The Saudi Central Bank (SAMA) issued its semi-annual performance report of the finance companies sector and real estate refinance for H1 2023.
According to the report, most of the indicators in the finance companies sector “grew at varying rates in H1 2023.”
The paid-up share capital increased “by 5% to SAR 15.36 billion, total assets by 9% to SAR 62.36 billion, and total financing portfolio by 7% to SAR 80.71 billion.” Additionally, the net income of the finance companies sector “reached SAR 739 million.”
In terms of loan portfolio classification, the retail sector “accounted for the largest share of 76%, followed by MSME sector 21%, and the corporate sector 3%.”
The full report is available on SAMA’s official website.
In other recent updates, it was revealed that under the chairmanship of Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA) and Chairman of the Anti-Money Laundering Permanent Committee “AMLPC” AMLPC hosted a coordinating meeting on Thursday September 21, 2023 “with the relevant permanent committees in the Kingdom to discuss recent developments and enhancement efforts in anti-money laundering and combating financing of terrorism and proliferation.”
Permanent committees included representatives from the Permanent Committee for Combating Terrorism and its Financing “PCCT” at the Presidency of State Security the Permanent Committee for Implementing Security Council Resolutions in accordance with Chapter Seven of the UN at the Ministry of Foreign Affairs and the Permanent Committee for Legal Assistance Requests at the Ministry of Interior.
The representatives discussed cooperation and coordination mechanisms “between the relevant authorities as well as enhancing the effectiveness of public and private sector entities in complying with the requirements of anti-money laundering and financing of terrorism and proliferation.”
The permanent committees continue their relentless efforts “to strengthen compliance with international standards and the requirements of the Financial Action Task Force (FATF).”
In other news from last month, SAMA reportedy launched the first edition of the Cyber Anti-Fraud Program (CAFP).
The program spans for “a period of three-months and aims to train and develop a cohort of trainees, drawn from SAMA and local banks, through intensive cyber fraud education and on-the-field training.”
The CAFP, one of the most significant initiatives, “adopts best international standards and practices in the field of cyber fraud training.”
This program is designed to “support the national talent within the financial sector in collaboration with a leading British university and renowned global entities specializing in cyber fraud prevention and detection.”