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Effective from 2019-12-10 - Dec 09 2019 To view other versions open the versions tab on the right
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/she must not be a Board member in another Consumer Microfinance Company exercising the same activity.
2.
He/she must not combine work in supervising or auditing the Consumer Microfinance Company with being a member in the Board of the company.
3.
He/she must not have been dismissed from an executive leadership function in financial facility as disciplinary measure.
4.
He/she must not have been convicted of violating provisions of any penal law or any provisions or regulations of the Capital Market Law, the Banking Control Law, the Cooperative Insurance Companies Control Law, Finance Laws, or any other laws or regulations inside or outside Saudi Arabia.
5.
He/she must not have been sentenced of a breach of trust offense, unless rehabilitated and at least 10 years have passed since the sanction for this crime has been completed and on condition that he/she receives a non-objection letter from SAMA.
6.
He/she must have the sufficient financial solvency and shall not have breached any financial obligations towards his/her creditors nor there is an indication that he/she cannot continuously comply with his/her financial obligations towards his/her creditors.
