SAMA Updates Credit Card Regulations to Boost Transparency, Consumer Protection
The Saudi Central Bank (SAMA) has released updated regulations for the issuance and operation of credit cards, replacing previous rules. These new guidelines aim to improve disclosure and transparency, reduce costs for consumers, and strengthen financial awareness.
Key updates include detailed operational requirements for credit card issuers, helping ensure better consumer protection and encouraging innovation within the financial sector.
SAMA has also worked with international card networks to review and adjust credit card fees and charges. This initiative supports SAMA's broader strategy to enhance digital payment services for both residents and visitors, aligning with the goals of Saudi Vision 2030.
The full updated rules are available on SAMA's official Rulebook website: https://rulebook.sama.gov.sa/en
Related Topics:
GASTAT: Saudi Arabia's Inflation Holds Steady at 2.2% in May 2025
Saudi Arabia's Inflation Rate Eases to 1.9% in December
Rental Prices Drive Inflation in August 2024: GASTAT
SAMA Officially Launches 'Samsung Pay' in Saudi Arabia
Short link :
Post Views: 42 Related Stories
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
an hour ago
- Saudi Gazette
GASTAT: Annual Industrial Production Index drops 2.3% in 2024
Saudi Gazette report RIYADH — Saudi Arabia's annual Industrial Production Index (IPI) recorded a year-over-year decrease of 2.3 percent during the year 2024. According to the statistical report released on Monday by the General Authority for Statistics (GASTAT), this decrease is primarily driven by a 5.2 percent drop in oil activity, while non-oil activities recorded a 5.3 percent increase, reflecting improved performance across all non-oil economic sectors compared to 2023. According to the statistics, the annual index for mining and quarrying activity fell by 6.8 percent compared to 2023, while the annual index for manufacturing activity rose by 4.7 percent. The annual index for the coke and refined petroleum products manufacturing activity rose by 2.8 percent, while the chemical and chemical products manufacturing activity and the food products manufacturing activity rose by 2.9 percent and 6.29 percent respectively. The annual index for electricity, gas, steam, and air conditioning supply activities recorded an increase of 3.5 percent, while the index for water supply, sewerage, waste management, and remediation activities rose by 1.6 percent compared to 2023. The IPI is an economic indicator that measures changes in the volume of industrial output based on data from the industrial production survey.
Saudi Gazette
19 hours ago
- Saudi Gazette
Saudi Arabia to start implementing sale of livestock by weight from June 26
Saudi Gazette report RIYADH — The Saudi Ministry of Environment, Water, and Agriculture announced that new regulations and mechanisms for the sale of live livestock, meant for slaughter, by weight will come into force on Thursday, Muharram 1, 1447 AH, corresponding to June 26. This is part of the ministry's efforts to regulate livestock sales in public markets across the Kingdom, ensuring fair value for producers and consumers alike and contributing to environmental and economic sustainability, in line with the goals of Saudi Vision 2030. The ministry has set a number of terms and conditions for the sale of livestock by weight. This is aimed at ensuring the implementation of standards that guarantee their movements and sale to consumers, achieving the maximum benefit from this procedure. This will positively impact the livestock sector in the Kingdom, promoting the values of fairness and transparency in the buying and selling of livestock, and improving the quality and sustainability of services provided in public benefit markets. The ministry explained that the regulations for the sale of live livestock by weight include livestock prepared for slaughter inside and outside pens. The controls for selling within pens prohibit the sale of any livestock without determining their weight using approved scales in accordance with the requirements. Pen tenants are required to provide scales, and sellers are required to adhere to the highest standards of accuracy in measuring weight. The scales are also regularly maintained and kept clean to prevent the spread of disease among animals. They are also required to provide a suitable environment to ensure the safety of livestock during weighing, ensuring they are not harmed or stressed. They are also required to accurately record all weighing operations, including the date, animal type, recorded weight, and any other data specified by the supervising authority. The ministry added that the regulations stipulate ensuring transparency in the weighing process, making it visible to both buyers and sellers, while enabling the latter to object and request a reweighing if necessary. They also prohibit tampering with scales or measurements, or engaging in any fraudulent practices that affect the accuracy of the results. The ministry's inspector is granted the right to suspend any scale from use until it is verified that it complies with approved specifications. The ministry's inspectors are also provided with all necessary facilities and information, and employees are trained on the correct use of scales to ensure accuracy and efficiency in weighing. The ministry also outlined regulations for the sale of livestock intended for slaughter outside pens and within public benefit market yards. These regulations prohibit the sale of any livestock without a specific weight, using an approved scale in accordance with the requirements. Market investors are required to provide a sufficient number of scales within market yards and outside pens, commensurate with the number of livestock in each market. These scales must be approved in accordance with the regulations, and a specialized employee must be provided to carry out the weighing process. It is noteworthy that the ministry has set conditions that there should be importers for live livestock, in addition to fulfilling health requirements and obtaining import permits, to prove the implementation of the environmental sustainability program, which helps implement mechanisms for selling livestock by weight.
Leaders
21 hours ago
- Leaders
Saudi Arabia Welcomes 116 mln Visitors in 2024
Saudi Arabia welcomed nearly 116 million domestic and inbound tourists in 2024, marking a significant milestone in the Kingdom's tourism sector, according to the Saudi Press Agency. The ministry also released its 2024 Annual Statistical Report on Saudi Arabia's tourism sector to highlight key indicators of tourism activity and review the sector's growth during the year. Minister of Tourism Ahmed Al-Khateeb stated that the report focuses on the efforts of the ministry and all stakeholders in Saudi Arabia's tourism ecosystem. According to the report, total tourism spending for domestic and inbound travel recorded approximately SAR284 billion, marking an 11% year-over-year growth. Furthermore, the Kingdom reached its highest-ever number of inbound tourists, with almost 30 million visitors in 2024, marking an 8% rise compared to 2023. Meanwhile, inbound tourism spending in 2024 surged to SAR168.5 billion, up 19% from the previous year. The Ministry of Tourism noted that this remarkable success was mainly driven by the efforts and support of the Saudi leadership in line with the Saudi Vision 2030. As for domestic tourism, the ministry reported noticeable growth with 86.2 million domestic tourists in 2024, representing a 5% increase compared to 2023. The domestic tourism spending also reached SAR115.3 billion in 2024. Related Topics: Saudi Arabia Sets Ambitious Target: 70 Million Tourists by 2030 Eid Al-Adha Brings Influx of Tourists to Haql's Scenic Beaches, Parks Saudi Arabia Targets Over 5M Chinese Tourists by 2030 Short link : Post Views: 19
