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SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
All Board members shall comply with the requirements of professional eligibility and fit and proper requirements stipulated by SAMA. In particular the following:
1.
He must not be a Board member in another Finance Company;
2.
He must not combine work in supervising Finance Companies or auditing their financials and membership in a Board of the Finance Company;
3.
He must not have been dismissed from an executive leadership function in financial facility as disciplinary measure;
4.
He must not have been convicted of a violation of any of the provisions of a criminal law, the Banking Control Law, the Capital Market Law, the Co-operative Insurance Companies Control Law or its regulations, the Finance Laws or its regulations, or any other laws or regulations inside or outside the Kingdom of Saudi Arabia;
5.
He must not have been previously declared bankruptcy, or entered into a general settlement with any creditor;
6.
He must not have been sentenced of a breach of trust offence, unless rehabilitated and at least 10 years have passed since the sanction for this crime has been completed and on condition that he receives a non-objecting letter from SAMA; and
7.
He must have the sufficient financial solvency and shall not have breached any financial obligations towards his creditors nor there is an indication that he cannot continuously comply with his financial obligations towards his creditors.
