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Providing Extended Business Hours, Including Saturdays, to Offer Subsidized Real Estate Finance Products

No: 245430000067 Date(g): 26/12/2018 | Date(h): 18/4/1440

Translated Document

Effective from 2018-12-26 - Dec 25 2018
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Based on Article 16 of the Banking Control Law, and following SAMA Circular No. 35487/M.A.Sh/586 dated 09/10/1427 H regarding the working hours of bank branches for the public, and in continuation of SAMA's role in achieving the national housing objectives included in Vision 2030.

I would like to inform you that it has been decided to provide additional working hours on Saturdays to offer services related to real estate products associated with the "Supported Financing" mortgage program provided by the Ministry of Housing and the Real Estate Development Fund, for a period of one year from this date, according to the following controls:

  1. The additional hours shall consist of five flexible working hours, from 12:00 PM to 8:00 PM.
  2. Work during the additional Saturday hours shall be limited to providing services related to real estate products associated with the "Supported Financing" mortgage program, with no other banking services offered.
  3. The branches operating during the additional hours shall be geographically distributed to cover all regions of the Kingdom.
  4. Sufficient bank staff must be available to serve customers.
  5. Announcement of the branches operating during the additional hours and the services provided.
  6. Notify SAMA of the number of branches operating and their specific working hours.