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It is Not Permissible to Impose Fees on Banking Services Before SAMA’s Approval, SAMA reports

Riyadh, Saudi Arabian Monetary Authority (SAMA) affirmed that it is not permissible for banks operating in the Kingdom of Saudi Arabia to impose fees on banking services provided for companies and small and medium enterprises without receiving SAMA’s non-objection.

This is based on powers granted to SAMA under its Charter, issued by Royal Decree No. (23) dated 23/05/1377H; and Banking Control Law, issued by Royal Decree No. (M/5) dated 22/02/1386H.

The instructions of SAMA emanate from its role to contribute in supporting and developing the private sector and its facilities, alleviate difficulties facing it and facilitate obtaining banking services as easily as possible.

Source: Saudi Press Agency