7.2 Non-objection Requirements for Specified Products and Services
Effective from Nov 01 2023 - Oct 31 2023
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| 7.2.1 | Banks are required to seek SAMA’s non-objection for the below products and services prior launching, as an exception to the notification requirements: | |
| 1. | Home Loans Products. | |
| 2. | Financial Lease Products. | |
| 3. | Financial Derivatives. | |
| 4. | Products and services that are not covered in existing rules and regulations issued by SAMA. | |
| 7.2.2 | Banks that do not comply with required maturity level stated in clause (7.1), must apply for nonobjection for all types of products and services. | |
| 7.2.3 | Banks must launch their new products and services within (12) months of receiving the SAMA’s non-objection, otherwise the bank must submit a new application. | |
| 7.2.4 | Banks must not reoffer a product or service that has been stopped or discontinued for more than (12) months without a new non-objection from SAMA, as per clauses (7.2.1) and (7.2.2) for products or services that require SAMA’s non-objection. | |