These Rules shall apply to banks and finance companies licensed and authorized by SAMA. SAMA is the sole authority empowered to apply these Rules and to take necessary measures, as it deems appropriate regarding any violations of these rules, including imposing punitive charges or enforcement actions as applicable under the Banking Control Law promulgated by Royal Decree No. M/5 dated 22/02/1386H and Finance Companies Control Law promulgated by Royal Decree No. M/51 dated 13/08/1433H. SAMA may update these Rules as and when required.

These Rules have been issued in both Arabic and English. In the event of discrepancy in the interpretation of the two texts, the Arabic text shall prevail.