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  • Chapter One Definitions and General Provisions

    • Article 1

      1.The following terms and phrases, wherever mentioned herein, shall have the same meanings stated in the Finance Companies Control Law.
       
      2.For the purpose of applying the provisions of these Rules, the following terms and phrases, wherever mentioned herein, shall have the meanings assigned thereto, unless the context otherwise requires:
       
       Consumer Microfinance: extending consumer credit as per controls stated in Article (50) of these Rules.
       
       Consumer Microfinance Company: a joint stock company licensed by SAMA to practice consumer microfinance activity.
       

    • Article 2

      1.Without prejudice to the provisions of the Finance Companies Control Law, the objective of these Rules is to establish licensing provisions for consumer microfinance companies and regulate their activities.
       
      2.These Rules shall be applicable to consumer microfinance companies, licensed pursuant to the provisions of the Law and these Rules.