Final answer:
Businesses in Saudi Arabia primarily avoid charging interest fees due to cultural preferences and religious beliefs, following Sharia law which prohibits the practice.
Step-by-step explanation:
The primary reason businesses in Saudi Arabia do not charge interest fees is because of cultural preferences and religious beliefs. In the Islamic faith, charging interest on loans is prohibited according to Sharia law, which is a religious law forming part of the Islamic tradition. Therefore, the prevalence of Islamic finance products, which adhere to these principles and avoid interest, is high, adhering to the cultural and religious norms of the society. This approach is different from traditional financial markets in other parts of the world where price ceilings, such as usury laws, might be set due to political pressure to limit interest rates and protect consumers, as seen with the extensive use of credit cards and associated interest payments in the United States.