Skip to main content
Custom print
Download Original PDF

2. General Provisions

No: 43023350 Date(g): 21/10/2021 | Date(h): 15/3/1443 Status: In-Force

Effective from 2021-11-20 - Nov 19 2021
To view other versions open the versions tab on the right

2.1 These instructions aim to specify the timeframes that financial institutions must adhere to when receiving a client's request for issuing a clearance letter, transferring an account, or transferring debt. This is intended to protect clients, ensure fairness in transactions, and promote competition.

2.2 These instructions do not affect the provisions outlined in related instructions or any subsequent updates, including, but not limited to, the following:

- Principles for Protecting Bank Clients as communicated by Central Bank Circular No. (341000095960) dated 1434/8/3 AH.

- Updated Consumer Finance Regulations as per Central Bank Circular No. (351000116619) dated 1435/9/10 AH.

- Central Bank Circular No. (361000083199) dated 1436/6/11 AH concerning instructions for purchasing individual customer debts between banks (Consumer Financing Buyout).

- Regulations for Issuing and Operating Credit Cards and Monthly Debit Cards as communicated by Central Bank Circular No. (361000090389) dated 1436/6/26 AH.

- Principles for Protecting Finance Company Clients as communicated by Central Bank Circular No. (361000110320) dated 14/8/1436 AH.

- Central Bank Circular No. (39100028242) dated 1439/3/10 AH regarding the transfer of real estate financing debts.

- Central Bank Circular No. (391000086876) dated 1439/8/9 AH concerning the purchase of real estate financing debts between financiers.