Article 27
| No: MSHT/82 | Date(g): 10/12/2019 | Date(h): 13/4/1441 | |
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:
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| | a.
| Membership of Board and its committees.
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| | b. | Managing Director, Chief Executive Officers, General Manager, their designees, Financial Manager and directors of key departments, or their designees.
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| | c. | Directors of control functions, such as internal audit, risk management and compliance or their designees.
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| 2. | A Consumer Microfinance Company shall inform SAMA immediately when any of its senior management members retires or gets his/her mandates terminated.
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