Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
All applications, for the grant of licenses to carry on banking business in the Kingdom, shall be addressed to SAMA which will study the applications after obtaining all the necessary information and submit its recommendations to the Minister of Finance and National Economy. The license for a National Bank shall stipulate the following:
1)
It shall be a Saudi Joint Stock Company.
2)
The paid-up capital shall not be less than SAR 2.5 million and all subscriptions towards share capital shall be payable in cash.
3)
The founders and members of the board of directors shall be persons of good reputation.
4)
The memorandum and articles of association shall be approved by the Minister of Finance and National Economy. In the case of a Foreign Bank wishing to set up a branch or branches in the Kingdom, the grant of a license shall be subject to such conditions as the Council of Ministers may stipulate upon the recommendation of the Minister of Finance and National Economy. The license shall in all cases be issued by the Minister of Finance and National Economy after the approval of the Council of Ministers.
