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5/3. Proposals Submitted by the Committees

No: 381000003528 Date(g): 10/10/2016 | Date(h): 9/1/1438

Translated Document

Effective from 2016-10-10 - Oct 09 2016
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1. All proposals issued by various sub-committees must be submitted to the executive committee for review and evaluation. The executive committee will then study the proposals.

2. Opinions and proposals submitted to the central bank must have been thoroughly discussed by the executive committee.

3. The executive committee should conduct research and analysis and review best practices and local and international standards to ensure the effectiveness of the proposal before submitting it to the central bank.

4. The proposal submitted to the central bank should clearly outline the nature of the issues being addressed, current practices both locally and internationally in dealing with such issues, and analyze the advantages and disadvantages of the current situation along with the proposed changes.

5. The proposal submitted to the central bank must include the following information at a minimum:

  •  The main topic in a specific and clear manner.
  •  Key problems and current and potential risks.
  • Available alternatives.
  •  Sector practices related to the proposed topic, including references to best practices.
  •  Recommendations.
  •  Identification of necessary resources and methods for securing them.