Based on the Banking Control Law issued by Royal Decree No. M/5 dated 22/2/1386H, and the powers vested to SAMA to apply the Implementation Rules for Banking Control Law under the decision of the Minister of Finance No. 3/2149 dated 14/10/1406H, and referring to the Regulations of Issuance and Operations of Credit and Monthly Charge Cards issued by Circular No. 361000090389 dated 26/6/1436H, and SAMA’s instructions issued by Circular No. 19901/M AT/9006 dated 18/4/1432H regarding instant SMS notification services.

We inform you that all banks operating in the Kingdom must adhere to the following when processing financial refund transactions for bank cards:

First: Credit Cards

1. Process and settle financial refund transactions within three working days from the date of receiving the transaction in the acquirer bank's law.
2. Process and settle financial refund transactions to credit card accounts within three working days from the date of receiving the transaction in the issuer bank's law.
3. Notify customers via SMS immediately upon crediting the refund amount to the card account.

Second: Debit Cards (Mada)

1. Process and settle financial refund transactions immediately upon receiving the transaction in the acquirer bank's law.
2. Process and settle financial refund transactions to the card account immediately upon receiving the transaction in the issuer bank's law.
3. Notify customers via SMS immediately upon crediting the refund amount to the account linked to the card.

For your information and action accordingly as of 01/01/2020G.