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300.1.1.2 Foreign Schools

No: 65681/67 Date(g): 3/7/2019 | Date(h): 1/11/1440 Status: In-Force
The bank may open accounts for these resident foreign schools upon completing the following: 
 
1.Receiving a letter from the board chairman or school principal, containing a request to open a bank account and the names of the account’s authorized signatories (a joint signature), along with copies of their IDs attached.
 
2.Receiving the approval of the Ministry of Education for opening the bank account and for the authorized signatories.
 
3.Obtaining a copy of the school’s license that is issued by the Ministry of Education.
 
4.Receiving a copy of the decision of forming the school board, approved by the Ministry of Education, and copies of members' Iqamas.
 
5.The account shall be valid for a period identical to the validity period of school license and the term specified for the school board as per its formation decision approved by the Ministry of Education.
 
6.The signatories shall be the school principal and its financial officer (who shall be employed in the same school), or one of them and a school board member, provided that such member is not a diplomat or an embassy employee. Such member may be from outside this school as an exemption from Paragraph (3) of Rule (4) of Chapter IV on the General Rules for Operation of Bank Accounts, regarding controls for authorizing non-Saudis.
 
7.Withdrawal from these accounts shall be as per dual control, and in case of withdrawal by checks, check shall be payable to the first beneficiary.
 
8.ATM cards or credit cards shall not be issued for such accounts.