By Abdul Rahman Al-Misbahi

Okaz/Saudi Gazette

JEDDAH — The Ministry of Commerce and Investment has stopped issuing permits for installment sale in Saudi Arabia.

The ministry has also asked the Saudi Arabian Monetary Authority (SAMA) to closely monitor any violations for a period of three months.

The ministry gave no reason for the move but said those who already have valid licenses for installment sale could do business as usual until the expiration of the permits.

According to the ministry, any businessman who continued to carry out installment deals without a valid permit would face a two-year prison sentence and a fine of SR3 million.