Based on the role of the Saudi Central Bank (SAMA) in overseeing and regulating the banking sector, and in order to maintain financial and economic stability in the Kingdom, and relying on established judicial principles and banking customs regarding bank guarantees, which represent an original, direct, and independent commitment on the part of the issuing bank, regardless of the circumstances surrounding the client who requested the issuance of the guarantee. This nature of credit instruments grants acceptance and trust among beneficiaries in both the public and private sectors. Acting otherwise would adversely affect the credit reputation in the Kingdom and the stability of transactions.

Accordingly, and after coordination with the relevant authorities, the Saudi Central Bank emphasizes that all banks and financial institutions operating in the Kingdom must not refrain from enforcing bank guarantees due to the initiation of any bankruptcy proceedings or the suspension of claims against the client who requested the issuance of the guarantee. Banks and financial institutions are to continue fulfilling their obligations as stipulated in the terms and conditions of the bank guarantee.