Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
The collection accounts for collecting funds from participants in order to extend credit to beneficiaries shall be opened and managed in accordance with the following requirements:
1.
A letter from the Chairperson of the Board of Directors of the company or their authorized representative to the bank, stating the purpose of opening the account under the name “Management of the Finance Value of (name of debt-based crowdfunding company)”, and identifying the persons authorized to manage the account.
2.
Copies of all the company’s incorporation documents, including the memorandum of association, articles of association and Board formation decision.
3.
Copies of the IDs of persons authorized to manage the account.
4.
The name of the account shall be “Management of the Finance Value of (name of debt-based crowdfunding company).”
5.
The account shall be separate and independent from the accounts opened for managing the company’s business, including the fees and commissions collected by the company. The account shall not be used for any financial obligations or rights of the company.
6.
Transfer of money to other accounts without the approval of the participants shall only be made after submitting SAMA’s non-objection for such transaction.
7.
Cash deposits to or withdrawals from the account shall not be allowed.
Book traversal links for ٣٠٠-١-٣-٨/ الحسابات التجميعية لإدارة قيمة التمويل في منشآت التمويل الجماعي بالدين