The Saudi Central Bank (SAMA) has released a draft update to the Implementing Regulations of the Finance Companies Control Law for public consultation. The proposed changes are now open for feedback via the National Competitiveness Center’s “Istitlaa” platform.
The update aims to expand the lending capacity of finance companies and reduce regulatory barriers for new entrants. Key provisions include increasing the overall amount of money finance companies can lend and lowering the bank guarantee requirements for obtaining a licence. The draft also outlines new rules for licence expiry and updates obligations for related parties.
The consultation period will remain open for 30 days. SAMA will review public and industry feedback before finalising the regulation.
The move comes as part of broader efforts to support the development of Saudi Arabia’s financial sector under Vision 2030, which includes diversifying funding sources and increasing private sector participation. As of the latest available figures, Saudi Arabia had over 40 licensed finance companies operating in consumer, SME, and real estate lending sectors.
