Prohibiting Seizure of Funds Deposited Under /HAFIZ Program
| No: 41029946 | Date(g): 25/12/2019 | Date(h): 28/4/1441 | Status: In-Force |
Translated Document
The Central Bank received a letter from His Excellency the Minister of Justice, No. 419273054, dated 19/4/1441 H, stating that funds deposited from the (Hafiz) program cannot be seized, as they represent assistance from the state to individuals seeking employment. And this financial entitlement from the program is not subject to enforcement, as it falls under the provisions of Article 21 of the Enforcement Law.
Accordingly, SAMA emphasizes to all banks operating in the Kingdom that it is absolutely prohibited to seize the amounts deposited from the (Hafiz) program in the accounts of individuals subject to enforcement under court orders. We also hope to enable beneficiaries of the (Hafiz) program to access the amounts deposited in their accounts before the issuance of these instructions when they request it.
Please refer to circular No. (43043372), dated 15/05/1443H, Corresponding To 19/12/2021G for the list of Amounts Excluded from Seizure.