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Article 27

Effective from 2019-12-10 - Dec 09 2019
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1.A Consumer Microfinance Company must obtain a non-objection letter from SAMA before appointing any person in the following positions and functions:
 
 a.
 		Membership of Board and its committees.
 
 b.Managing Director, Chief Executive Officers, General Manager, their designees, Financial Manager and directors of key departments, or their designees.
 
 c.Directors of control functions, such as internal audit, risk management and compliance or their designees.
 
2.A Consumer Microfinance Company shall inform SAMA immediately when any of its senior management members retires or gets his/her mandates terminated.