Chapter I. Definitions and General Provisions
Article 1: Definitions
1- The terms and phrases mentioned in these Rules shall have the same meanings stated in the Finance Companies Control Law.
2- The following terms and phrases, wherever mentioned in this document, shall have the meanings assigned to them unless the context otherwise requires:
SAMA: The Saudi Central Bank.
Law: Finance Companies Control Law.
Rules: The Rules Governing BNPL Companies.
BNPL Activity: A type of financing that allows a consumer to purchase goods or services without a term cost payable by the consumer.
BNPL Company: A joint stock company licensed by SAMA to engage in BNPL activity.
Consumer: Beneficiary of the activity
Stores: Sales outlets and places where goods and services are provided.
Article 2: Scope of Application
These Rules apply to companies licensed by SAMA to engage in BNPL activity.
Article 3 :General Provisions
1. These Rules aim to: a. Establish licensing procedures and requirements for BNPL activity. b. Set the minimum standards and procedures necessary for carrying out BNPL activity. 2. BNPL activity shall not be carried out except after obtaining a license from SAMA in accordance with the provisions of the Law, the requirements set forth in these Rules, and any instructions issued by SAMA in this regard from time to time. 3. These Rules shall not prejudice the provisions of relevant regulations, including, but not limited to: a. The Finance Companies Control Law issued by Royal Decree No. M/51 dated 13/08/1433H. b. The Requirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA. c. The Cyber Security Framework issued by SAMA. d. The Business Continuity Management Framework issued by SAMA. e. The Financial Consumer Protection Principles and Rules issued by SAMA. f. Debt Collection Regulations and Procedures for Individual Customers issued by SAMA.