2. General Provisions
| No: 42066419 | Date(g): 1/5/2021 | Date(h): 20/9/1442 | Status: In-Force |
Translated Document
Effective from 2021-05-01 - Apr 30 2021
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| 2.1 | These instructions aim to clarify the obligations of banks and financial institutions according to the provisions of The Law and Regulation, as well as to facilitate banking transactions related to bankruptcy procedures. | ||
| 2.2 | These instructions do not affect the provisions of The Law and Regulation, as well as other related regulations and instructions, including- For example but not limited to- the following: | ||
| Rules and Guidelines on Management of Potentially Delinquent Loans, issued by SAMA Circular No. (41033343) dated 11/05/1441 AH. | |||
| Rules for Bank Accounts, issued by SAMA Circular No. (65681/67) dated 01/11/1440 AH. | |||
| Regulations for Bankruptcy Procedures in Commercial Courts, issued by Minister of Justice Decision No. (6421) dated 21/03/1441 AH. | |||
| SAMA Circular No. (42025830) dated 21/04/1442 AH, concerning the affirmation not to refuse to confiscate a bank guarantee letter due to the commencement of bankruptcy proceedings and the suspension of claims against the client who issued the guarantee letter. | |||
| SAMA Circular No. (42016471) dated 16/03/1442 AH, concerning the importance of adhering to the regulations related to the commercial environment and credit transactions. | |||