Document background
This Consumer Credit Agreement template is designed for use by financial institutions in Saudi Arabia when extending credit facilities to individual consumers. The agreement incorporates essential elements required by the Saudi Central Bank (SAMA), including mandatory consumer protection provisions, profit rate calculations compliant with Islamic finance principles, and comprehensive disclosure requirements. It should be used for various consumer financing purposes such as personal finance, vehicle purchase, or home appliance financing. The document ensures compliance with Saudi Arabian banking regulations, the Finance Companies Control Law, and Sharia requirements, making it suitable for all consumer lending activities within the Kingdom. The agreement includes key sections covering facility details, payment terms, consumer rights, and default provisions, along with necessary regulatory disclosures and cooling-off period requirements.
