Regulatory Alerts2015-04-27
Holidays of Finance Companies
The Saudi Arabian Monetary Authority mandates that finance companies operating in the Kingdom observe four-day holidays for Eid al-Fitr and Eid al-Adha, commencing respectively on the day after the 29th of Ramadan and on the day of Arafat. The directive establishes September 23 as the official National Day holiday, specifying compensation with the following Sunday or preceding Thursday if it coincides with a weekend, while explicitly stating that no compensation applies if it falls on another official holiday. Finance companies must strictly adhere to these schedules, with the Authority reserving the right to issue timely circulars regarding any future amendments to the Eid holiday dates.
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