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Saudi banks consider giving loans to Hafiz beneficiaries

Commercial lenders in Saudi Arabia are considering granting soft loans to beneficiaries of the Hafiz (incentive) programme, Arabic Al-Eqtisadiah has reported, citing banking sources. As part of the programme, unemployed Saudi men and women would receive monthly payments starting from November 26. The banks are looking to exploit the limited financial capabilities of their new clients who, according to the terms and conditions of Hafiz, are required to open bank accounts in order to receive their monthly payments.