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Article Eleven Agreement Termination Procedures

No: 188/441 Date(g): 6/5/2020 | Date(h): 14/9/1441 Status: In-Force
  1. The Company or the Bank shall submit to SAMA a request to terminate the Agreement along with the reasons of termination.

  2. After obtaining SAMA’s approval, the Company and the Bank shall:

    a) Sign a financial clearance between them;

    b) Announce the termination of the Agreement on their official websites; and

    c) Take all actions that indicate the termination of the Agreement, including removal of all advertisements and returning the usernames and passwords of the Company’s electronic systems