Saudi Arabian Monetary Authority ( SAMA) , central bank of Saudi Arabia, has issued the 56th Annual Report which reviews the latest developments in the Saudi economy during fiscal year 1440/41H (2019).
The Report covers developments in various areas of the domestic economy, including monetary developments, banking activity, capital market, prices, public finance, national accounts, foreign trade and balance of payments. It also provides an overview of the latest economic developments in various domestic productive sectors, apart from giving a full description of SAMA’s functions, such as setting and managing monetary policy and supervising banking, insurance and finance sectors. In addition, the Report includes the auditors’ report on SAMA’s balance sheet for fiscal year ended on June 30th, 2019. In addition to data issued by SAMA, the Report mainly relies on official data obtained from ministries, government departments and public entities, to which I would like to extend my sincere thanks for their cooperation in providing valuable information and data that enabled SAMA to prepare this Report. I also would like to thank all SAMA’s staff for their efforts in preparing this Report and in carrying out all functions entrusted to SAMA.
Specialized Credit Institutions (SCIs) continued to provide loans that contribute to the achievement of the development objectives in Saudi Arabia. Latest statistics indicate that the actual loans disbursed by SCIs in 2018 totaled SAR 15.2 billion, decreasing by 17.5 percent, compared to SAR 18.4 billion in 2017. Total loan repayments amounted to SAR 20.7 billion, decreasing by 2.3 percent from 2017. The balance of outstanding loans went down by 2.6 percent at the end of 2018 to SAR 230.7 billion compared to the end of the preceding year.
SAMA’s annual report points out that the Saudi Credit Bureau (SIMAH) continued to improve its services and products provided to all relevant entities during 2019, particularly the consumer system “SIMATI”, the commercial system “SIMAT”, “Shaiki” project, and SMEs evaluation system project “TAQEEM”. Through these services and products, SIMAH aims to provide the necessary and accurate credit information that contributes to enhancing risk assessments, evaluating the creditworthiness of borrowers, and reducing financial risks. SIMAH continued to meet the goals for which it was established as an independent credit information body. Such goals include the following: (1) to complement the finance ecosystem in Saudi Arabia and (2) to develop the credit information sector and its various services in preparation for the expansion of the credit market in Saudi Arabia according to the economic environment and Saudi Vision 2030. “ During 2019, SIMAH continued to find the necessary means to develop SIMAT and improve its services. In line with SAMA’s standards, SIMAH introduced a number of enhancements to corporate credit reporting, which included expanding the collateral list, enabling the preview of overall credit facility information, and introducing the “shared limit” concept for facilities in order to have a calculation suite for all possible uses of credit facilities as agreed between the financier and the borrower” SAMA’s annual report highlights.
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Founded in 2002 and started operation in 2004, Saudi Credit Bureau (SIMAH) is the first credit bureau in Saudi Arabia supervised , regulated and licensed by Saudi Arabian Monetary Authority (SAMA) to provide both consumer and commercial world class products and services. Innovativity of SIMAH stems from its robust ability to meet stakeholders’ needs in both government and private sectors. SIMAH’s marketing concept is FINDATA while more than 342 key data providers contribute big data to SIMATI & SIMAT ( SIMAH consumer & commercial reporting systems) . More than 104 million credit reports were issued by SIMAH since 2004 till end of 2019 while total number of credit instruments in 2019 was more than 63 million. Total number of consumers reports stored in SIMAH database is more than 17 million which explains Saudi Arabia Depth of Credit Information Index being 8 out of 8 in 2020.
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