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300.1.5.12 Building, Renovating or Expanding Small and Large Mosques
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Status: In-Force
The bank may open bank accounts designated for building, renovating or expanding small or large mosques. The following requirements shall be fulfilled:
1.
The bank shall receive a letter from the Ministry of Islamic Affairs, Dawah and Guidance (MoIA) or any of its branches in the concerned region, requesting the opening of a bank account and indicating its purpose.
2.
The bank shall obtain a copy of the approval of the MoIA or any of its branches in the concerned region for building, renovating or expanding a small or large mosque.
3.
The bank shall obtain the decision made by the MoIA or any of its branches in the concerned region to form a committee to supervise the mosque construction, renovation or expansion process. The committee formed shall be chaired personally by the branch manager of the MoIA and include two members of the officials of MoIA branch in the concerned region.
4.
The account shall be named “Branch of the Ministry of Islamic Affairs, Dawah and Guidance in... (building, renovating or expanding) (name of the mosque)”.
5.
The account shall be operated personally by the manager of MoIA branch in the concerned region (principal signatory) with one or both of the committee members indicated above.
6.
The bank shall obtain copies of the IDs of committee members who are authorized to sign for the account.
7.
If funds are donations, the approval of the concerned authority shall be submitted.
8.
Disbursement from the account shall be made only by checks, under a joint signature. In addition, ATM cards and/or credit cards shall not be issued for this account.
9.
The account shall be valid for a period identical to the period specified by the MoIA for the mosque construction, renovation or expansion. Should there be a need to extend the validity period of the account, a letter to this effect shall be submitted to the bank by the MoIA or its concerned branch.
10.
If account funds are from the state budget, as per a request from the MoIA, the approval of the Ministry of Finance shall be communicated to the bank through SAMA.
11.
Approval of the manager of compliance department for opening the account shall be sought.
