Based on the powers vested to SAMA under the Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/8/1433H, including Article Twenty-One which states: "The Central Bank supervises the activities of finance companies and exercises its powers under the provisions of this law and its regulations," and Article Two of the implementing regulations of the Finance Companies Control Law, which states: "The central bank shall regulate the finance sector and supervise the activities of finance companies in accordance with the law and regulations," and referring to the "Qawaem" program established by the Ministry of Commerce and Investment in collaboration with the Saudi Organization for Certified Public Accountants, aimed at improving work efficiency and utilizing deposited financial statements, enhancing the credibility and reliability of accounting information, and increasing transparency for commercial entities.

Given the program's contribution to improving the quality and reliability of accounting information, SAMA confirms that all licensed finance companies in the Kingdom must use the "Qawaem" program as a source for obtaining the financial statements of commercial entities required to be deposited in the program before providing any credit facilities.

For your information and action, effective from 16/8/2019.