The Saudization Ratio Calculation Mechanism in Prudential Data
| No: 391000041142 | Date(g): 28/12/2017 | Date(h): 10/4/1439 | Status: In-Force |
Translated Document
Based on the powers vested to SAMA under the Banking Control Law issued by Royal Decree No. M/5 dated 22/02/1386 H, and the Finance Companies Control Law issued by Royal Decree No. M/51 dated 13/08/1433 H, and in response to inquiries received by SAMA regarding the Saudization calculation mechanism and its relation to directives issued by the Ministry of Labor and Social Development in this regard.
We inform you that all Saudi citizens must be counted, along with the categories treated as Saudis—according to what is issued by the Ministry of Labor and Social Development—and this must be disclosed through the precautionary data form submitted to SAMA. Financial institutions should ensure verification and compliance with what is issued by the Ministry of Labor and Social Development in this regard, and reflect that periodically on the aforementioned form, notifying SAMA of any updates made in this regard.
Please take note and act accordingly, starting from the first quarter of 2018.