The "Arabian Gulf System for Financial Automated Quick Payment Transfer" (AFAQ) is the Real Time Gross Settlement service for cross-currency cross-border payments between Gulf Cooperation Council (GCC) Countries; that is owned and managed by the National Central Banks (NCBs) of the six GCC countries (Kingdom of Saudi Arabia, United Arab Emirates, Kingdom of Bahrain, Sultanate of Oman, Qatar and Kuwait).

AFAQ Service is in line with the Charter of the Cooperation Council for the Arab States of the Gulf, which aims at achieving closer convergence and stronger links among the GCC countries, reaching advanced economic and financial integration, promoting collaboration, integration, interconnectedness and all aspects of cooperation among the GCC member states and their people at all levels.

With the aim of Facilitating cross-border payments in the region, providing essential infrastructure to enable the on-going integration of financial markets across the GCC region, utilizing the advantages of real- time gross settlement, Encouraging closer financial and economic integration between the GCC countries; SAMA has implemented a Specific Model in which functions of the Domestic RTGS system for both Sending & Receiving cross-border payments will be performed at the AFAQ Service ‘s Central Component hosted technically by the Gulf Payments Company (GPC); While controlled, supervised & operated by SAMA according to the operating Rules.

Without prejudice to Saudi Central Bank "SAMA" rights under applicable laws and regulations, these Operating Rules are constituted by SAMA in exercise of the powers stipulated in the Saudi Central Bank Law dated 11/04/1442H (26/11/2020G); Designating SAMA as the competent authority to Establish, Develop & Operate national infrastructures for Payment, Clearing & Settlement systems; Issue rules, guidelines, and licenses; Control and Oversee Payment, Clearing & Settlement systems within its sphere of competence.

SAMA may amend, replace or supplement the contents of these Operating Rules as it deems fit; in consultation with Participants. Such amendment will be duly notified to Direct Participants.

Each Direct Participant will comply with these Operating Rules.

The Direct Participants will pay SAMA's charges for the use of the Service in accordance with the Service Charging Policy issued by SAMA, as amended by SAMA from time to time.

A list of controlled documents which delineates operations of the Service is included in APPX (1). The controlled documents set out the detailed system operations.