Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
1. Objective of the Licensing Guidelines/Criteria and Overview of the Application Process
Date(g): 1/12/2018 | Date(h): 23/3/1440
Status: In-Force
These Licensing Guidelines and minimum criteria set out the Saudi Central Bank's (SAMA's) Licensing process for banks. The guidelines and criteria apply to applicants seeking a license to carry on banking business in the Kingdom of Saudi Arabia (KSA) under the Banking Control Law “BCL”. They outline the general guidelines, the minimum criteria to be addressed by applicants and the application procedures and the necessary information and documents to be submitted with an application.
The application process involves the following steps:
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Preliminary consultation between SAMA and the prospective applicant to discuss the applicant’s plans to carry on banking business in the Kingdom of Saudi Arabia.
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Submission of an application and relevant information, as detailed in the Licensing criteria and the application form; and
All applications will be processed within reasonable time, having regard to the particular circumstances of each application, including the completeness of information and documents submitted to SAMA by the applicant. Some common factors that can delay the Licensing process include:
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An initial submission that contains incomplete or inadequate documentation;
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Situations where as per SAMA’s assessment, the applicant is unable or unwilling to comply with SAMA requirements;
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Delays in responding to SAMA’s requirements and requests and;
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Delays as a result of new developments since the application was first lodged by the applicant.
All prospective applicants are encouraged to contact SAMA as early as possible during their planning process to discuss their intent (or likely intent) to apply for a banking license.
