Saudi banks’ credit responsibility in the light of Simah company’s credit report

Abstract

The bank seeks to avert responsibility for itself, that responsibility that may arise towards it from several quarters, within the framework of the exercise of one of its functions on the occasion of granting it financing. The person requesting the financing may be asked about his refusal to grant the financing, and he may ask the creditors of the client requesting the financing about the damages caused by that financing to the client’s financial liability, and other cases of the bank’s responsibility. Saudi banks, like other banks, seek to avoid their responsibility for granting credit. Therefore, the Saudi legislator issued the Credit Information Law, according to which Simah Saudi Credit Bureau (SIMAH) was established to provide credit clients with a report that includes much information that is undoubtedly of interest to the credit decision-maker in making his decision to grant financing or not. The study used the comparative analytical method, so that the study addressed an analysis of several judicial rulings, whether Saudi Arabia or issued by the United States of America, in order to show the impact of the credit information report on the responsibility of the bank, in addition, the study reached many recommendations that would affect the responsibility of banks.