The Saudi Arabian Monetary Authority (SAMA) has directed Saudi local banks to postpone three months installments of all financing products for Saudi workers registered in the support of unemployment insurance (SANED) without any additional costs or fees.
The decision is effective as of April.
SAMA said that postponing the installments does not require submitting request forms from clients, however it said banks should consider and accept the requests of clients who are unwilling to postpone installments.
This comes upon the royal order issued by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to compensate Saudis working in private sector firms that have been impacted by the current consequences of COVID-19 outbreak.
