Article 4: License Requests
Effective from Jan 31 2025 - Jan 16 2024
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The license application for engaging in BNPL activity shall be submitted to SAMA along with the following items:
| 1. | A completed license application in the form provided by SAMA. | ||
| 2. | A copy of the commercial register, memorandum of association, and articles of incorporation (if any). | ||
| 3. | A list of the founding members or shareholders of the company, including the number and percentage of shares of each member or shareholder in the company. | ||
| 4. | The Fit and Proper Form for founding members or shareholders, signed by each founding member or shareholder. | ||
| 5. | The Fit and Proper Form for Board members, signed by each candidate for Board membership. | ||
| 6. | Information about the BNPL company's owners and organizational structure, including all key departments and functions and their main tasks. | ||
| 7. | The feasibility study and business plan. | ||
| 8. | An irrevocable bank guarantee for an amount equivalent to the minimum capital, issued in favor of SAMA by a bank licensed to operate in Saudi Arabia and renewed automatically until the capital is paid in full, if the license application is submitted for a BNPL company under establishment. Such guarantee shall be released upon the request of the license applicant in any of the following cases: | ||
| a. | If the capital is paid in cash. | ||
| b. | If the license request is withdrawn. | ||
| c. | If the license request is rejected. | ||
| 9. | Any other documents or information required by SAMA. | ||