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Article 11: License

Date(g): 1/3/2020 | Date(h): 7/7/1441

Effective from Mar 01 2020 - Feb 29 2020
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1-SAMA may take the necessary actions to ensure that the finance support company meets SAMA’s requirements, such as making supervisory or inspection visits to the company headquarters, meeting its executives and reviewing its systems, procedures and records.
 
2-Upon verification of the applicant compliance with the requirements set forth herein, SAMA shall issue the license for finance support activities.
 
3-The finance support company shall not engage in any activity not licensed by SAMA.
 
4-Debt collection service providers shall not buy the debts of finance institutions.