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  • 2.9 Advertising Prepaid Payment Service Products

    Advertising for prepaid payment service products must follow SAMA regulations for advertising Financial Service Products, including the SAMA circular dated 28th Safar 1430H- 8th November 2009, which prohibits banks using names and/or pictures of holy places for any marketing activity. In accordance with the Banking Control Law, issued by Royal Decree, No. M/5Dated 22.2.1386 H, article 23 (5).

    • 2.9.1 Definition of an advertisement

      For the purpose of this Regulatory Framework, an advertisement is a commercial message in any medium that promotes, directly or indirectly, a prepaid payment service product.

    • 2.9.2 Minimum level of detail

      Advertisement shall clearly state the identity of the issuer making the disclosure (i.e. any public disclosure or communication relating to a prepaid service offering MUST identify the identity of the regulated issuer/IPM notwithstanding any other brand or title under which the service may be offered to market). The minimum level of detail should contain the name of the issuer and the bank address/phone number and specify that the account balance is held by a bank.

    • 2.9.3 Presentation of terms

      Advertisement shall only state specific terms that actually are, or will be arranged or offered by the prepaid payment service issuer. The terms shall be presented as a whole with charges shown adjacent to the offer.