SAMA approves amended Finance Companies Control Law regulations

SAMA approves amendments to the executive regulation of the Finance Companies Control Law

The Saudi Central Bank (SAMA) issued amendments to the executive regulation of the Finance Companies Control Law, exercising its powers under the law promulgated by Royal Decree No. M/51 dated July 3, 2012.

 

According to the Official Gazette Umm Al-Qura, the regulation prohibits any natural or legal person from engaging in financing activities, advertising or promoting them, or using any name that implies the provision of financing services without obtaining a license from the central bank, in line with the law and its executive regulation.

 

The regulation grants the central bank authority to inspect and supervise finance companies, review their records and documents, and verify their compliance with the law and the regulation.

 

The amended regulation takes effect upon publication, and any previous provisions that conflict with it are repealed.

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