Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
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.
Effective from 2019-12-10 - Dec 09 2019 To view other versions open the versions tab on the right
The founding members or shareholders of a Consumer Microfinance Company, or their representatives, shall submit the license request to SAMA, attached with the following:
1.
completed application form required by SAMA;
2.
draft articles of association and by-laws of the Consumer Microfinance Company;
3.
description of the organizational structure of the Consumer Microfinance Company showing all necessary departments and functions and their main tasks;
4.
the Fit and Proper forms for founding shareholders, signed by each founding shareholder;
5.
the Fit and Proper Form for Board members, signed by every candidate for board membership;
6.
an irrevocable bank guarantee issued in favor of SAMA by one of the local banks for an amount equivalent to the required minimum capital. Such bank guarantee is renewable automatically until the required capital is paid up in full. This guarantee shall be released upon the request of the founding shareholders in the following cases:
a.
paying up the capital in cash;
b.
withdrawing the license application; or
c.
refusing the license application by SAMA.
7.
any other documents or information required by SAMA.
