1. Definitions
| No: 361000089524 | Date(g): 14/4/2015 | Date(h): 25/6/1436 |
Effective from Jan 01 2016 - Dec 31 2015
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| The following terms and phrases, where used in these Rules, shall have the corresponding meanings, unless the context requires otherwise: | |||
| i. | SAMA: The Saudi Central Bank*. | ||
| ii. | Rules: Depositors Protection Fund (DPF) Rules. | ||
| iii. | Bank: means any Person practicing any banking business as such term is defined in the Banking Control Law of the Kingdom issued under Royal Decree No. M/5 on 22/2/1386H (11/6/1966). | ||
| iv. | Subsidiary: means any legal entity in which a Bank owns or controls more than 50% of the shares or voting rights. | ||
| v. | Deposit: means the unpaid balance of the aggregate of moneys received or held by a Bank from or on behalf of a person in the usual course of the business of deposit taking of the Bank and includes: | ||
| a) | a bank draft, cheque or other similar instrument or instruction entered into a payment system notwithstanding any delay or failure or unsettlement by the Bank in crediting the account; | ||
| b) | all forms of deposits including current accounts, savings accounts, time deposits, inheritance accounts, unclaimed accounts, escrow accounts, client accounts, trust accounts, structured deposits, etc. by whatever name called; | ||
| c) | a foreign currency deposit; and/or | ||
| d) | any other deposit or financial instrument as may be specified by SAMA. | ||
| However, the term “Deposit” does not include the following, unless it is otherwise specified by SAMA: | |||
| a) | a deposit that is not payable in Saudi Arabia; | ||
| b) | an inter-bank deposit; | ||
| c) | a negotiable instrument of deposit and any other bearer deposit; | ||
| d) | a repurchase agreement; and | ||
| e) | any other deposit or financial instrument as may be specified by SAMA. | ||
| vi. | Eligible Depositor: means any depositor of a Bank, whether a natural or a legal Person, but excludes the following: | ||
| a) | members of the board of directors and senior management of Bank (including its chief executive officer and Key Executives) as well as their Family Members; | ||
| b) | other Banks or financial institutions; | ||
| c) | shareholders holding in excess of 5% shares in the Bank | ||
| d) | Saudi government or quasi-government institutions; or | ||
| e) | Persons acting on behalf of any of the Persons mentioned in a) through c) above; | ||
| f) | any other Person(s) or institution(s) as may be specified by SAMA from time to time; | ||
| vii. | Family Members: means first-degree relatives including father, mother, spouse and children. | ||
| viii. | Key Executive: means an officer of the Bank whose appointment is subject to prior non-objection of SAMA. | ||
| ix. | Person: means a natural or a legal person. | ||
| x. | Assessment Year: means a calendar year from 1st January to 31st December for determining the amount of annual premium payable by a Bank to the DPF; | ||
* The Saudi Arabian Monetary Agency was replaced by the name of Saudi Central Bank in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding 26/11/2020G.