Introduction
| No: 598900000099 | Date(g): 2/1/2019 | Date(h): 25/4/1440 |
Effective from 2019-01-02 - Jan 01 2019
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These controls apply to banks and real estate financing companies operating in the Kingdom when owning properties located in the areas of Makkah and AL-Madinah. SAMA is considered the supervisory authority authorized to implement these controls and take necessary actions as deemed appropriate regarding any violations of these controls, including imposing penalties in accordance with the applicable provisions of the Banking Control Law issued by Royal Decree No. (M/5) dated 22/2/1386H, Implementation Rules for Banking Control Law issued by Ministerial Resolution No. (3/2149) dated 14/10/1406H, the Real Estate Finance Law issued by Royal Decree No. (M/50) dated 13/8/1433H, the Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/8/1433H, and it's implementing regulation issued by the the Governor of Saudi Central Bank Resolution No. (2/MFC), dated 14/04/1434H, the Law of Real Estate Ownership and Investment by Non-Saudis issued by Royal Decree No.(M/15), dated 17/04/1421H, and the Council of Ministers’ Decision No. (494) dated 14/9/1439H, which approved the amendment of Article (5) of the Law of Real Estate Ownership and Investment by Non-Saudis.