Article 15 of the Saudi Finance Companies Control Law
المادة 15 من نظام مراقبة شركات التمويل
The article requires a finance company and its staff to keep confidential the customers' data and transactions they learn of during the company's activity, as the Regulations specify.
Official text (Arabic)
This article has not been amended since the law was issued.
يجب على شركة التمويل ومنسوبيها المحافظة على سرية بيانات عملائها، وعملياتهم التي تم الاطلاع عليها من خلال قيام الشركة بنشاطها، وذلك وفق ما تحدده اللائحة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 15 explained in plain English
This article protects the privacy of finance companies' customers. It binds two parties:
- The finance company itself.
- Its staff, that is, those who work for it.
The obligation covers two things:
- Customers' data.
- Their transactions that they learned of through the company carrying on its activity.
Someone who applies for finance usually provides information about his income, obligations and financial position, and this article prevents the company and its employees from being careless with it. This ties in with the definition of "consumer" in Article 1 as anyone to whom the services of finance companies are directed; the protection concerns the customers whose data the company learned of during its activity.
The article did not detail the limits of this confidentiality or the cases in which disclosure is allowed, but made that as the Regulations specify.
It is preceded by Article 14 on issuing securities and sukuk, and followed by Article 16, which sets the conditions for membership of a finance company's board of directors.
If you believe your data with a finance company has been disclosed, you can consult a lawyer who specializes in banking and finance.
Practical example
Noura applied for a personal finance with a finance company in Dammam and submitted her salary statement and obligations. Later one of the company's employees talked about the details of her application with an acquaintance. This conflicts with the obligation of the company's staff to keep confidential the customers' data and transactions.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentBanking, Finance & Securities lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Banking, Finance & Securities lawyers
Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Dr. Saleh Altayyar & Partners Law Firm
Frequently asked questions about Article 15 of the Saudi Finance Companies Control Law
Is a finance company required to keep my data confidential?
Yes. The finance company and its staff must keep confidential the customers' data and transactions, as the Regulations specify.
Does the confidentiality obligation cover the company's employees?
Yes. The article binds the company and its staff together.
More articles on Finance Consumer Protection
- Article 20
The article requires the board chairman and members and employees with decision-making power to disclose in writing their relationship, their relatives' relationship or their interest in a finance contract, and allows an injured person to seek voiding of the contract if there is no disclosure.
يجب على رئيس وأعضاء مجلس الإدارة وموظفي الشركة عند إجراء أي عقد من عقود التمويل التي لهم سلطة اتخاذ قرار في شأنها الإفصاح - كتابة - عن الآتي: 1- أي علاقة لأي من
- Article 22
The article lists subjects the Regulations organize, including finance limits, security ratios, disclosure of the cost of finance, consumer protection, advance payments and debt collection.
تنظم اللائحة ما يأتي: 1- الحد الأعلى لمجموع التمويل الذي يجوز لشركة التمويل تقديمه. 2- منع شركة التمويل من إجراء تعاملات ائتمانية معينة، أو تقيـيـدها في ذلك. 3-
- Article 33
The article requires a finance company to disclose to its customer, before contracting, the early repayment discount formula, so that it applies when early repayment is agreed or resorted to, and refers its criteria to the regulations.
يجب على شركة التمويل الإفصاح لعميلها قبل التعاقد معه عن معادلة الخصم في السداد المبكر؛ ليعمل بها عند الاتفاق عليه، وعند اللجوء إليه بحكم العقد أو النظام أو القض
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.