License to Issue All Electronic Bank Cards
| No: 241000000112 | Date(g): 17/11/2003 | Date(h): 23/9/1424 | Status: Modified |
Effective from 2003-11-17 - Nov 16 2003
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Here attached a copy of Council of Ministers Decision No. 59 dated 28/03/1420H, which stipulates that SAMA 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 SAMA.
Given that there are some cards in the local market used for shopping online and issued by non-banking entities, SAMA confirms that these cards are unauthorized and 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 SAMA.