Article 36
| No: 2/MFC | Date(g): 24/2/2013 | Date(h): 14/4/1434 |
Effective from 2013-03-08 - Mar 07 2013
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| 1. | At least (50%) of all employees of the Finance Company must be Saudi nationals when the Finance Company starts operations. The (50%) minimum applies to all departments and organizational levels. | |||
| 2. | The percentage of Saudi nationals of total human resources shall be annually increased by (5%) of all employees until (75%) has been reached. SAMA may determine the minimum required annual increase thereafter. | |||
| 3. | Recruitment of non-Saudis in the Finance Company shall be limited to jobs that require expertise not available in the Saudi labor market. In all cases, the Finance Company must obtain a non-objection letter from SAMA before appointing any non-Saudi employee in supervision departments provided that the Company has proved the lack of Saudis for the vacant position.* | |||
* This paragraph has been amended in accordance with SAMA circular No. (446860000099), dated 17/07/1440H, corresponding to 23/03/2019G.