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7.2 Non-objection Requirements for Specified Products and Services
Status: In-Force
Effective from Nov 01 2023 - Feb 29 2024 To view other versions open the versions tab on the right
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.
