Providing SAMA with the Semi-Annual Risk Report, Prudential Statements, and Publish Quarterly Financial Reports and Statements and the Audited Annual Financial Statements on the SAMAs' Website
| No: 44028129 | Date(g): 27/10/2022 | Date(h): 2/4/1444 | Status: In-Force |
Effective from 2022-10-27 - Oct 26 2022
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Based on the powers granted to the Saudi Central Bank under the relevant regulations and instructions, we would like to inform that microconsumer finance companies are required to adhere to the following:
| first: | Provide the Central Bank with the semi-annual risk report as stipulated in Article (36) of the Microconsumer Finance Companies Regulatory Rules, after it has been reviewed by the Risk and Credit Management Committee (if applicable) and the Board of Directors, and approved including the decisions made regarding it, within (30) business days from the end of each of June and December of each calendar year. |
| Second: | Complete all required data in the annual and quarterly prudential data forms mentioned in Article (14) of the Microconsumer Finance Companies Regulatory Rules according to the approved forms attached. Ensure the accuracy of all data and submit it to the Central Bank within (25) business days from the end of March, June, September, and December for the quarterly prudential data forms, and within (60) business days from the end of the calendar year for the annual prudential data forms. |
| Third: | Submit the completed prudential data forms electronically in (Excel) format by the deadlines specified in item (2) above, along with a scanned electronic copy of the Certification Statement signed by the Chief Accountant, Chief Financial Officer (CFO), and the Chief Executive Officer (CEO) or Managing Director, as applicable. |
| Fourth: | The annual prudential data forms must be reviewed by the company's external auditor before submission to the Central Bank. Attach a copy of the audit report signed by the external auditor with the forms. |
| Fifth: | Publish the quarterly and annual audited financial statements referred to in Article (15) of the Microconsumer Finance Companies Regulatory Rules on the company's website within (10) business days from the due date. This should include:
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