The Ministry of Commerce and Investment Saudi Arabia responsible for both commerce and investment sectors has stopped issuing permits to companies issuing installment sale in the kingdom of Saudi Arabia.
So, now any new company cannot Sell products & services on installments in Saudi unless its approve by the Ministry of Commerce and Investment.
Ministry has asked SAMA (Saudi Arabian Monetary Authority) to closely monitor transactions for any violations for a period of 3 months.
Ministry has also said that those who already have valid licenses for installment sale can continue to sell th products and services till the expiration of their permits.
Nny businessman or company who continues to carry out installment deals without a valid permit would face a two-year prison sentence and a fine of SR3 million.
