The following words and phrases, wherever they appear in these instructions, shall have the meanings set forth below, unless the context requires otherwise:

Central Bank: The Saudi Central Bank.

Instructions: Instructions on timeframes for issuing clearance letters, account transfers, and debt transfers.

Financial Institutions: Banks and finance companies under the supervision and regulation of SAMA.

Banks: Banks licensed to conduct banking activities in accordance with the provisions of the Banking Control Law.

Customer: An individual benefiting from the products or services of financial institutions.

Account Transfer: The process of transferring a customer's account balance from one bank to another, with the closure of the original account.

2.1 These instructions aim to specify the timeframes that financial institutions must adhere to when receiving a customer's request for issuing a clearance letter, transferring an account, or transferring debt. This is intended to protect customers, ensure fairness in transactions, and promote competition.

2.2 These instructions do not affect the provisions outlined in related instructions or any subsequent updates, including, but not limited to, the following:

- Banking Consumer Protection Principles as communicated by SAMA Circular No. (341000095960) dated 3/8/1434H.

- Regulations For Consumer Financing as per SAMA Circular No. (351000116619) dated 10/9/1435H.

- SAMA Circular No. (361000083199) dated 11/6/1436H concerning Consumer Financing Buyout.

- Regulations of Issuance and Operating of Credit and Monthly charge Cards as communicated by SAMA Circular No. (361000090389) dated 26/6/1436H.

- Finance Consumer Protection Principles as communicated by SAMA Circular No. (361000110320) dated 14/8/1436 H.

- SAMA Circular No. (39100028242) dated 10/3/1439H regarding the Transfer of the Real Estate Financing Debts.

- SAMA Circular No. (391000086876) dated 9/8/1439H concerning the Transfer of Mortgage Loans.

Financial institutions must process the customer's request for issuing a clearance letter - regardless of its purpose, including salary transfers - provided there are no outstanding financial obligations from the customer, within a timeframe not exceeding one business day from the date of receiving the request. For customers with a credit card and/or monthly debit card, this timeframe extends to seven business days.

Banks must process the customer's request to transfer an account within a timeframe not exceeding one business day from the date of receiving the request.

5.1 Consumer Finance:

Financial institutions (debt sellers) must process the customer's request to transfer debt by completing the necessary consumer finance debt transfer forms within a timeframe not exceeding one business day from the date of receiving the request.

5.2 Real Estate Finance: 

A-Financial institutions (debt sellers) must process the customer's request to transfer real estate financing debt by completing the necessary real estate financing debt transfer forms within a timeframe not exceeding three business days from the date of receiving the request.

B- Financial institutions (debt sellers) must complete the processing of the customer's request within a timeframe not exceeding five business days from the date of receiving the approval of the financing entity (the institution wishing to purchase the debt) for the debt transfer.