300.1.5.9 Cultural, Sports and Social Clubs and Youth Hostels

No: 65681/67

Date(g): 3/7/2019 | Date(h): 1/11/1440

Status: In-Force

• Sports clubs licensed by the General Sports Authority:

The bank may open Saudi Riyal accounts for sports clubs licensed by the General Sports Authority upon receiving the following documents:
	1.	The approval of the Ministry of Finance for opening the account.
	2.	A copy of the license issued by the General Sports Authority.
	3.	A copy of the decision to form the club’s board of directors.
	4.	A copy of the authorization letter by the board of directors (joint signature), allowing specific persons to open and operate the account.
	5.	Copies of the IDs of the authorized persons and board members.
	-	Bank accounts for contributions of the club's members of honor and fans may be opened without the approval of the Ministry of Finance. Such accounts may be opened in Saudi Riyal or foreign currencies, but they shall be separated from the government subsidy account.

• Youth hostels:

Requirements for the sports clubs licensed by the General Sports Authority shall also apply to youth hostels.

• Cultural and literary clubs supervised by the Ministry of Culture:

The bank may open Saudi Riyal accounts for cultural and literary clubs supervised by the Ministry of Culture upon receiving the following documents:
	1.	The approval of the Ministry of Finance for opening the account.
	2.	A copy of the license issued by the supervisory authority.
	3.	a copy of the decision to form the club’s board of directors;
	4.	The authorization letter by the board of directors, allowing specific persons to open and operate the account under a joint signature.
	5.	Copies of the IDs of the authorized persons and board members.

• Camel Club, and its branches and offices:

The bank may open Saudi Riyal accounts for camel club and its branches and offices upon receiving the following documents:
	1.	A copy of the decision to form the club’s board of directors, issued by the Council of Ministers.
	2.	A copy of the authorization letter by the board of directors, allowing specific persons to open and operate the account.
	3.	Copies of the authorized signatories’ IDs.
	4.	Copies of the board members’ IDs.
	5.	Payment from the main account shall be made only for the purposes for which the account was established.