Article 12

No: 2/MFC

Date(g): 24/2/2013 | Date(h): 14/4/1434

Effective from 2013-03-08 - Mar 07 2013
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Any candidate for a Senior Management position in the Finance Company must comply with the requirements of professional eligibility and fit and proper requirements stipulated by SAMA. In particular the following:

	1.	He must be permanently resident in the Kingdom of Saudi Arabia;
	2.	He must be professionally qualified and must have at least five years of relevant experience. SAMA has the right to assess the candidate's completion of such period of experience.
	3.	He must not have been dismissed from a previous job as disciplinary measure;
	4.	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 Cooperative 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 declared bankruptcy or entered into a general settlement with any creditor;
	6.	He must not have been sentenced of a breach of any trust offence, unlessrehabilitated and at least 10 years have passed since the sanction for this offence 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.