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Article 11

No: M/51 Date(g): 3/7/2012 | Date(h): 14/8/1433 Status: In-Force
This article has been amended in accordance with the Royal Decree No. (M/272) dated 04/12/1445H, corresponding to 10/06/2024G. Please refer to the Arabic version of this article to read the last updated version.
A finance company may not: 
 
 1.Engage in activities other than finance activities.
 
 2.Acquire, directly or indirectly, other entities engaging in activities other than finance activities.
 
 3.Trade in currencies, gold, precious metals or securities.
 
 4.Trade in real estate.
 
 5.Engage in wholesale or retail trading.
 
 6.Accept call deposit.
 
 7.Accept time deposits or non-banking facilities or opening accounts of all types for its clients, unless licensed by SAMA. The company shall deposit with SAMA a percentage of the value of the deposits as specified by the Regulations.
 
 8.Obtain foreign short-term finance without obtaining the approval of SAMA as specified by the Regulations.