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
1.
The license application must comply with the requirements set out in the Law and these Rules. The founding shareholders of the Consumer Microfinance Company must provide SAMA with any additional information or documents that SAMA may require within (15) working days from the date of request.
2.
In case of failing to meet the 15 working day period requirement specified in paragraph (1) of this Article, SAMA may refuse the license application.
3.
SAMA will issue a written notice to the applicant after the completion of all the requirements set forth in the Law and these Rules.
4.
Within (60) days from the day on which SAMA has accepted the license application as being complete, SAMA will either grant a preliminary approval or refuse to grant a License, giving its reasons in case of a refusal. The preliminary approval does not constitute a license or approval to practice the finance activity.
