License to Issue All Electronic Bank Cards
| No: 6467/BCT/112 | Date(g): 17/11/2003 | Date(h): 23/9/1424 |
Effective from 2003-11-17 - Nov 16 2003
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We are pleased to attach a copy of Council of Ministers Decision No. 59 dated 28/03/1420 AH, which stipulates that the Central Bank is the authority responsible for licensing the issuance of all electronic cash cards and similar products and overseeing them according to the instructions, standards, and conditions approved by the Central Bank.
Given that there are some cards in the local market used for shopping online and issued by non-banking entities, the Central Bank confirms that these cards are unauthorized. Local banks are required not to provide any facilities, including opening accounts for these entities, and to close any existing accounts. Additionally, they must provide the necessary information about this activity to the Central Bank.