Article 21 of the Saudi Finance Companies Control Law

This article specifies the supervising body over finance companies, which is "SAMA", and Article 1 defined it as the Saudi Arabian Monetary Agency.

The article contains two matters:

1. Supervision: SAMA supervises the work of finance companies.
2. Limits of powers: SAMA exercises its powers under the provisions of this Law and its Regulations, so the source of its powers in this matter is the Law and the Regulations.

The importance of this article to the ordinary reader is that it shows licensed finance companies are not bodies working without oversight but are subject to the supervision of an official body. The article here did not specify the supervision mechanisms in detail.

After it comes Article 22, which lists subjects the Regulations organize, such as the maximum total finance, the principles of disclosing the cost of finance, the controls protecting fairness of dealings and consumers' rights, and the provisions on debt collection. It is preceded by Article 20 on disclosing conflicts of interest in finance contracts.

If you have a matter concerning a finance company's dealing with you, you can consult a lawyer who specializes in banking and finance to learn the suitable course.