Effective from Jun 11 1966 - Jun 10 1966 To view other versions open the versions tab on the right
The following terms, whenever mentioned in this Law, shall have the meanings specified in this Article:
a.
Bank: any natural or juristic person practicing basically any of the banking business in the Kingdom.
b.
Banking Business: the business of receiving money on current or fixed deposit account, opening of current accounts, opening of letters of credit, issuance of letters of guarantee, payment and collection of cheques, payment orders, promissory notes and similar other papers of value, discounting of bills, bills of exchange and other commercial papers, foreign exchange transactions and other banking business.
c.
National bank: a bank the head office and branches of which are situated in the Kingdom.
d.
Foreign Bank: a bank whose head office is located outside the Kingdom, whilst the branches thereof are located inside the Kingdom.
e.
SAMA: the Saudi Arabian Monetary Authority
f.
Invested Capital: the capital assigned by a foreign bank for the capital use of its branches in the Kingdom.
