Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Chapter Three Requirements for Disposal of Finance Assets or Their Contractual Rights
No: 605580000099
Date(g): 12/6/2019 | Date(h): 9/10/1440
Status: In-Force
6.
The finance entity shall be in operation for at least two years prior to disposing its finance assets or their contractual rights.
7.
The finance entity that intends to dispose finance assets or their contractual rights, shall comply with the following:
7-1
If the assets, which are intended to be disposed, are real-estate assets, there need to be a lapse of at least six months from the date of extending credit related to the assets to be disposed of, or six months from the date of first paid instalment, whichever comes later.
7-2
If the assets, which are intended to be disposed, are other than real-estate assets with contract maturity not exceeding five years, there need to be lapse of at least three months from the date of extending credit related to the assets to be disposed of, or three months from the date of the first paid instalment, whichever comes later.
7-3
If the assets, which are intended to be disposed, are other than real-estate assets with contract maturity exceeding five years, there need to be lapse of at least six months from the date of extending credit related to the assets to be disposed of, or six months from the date of first paid instalment, whichever comes later.
