The Saudi Arabian Monetary Agency (SAMA) has stated that the regulations and collection procedures issued by the institution oblige banks to release and reimburse the amounts paid under the financing contracts concluded after 1 October 2018 in the event of death or full disability.
She added that the provisions and controls on collection exclude commercial finance contracts and certain deaths and exemptions in the event of death and disability for the following reasons:
– The client intentionally inflicts self-harm or suicide, whether rational or mentally ill.
– Taking illicit drugs or taking drugs or alcohol.
– Death or injury during participation or training in any sport or hazardous event, such as participation in horse racing or cars.
– Death or injury resulting from the nature of the job.
– Death or damage resulting from or contributed by nuclear weapons, nuclear radiation or radiation contamination from any fuel or nuclear waste resulting from the burning of nuclear fuel.
– Death or damage arising from wars or acts of aggression, acts of aggression or acts of double, acts of vandalism and terrorism arising from persons or on behalf of terrorist groups.
– Death or damage caused by natural disasters.
– Decisions issued by the courts or the competent judicial authority under the rules in force in the Kingdom of Saudi Arabia.