Following the instructions issued by the Central Bank under Circular No. 371000002391 dated 7/1/1437 AH regarding urging banks and financial institutions operating in the Kingdom to utilize the "Qawaem" program and to rely solely on the reliable financial statements available in this program. This initiative aims to enhance and increase work efficiency, benefit from deposited financial statements, and strengthen the credibility and reliability of accounting information, in addition to raising the level of transparency for commercial entities.

Given the program's contribution to improving the quality and reliability of accounting information, which is considered one of the main sources for assessing credit risks for commercial entities, the Central Bank emphasizes that all banks and financial institutions operating in the Kingdom must commit to using the "Qawaem" program as a source for obtaining the financial statements of commercial entities required to be deposited in the program before granting any credit facilities or during the periodic internal update process for assessing credit risks.

For your information, and to act accordingly as of 16/8/2019.