SAMA has issued the first update to the Regulations for Consumer Financing vide its circular # 351000116619 dated 10/9/1435H which became effective on 21/11/1435H. All Banks (domestic Saudi banks and branches of Foreign banks) are currently required to submit quarterly returns on their Consumer Financing portfolios to SAMA. With the issuance of the first update, all Banks are now required to provide their quarterly data and other information concerning Consumer Financing as per the attached (Table 1) revised package. Consequently, the first revised quarterly Prudential return as per the attached format for data as of 31 December 2014 will be due in SAMA 15 days following each quarter end and thereafter. Please note that this circular supersedes and replaces our previous circular # 341000032556 dated 12/3/1434H.
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While the attached revised Prudential Returns represents no major amendments to the Prudential Returns currently being submitted, banks should continue to submit their current Prudential Returns only for last quarter of 2014 in parallel with submission of the attached new Prudential Returns. Consequently, starting 1 st quarter of 2015, only the new Prudential returns in the attached (Table 1) will need to be submitted to SAMA.
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With regard to historical data, effective December 2014, Banks are expected to provide comparable data for each quarter from 1998 to 2014 as attached (Table 2) and submit to SAMA by end of January 2015.
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These quarterly prudential returns are to be submitted as a soft copy to the attention of Dr. Alwaleed Alsheikh, Director of Banking Supervision and to the undermentioned parties. SAMA is also planning to induct this return on its Electronic Return Management System (ERMS) shortly and in this regard will accordingly inform the Banks as to the steps to be taken at their end.
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