Prior to applying for SAMA’s non-objection, the finance company should qualitatively and quantitatively assess each proposed outsourcing function on a case-by-case basis and classify it as material or non-material.
15-
Prior to outsourcing or renewing outsourcing of material functions and in the event of material changes to the contract or agreement, the finance company should request SAMA’s non-objection in writing at least 30 working days prior to the proposed date of commencement or renewal of the contract or agreement.
16-
The finance company shall submit to SAMA a letter requesting non objection to outsourcing material functions that includes, at a minimum, the following information:
a.
Details on the outsourced function;
b.
Reasons for outsourcing;
c.
Details on the External Service Provider (e.g. name, address, and commercial register); and
d.
Any other information or documents requested by SAMA.
