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.
Founders of the company willing to offer credit information services must complete the licensing application form and submit it along with the following:
1.
a statement of the founders' names, addresses, and percentage in share capital of each founding shareholder;
2.
company's Articles of Incorporation and By-Laws;
3.
a bank certificate from a licensed bank in Saudi Arabia attesting that the paid-up capital has been placed in full;
4.
a copy of the national I.D. or commercial registration of the founding shareholders;
5.
description of the computer system that will be used to collect and store credit information of consumers, including system features and capabilities;
6.
an economic feasibility study;
7.
the company's business plan for the first 3 years since its incorporation, including the nature of works it intends to offer, future expansion plans, projected financial statements, estimated growth rates, annual costs based its expected growth rates, anticipated number of staff, corporate governance, internal controls to be implemented by the company, and any other information that may be required by SAMA;
8.
company's organization structure;
9.
a fee of SR 50,000 for reviewing the licensing application; and
10.
a declaration not to conduct any business other than those stated in the company's articles of association, unless after obtaining SAMA’s approval.