Riyadh-Amlak
Nabil Al-Mubarak, CEO of the Saudi Credit Bureau «Sama,» confirmed to »Al-Madina» that there is confusion in the Saudi media and among many citizens regarding the understanding of certain procedures related to «Sama,» particularly concerning the company’s lists of citizens.
In a press statement, Al-Mubarak confirmed that his company does not maintain lists of citizens in default or otherwise, but rather produces reports containing all credit information. Citizens can view their reports and submit comments or complaints to the company, ruling out the possibility of errors in the recording of credit information in citizens« reports and stating that such errors are unlikely, while noting that some information is not specified in the report.
During a panel discussion organized yesterday by the Saudi Journalists Association at its headquarters in Riyadh, attended by numerous journalists, Al-Mubarak denied that SIMAH intervenes in any decisions regarding loans or other financial transactions, noting that SIMAH’s role is limited to providing credit information to banks and institutions, and that it is not authorized to approve or deny loans; rather, that is the prerogative of the other party, and SIMAH is not permitted to interfere in that process.
He also clarified that SIMAH does not oversee installment companies, but is concerned only with supervising banks, Al-Mubarak also noted that Saudi Arabia has an excellent default rate, as it has one of the lowest rates of credit defaults among its citizens compared to Western and Arab countries, This came during a panel discussion organized by the Saudi Journalists Association in collaboration with the Saudi Credit Bureau »Sama« at the Association’s headquarters in Riyadh on the topic of »Credit Culture,« presented by financial analyst and CEO of the Saudi Credit Bureau Nabil Al-Mubarak.
Al-Mubarak urged citizens to save from their expenses and to conduct banking transactions correctly according to a specific schedule free of defaults and obligations. He also expressed his approval of the comprehensive nature of citizens» expenses, noting that 60% of these expenses are complementary, while emphasizing that citizens are not spending their pensions and loans in the correct manner or prioritizing them according to life’s necessities, Al-Mubarak noted that the awareness campaigns held in the Kingdom are unparalleled in other countries, explaining that raising awareness, putting it into practice, and promoting it is the responsibility of the citizens themselves, noting that our society has reached a high level of awareness and understanding.