Introduction
| No: 44064343 | Date(g): 5/3/2023 | Date(h): 13/8/1444 |
Effective from 2023-03-05 - Mar 04 2023
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The Saudi Central Bank is the authority responsible for monitoring and supervising the financial institutions licensed by it. The Bank has regulatory powers, including framing and regulating the rules for advertising products and services provided by those financial institutions, based on the Saudi Central Bank Law issued by Royal Decree No. M/36 dated 11/04/1442H and its Article 4 of the Law which states that: “The Bank shall carry out its duties according to the provisions of the Law, the regulations and policies issued by the Board, and in line with international best standards and practices. The Bank shall have all necessary powers to achieve its objectives. To this end, SAMA may exercise the following duties and powers: 3. Issuing regulations and instructions for the financial institutions and their business. 9. Developing instructions and procedures that would protect the customers of financial institutions.” SAMA issued these Rules to achieve the objectives relevant to advertising products and services provided by financial institutions to customers and consumers.