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Financial Authority Requests Consumer Finance Rates
The General Authority for Financial Control has issued two circulars prohibiting transactions involving precious metal products such as gold, silver, and platinum. This is because these are considered investment tools and are not included among the goods and services eligible for financing under the Consumer Finance Law. The circular also mandates consumer finance companies to report their interest rates and administrative expenses to the authority on a quarterly basis. This measure aims to enhance transparency and governance, ensure market stability, and safeguard transactions. These efforts are part of the authority’s broader initiatives to regulate the market and protect participants.
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