Saudi Credit Bureau (SIMAH) launched “Amwalak” initiative, describing it as one of the cultural financial programs for 2019. The initiative deals with fundamental issues that would help all social groups to build their future and achieve their financial goals. It would also reduce the financial stumbling and promote the culture of saving, investment foundations, and financial planning in the Kingdom.
SIMAH aims through this initiative to highlight a number of financial and credit issues, in an attempt to raise the level of financial awareness of individual consumers, inform them of the importance of financial planning in the organization and management of their financial resources and enhance SIMAH’s role in helping them assess their creditworthiness and the optimal use of credit cards. It also seeks to stress the importance of a credit report in organizing and managing budgets, taking financing decisions and knowing financial obligations with credit donors.
Through this initiative, SIMAH is actively contributing to the preservation of consumer rights following the eight credit principles, which are: neutrality, transparency, education and awareness, credit behavior, complaints, protection and confidentiality.
The initiative’s first financial education campaign was launched on July 7, focusing on the informing individuals of the five most common mistakes affecting their budget, which could eventually lead to financial stumbling, such as loans, the profligacy of luxury purchases and wrong investment. The second campaign, however, tackled the basics and luxuries of which the society may confuse, the importance of identifying and reviewing them periodically and the importance of consumer’s ability to differentiate between the needs and desires and then set the financial priorities on that basis.
SIMAH plans to launch 19 financial education campaigns within Amwalak initiative during the last two quarters of 2019. Media and Banking Awareness Committee in Saudi Banks, various Saudi banks and a number of SIMAH members are part of the financial awareness program launched by SIMAH.