Article 17

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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The License shall be granted for a term of five years and may be renewed by SAMA based on a request by the Finance Company in accordance with the requirements of this Regulation. The renewal application must be submitted to SAMA at least six months prior to the expiry of the License in accordance with the model stipulated by SAMA, including the following:

1.	an updated strategy and five-year business plan that sets out at least the following:
	A.	A marketing plan taking into account existing and planned products;
	B.	Credit policies and procedures;
	C.	Projected financial statements, annual revenue and expenses, financial margins and targeted growth rates, against the performance of the Finance Company over the past five years, taking into account any modifications to the company’s strategy and business plan;
	D.	Projected liquidity and capital adequacy ratios against the levels of liquidity and capital solvency ratios of the past five years, taking into account any modifications to the Company’s strategy and business plan;
	E.	Projected ongoing Finance operations;
	F.	Branch offices to be established;
	G.	Report on risks suffered by the Finance Company through the past five years, and how to manage and deal with it, including the risks of noncompliance and cases of violation of laws, regulations, or, instructions and future plan and programs of the company to manage risks and compliance.
	H.	Current number of employees and the percentage of Saudi nationals thereof at each department and each organizational level.
	I.	Recruitment and training plan, including training and qualification programs for employees.
2.	The financial charges required for renewing the License;
3.	Any other documents and information that SAMA may request.