Referring to the rule No. (300) containing the rules for opening bank accounts for legal persons, contained in the rules of bank accounts, and notified pursuant to SAMA Circular No. (65681/67) dated 01/11/1440H.

 I inform you that the following has been decided:

1. Introducing the above-mentioned minimum rule No. (300-1-3-8), entitled: Aggregate Accounts for Managing the Value of Financing in Debt Crowdfunding Establishments, according to the accompanying formula.
2. Add a definition of a debt crowdfunding facility within Chapter (1) 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.

Rule No. (300-1-3-8) within Rule No. (300) containing the rules for the requirements for opening bank accounts for legal persons.

Aggregate accounts shall be opened and managed for the purpose of collecting funds from participants with the aim of granting credit to the beneficiary enterprises in accordance with the following requirements: 

1.  A letter from the Chairman of the Board of Directors of the debt crowdfunding establishment or his authorized representative addressed to the bank explaining the purpose of opening the pooled account "managing the value of financing (the name of the debt crowdfunding establishment)" and specifying the authorized persons to manage it.
2. A copy of all the founding documents of the debt crowdfunding establishment, including the memorandum of association, articles of association and the decision to form the board. 
3.  A copy of the identities of those authorized to manage the account.
4.  The name of the account shall be "Financing Value Management Account - Name of Debt Crowdfunding Establishment". 
5.  The account shall be separate and independent from the accounts of the establishment's business management. Including fees and commissions charged by the establishment. It is not bound by any financial obligations on the enterprise or rights. 
6.  It is not allowed to transfer the funds of the cumulative account to any other account without the consent issued by the participants. Unless SAMA submits proof of non-objection to this.
7. Cash deposits/withdrawals are not allowed from the account.