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Article 14

No: 2/MFC Date(g): 24/2/2013 | Date(h): 14/4/1434

Effective from Feb 24 2013 - Mar 07 2013
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Founding shareholders must establish the Finance Company as a joint stock company within six months of the granting of the preliminary approval and provide SAMA with copies of the Finance Company’s commercial registration and by-laws, reflecting the licensed activities in accordance with the preliminary approval. The preliminary approval will expire after six months of the preliminary approval. Unless a nonobjection letter has been obtained from SAMA to extend its duration for a maximum of six months.