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Second: Instructions for Applying for a License to Practice Deferred Payment Activities

Date(g): 24/1/2024 | Date(h): 14/7/1445 Status: In-Force

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Effective from Jan 24 2024 - Jan 23 2024
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  1. The license application form may not be modified in any way. The application form must be submitted by the founders or their authorized representative, along with a certified copy.
  2. The forms and documents specified in the license application must be submitted in electronic copies as detailed in the list.
  3. The words and phrases used in the license application form shall have the meanings defined in the Finance Companies Control Law and the Rules for Regulating Buy-Now-Pay-Later (BNPL) Companies. The term "applicant" refers to the founders or shareholders of the company applying for SAMA's approval to complete the establishment and licensing procedures to engage in deferred payment activities.
  4. The applicant must ensure the accuracy, completeness, and thoroughness of the information provided in the license application. Providing false information or omitting material disclosures that should have been made for licensing purposes constitutes a violation of the provisions of the Finance Companies Control Law and Article (7) thereof, and may result in the rejection or cancellation of the license application.
  5. Applications for licensing and inquiries can be submitted via email.