Book traversal links for تأسيس لجنة داخل البنوك لقطاع المنشآت الصغيرة والمتوسطة ومتناهية الصغر
Establishing a Committee within Banks for SMEs
No: 391000040699 | Date(g): 27/12/2017 | Date(h): 9/4/1439 |
Translated Document
SAMA continuously collaborates with banks and the General Authority for Small and Medium Enterprises to review regulations and policies to eliminate obstacles and increase available funding for these institutions, enabling youth and entrepreneurs to market their ideas and products. This effort contributes to achieving one of the goals of Saudi Vision 2030 by increasing the contribution of the small and medium enterprises sector to the Kingdom's GDP.
Therefore, SAMA has decided that banks should establish an internal committee dedicated to the small and medium enterprises sector, according to the following regulations:
- The committee shall be chaired by the Chief Executive Officer/Managing Director of the bank, with membership including heads of relevant departments, such as: (Corporate Banking Manager, Retail Banking Manager, Compliance Manager, etc.).
- The committee shall meet at least once a month to discuss and review any relevant issues in the sector, in addition to monitoring the financial data submitted by the bank regarding small and medium enterprises.
- The bank's board of directors shall approve the committee's policy and Key Performance Indicators (KPIs), and provide SAMA with these indicators and their results on a quarterly basis.