “We welcome the new regulation that is supposed to benefit the consumer.”

Zeid Al-Yaeesh, chairman of the General Committee for Financial Companies, an affiliate of SAMA, said the step would protect the market by making available the required data on all clients. The committee would restrict the financing process to licensed entities, ensuring compliance with SAMA’s applied regulations, he added. 


Saudi Arabia’s Zamzam water initative launched for Hajj

Updated 22 July 2019
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Saudi Arabia’s Zamzam water initative launched for Hajj

  • The initiative will be carried out under the direct supervision of the Ministry of Hajj and Umrah
  • The Spokesperson of the Al-Zamazema office, Amir bin Faisal Obaid, said that the initiative will provide Zamzam water to pilgrims

DUBAI: The undersecretary of the Hajj Ministry for Religious Affairs, Hussein Al-Sharif, sponsored “Al-Zamzami Al Sagheer” initiative and program launched by Al-Zamazema office.

The Spokesperson of the Al-Zamazema office, Amir bin Faisal Obaid, said that the initiative will provide Zamzam water to pilgrims. 

Zamzam water comes from the Zamzam well located in the Masjid Al-Haram in Makkah. It is believed in the Islamic faith that it is a miraculously generated source of water from God.
Saudi Arabia aims to provide the pilgrims with high quality and efficient services, a statement by the Al-Zamazema office said. 

The efforts are in line with the current developments taking place in the Kingdom under King Salman and Crown Prince Mohammad, the statement added. 
Services will be provided to all pilgrims coming from outside the Kingdom.

The initiative will be carried out under the direct supervision of the Ministry of Hajj and Umrah.