In reference to SAMA Circular No. (44055679) dated 08/07/1444H regarding assigning debt collection operations of banks and finance companies to debt collection entities licensed by SAMA, starting from 01/01/2024G.

In light of SAMA's supervisory and regulatory role over banks, finance companies, and licensed debt collection entities, SAMA wishes to emphasize the importance of adhering to the deadline specified in the aforementioned circular. It is noted that banks, and finance companies may continue to contract with debt collection entities that have obtained initial approval from SAMA to conduct debt collection activities for finance entities until the end of June 2024*. A list of entities with initial approval from SAMA can be found on SAMA's official website.

* The deadline for banks and finance companies to contract with debt collection entities that have obtained the initial approval of SAMA to engage in debt collection activities for finance entities has been extended until the end of September 2024, according to Circular No. (45077226) dated 26/12/1445H, then extended until the end of December 2024, according to Circular No. (46014147) dated 01/03/1446H, and until the end of March 2025, according to Circular No. (106877869) dated 29/06/1446H, and until the issuance of further instructions by SAMA according to Circular No. (106893404) dated 25/09/1446H.