Further to SAMA Circular No. (46014147) dated 01/03/1446H, referring to Circular No. (44055679) dated 08/07/1444H, concerning the restriction of assigning debt collection tasks of banks and financing companies to licensed debt collection entities authorized by SAMA, which includes the decision to extend the deadline for banks and financing companies to contract with debt collection entities that have obtained SAMA's preliminary approval to engage in debt collection activities until the end of December 2024G, or until further instructions are issued by SAMA, whichever comes first. 

SAMA wishes to inform that, in line with its supervisory and regulatory role over banks, financing companies, and debt collection entities, and considering its ongoing review of the regulations governing debt collection activities, including licensing and direct supervision of the activity, it has been decided to extend the deadline for banks and financing companies to contract with debt collection entities that have obtained SAMA's preliminary approval to engage in debt collection activities until the end of March 2025*, or until further instructions are issued by SAMA, whichever comes first. Information about entities that have obtained SAMA's preliminary approval to engage in this activity 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 issuance of further instructions by SAMA according to Circular No. (106893404) dated 25/09/1446H.