Referring to Rule No. (300-1-5-3) regarding Family funds included within the Account Opening Rules, communicated by SAMA Circular No. (65681/67) dated 01/11/1440H.

We would like to inform you about the amendment of the base requirements mentioned above by excluding the requirement to obtain copies of the identification cards of the founder(s) when opening bank accounts for family funds, according to the attached format.

Amendment of the requirements for Rule No. (300-1-5-3) concerning family funds.

• Family Funds:

The bank may open accounts only in Saudi riyal for family funds. The requirements are as follows:

1. A letter from the chairman of the trustee board of the family fund (or their authorized representative) to the bank in which the account is to be opened clearly indicating the purpose of opening the account.
    
2. A copy of the license issued by the Ministry of Human Resources and Social Development.
    
3. A copy of the fund's bylaws.
    
4. A copy of the trustee board formation decision and copies of board members’ IDs.
    
5. The bank account shall be managed by a joint signature of at least two persons: one shall be the chairman or the vice-chairman of the trustee board, and the other shall be the financial officer (principal signature). The trustee board may authorize two of its members or two senior Saudi managers of its executive management to manage the bank account, subject to the approval of the Minister or their authorized representative.
    
6. Disbursement from the fund shall be in accordance with the methods and conditions stipulated in the fund's bylaws.
    
7. The family fund may accept funds, gifts, bequests, Zakat and subscriptions (if any) from its founders and family members only, provided that the bank obtains a pledge from the chairman of the fund’s trustee board to comply with this requirement.
    
8. The family fund is allowed to invest its money according to the provisions stipulated in the fund’s bylaws.
    
9. The family funds are not allowed to make any transfers or issue bank or personal checks to parties outside Saudi Arabia.
    
10. Approval of the director of the compliance department for opening the account.
     

For your information and action accordingly as of this date.