Article 11
| No: M/51 | Date(g): 3/7/2012 | Date(h): 14/8/1433 | Status: In-Force |
Effective from Nov 30 2012 - Nov 29 2012
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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 paragraph 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. | |