In reference to SAMA Circular No. (44055679), dated 08/07/1444H regarding the restriction of the assignment of debt collection operations of banks and finance companies to debt collection entities Licensed by SAMA. Additionally, further to SAMA Circular No. (45029088), dated 01/05/1445H, which emphasizes the commitment to the specified deadline for restricting the assignment of debt collection operations of banks and finance companies to debt collection entities Licensed by SAMA.

In light of SAMA's supervisory and regulatory role over banks, finance companies and licensed debt collection entities, SAMA wishes to inform that the deadline for banks and finance companies to contract with debt collection entities that have obtained initial approval from SAMA to conduct debt collection activities for finance entities has been extended until the end of September 2024*. A list of entities with initial approval from SAMA can be found on SAMAs official website.

For your information and compliance.

* 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 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, the extended until the issuance of further instructions by SAMA according to Circular No. (106893404) dated 25/09/1446H.