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Fourth: Documents to be Attached with the License Application

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

Translated Document

Effective from Jan 24 2024 - Jan 23 2024
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  1. Letter of application for a license to engage in deferred payment activity (electronically).
  2. Approved license application form from the central bank, completed according to the sections outlined in the form (electronically).
  3. A copy of the draft Articles of Incorporation and draft bylaws of the company (electronically), and a copy of the commercial register and Articles of Incorporation and bylaws (if applicable) for the existing company (electronically).
  4. Description of the organizational structure including all necessary departments and functions and the main tasks for each (electronically).
  5. An approved fit and proper criteria for each founder, completed and signed by the founder and certified by the authorized person to submit the license application (electronically).
  6. An approved fit and proper criteria for each candidate for membership on the board of directors and subcommittees, completed and signed by the candidate and certified by the authorized person to submit the license application (electronically).
  7. Economic feasibility study and business plan, according to the details specified in the license application form.
  8. An irrevocable bank guarantee in an amount equivalent to 20% of the minimum capital for the activity to be licensed, issued in favor of the central bank by one of the local banks, which is automatically renewed until the full capital is paid (electronic copy with a commitment to provide the original bank guarantee letter upon request).