Referring to the rule (300) including the rules for opening bank accounts for Juristic Persons, included in the Account Opening Rules, and notified pursuant to SAMA Circular No. (65681/67) dated 01/11/1440H.
 

 I inform you that the following has been decided:
 

1. Introduction of a rule Below the rule mentioned above, numbered (300-1-3-8), titled: Collection Accounts for Managing the Finance Value of Debt-Based Crowdfunding Companies, in accordance with the attached wording.
    
2. Add a definition of a debt crowdfunding facility within Chapter (I) on definitions, as follows: a joint stock company licensed to practice debt crowdfunding activity through a digital platform, or an entity that practices debt crowdfunding activity within the experimental environment at SAMA.
    
3. Add a definition of the value of financing under Chapter (I) on definitions, as follows: Funds provided by participants to the beneficiary enterprise through the debt crowdfunding platform.
    

 New Rule (300-1-3-8) under Rule (300), which outlines the Rules for Opening Bank Accounts for Juristic Persons.
 

The collection accounts for collecting funds from participants in order to extend credit to beneficiaries shall be opened and managed in accordance with the following requirements:
 

1.  A letter from the Chairperson of the Board of Directors of the company or their authorized representative to the bank, stating the purpose of opening the account under the name “Management of the Finance Value of (name of debt-based crowdfunding company)”, and identifying the persons authorized to manage the account.
    
2. Copies of all the company’s incorporation documents, including the memorandum of association, articles of association and Board formation decision.
    
3.  Copies of the IDs of persons authorized to manage the account.
4.  The name of the account shall be “Management of the Finance Value of (name of debt-based crowdfunding company).”
    
5.  The account shall be separate and independent from the accounts opened for managing the company’s business, including the fees and commissions collected by the company. The account shall not be used for any financial obligations or rights of the company.
    
6.  Transfer of money to other accounts without the approval of the participants shall only be made after submitting SAMA’s non-objection for such transaction.
    
7. Cash deposits to or withdrawals from the account shall not be allowed.