RIYADH, 20 March 2004 — The Shoura Council has refused to approve fines for late installment payments.
The council justified its refusal on the basis that such a regulation was in conflict with the main objective of the system, which should be for rather than against customers.
In another step aimed at controlling the local market, the Shoura Council has also demanded that all companies licensed to sell by installments must provide the information center for installment selling at the chambers of commerce and industry with information regarding both operations and the clients.
