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  • Chapter 1: General Provisions

    • Article 2

      This Law shall apply to finance companies licensed pursuant to its provisions.

    • Article 3

      Finance companies – licensed pursuant to this Law-shall engage in finance activities in a manner not conflicting with principles of Sharia as defined by Sharia committees, whose members are selected by these companies, without prejudice to the integrity of the financial system and equity of transactions.

    • Article 4

       1.No finance activities, as specified under this Law, may be engaged in without obtaining a license in accordance with the provisions of this Law and other applicable laws.
       
       2.An unlicensed person may not, by any means, indicate, explicitly or implicitly, the engagement in finance activities as specified under this Law. Neither may he use any other indicative terms or phrases in his documents, papers or advertisements.
       
       3.Notwithstanding paragraphs 1 and 2 of this Article, the Regulations shall regulate the natural or corporate person's finance of its products and services for clients in a manner that enables SAMA to exercise its monetary authority, protect the financial system, and ensure consumer protection.