Based on the powers granted to the central bank pursuant to The Banking Control System issued by Royal Decree No. (M/5) dated 1386/02/22 AH, Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/08/1433 AH and The executive regulations issued by the decision of His Excellency the Governor No. (2/M Sh T) dated 14/04/1434 AH, Based on the supervisory and regulatory role of the Central Bank over banks, financial institutions, financing companies, and debt collection agencies, and in order to achieve stability in the sector and protect the rights of its participants,

We hereby inform you that it has been decided to restrict the assignment of debt collection tasks for banks, financial institutions, and finance companies to debt collection entities licensed by the Central Bank. You can refer to the Central Bank's website on the internet to find the licensed debt collection entities.

For your information and to be acted upon starting from 01/01/2024.