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.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
General Directorate for the Supervision of Finance Companies
Ref: 361000107380 Date: 1436/08/07 Attachments:
Circular
Subject: Determination of Holidays for Finance Companies.
Dear Sir,
Greetings,
Pursuant to Article 21 of the Finance Companies Supervision System and Article 2 of the Executive Regulations of the Finance Companies Supervision System, the Authority wishes to stipulate the following regarding the holidays for the Eids and the National Day of the Kingdom:
First: Eid al-Fitr Holiday The Eid al-Fitr holiday for finance companies operating in the Kingdom and their branches is set annually for four days, commencing on the day following the 29th of Ramadan (according to the Umm al-Qura calendar).
Second: Eid al-Adha Holiday The Eid al-Adha holiday for finance companies operating in the Kingdom and their branches is set annually for four days, commencing on the day of Arafat.
Third: National Day of the Kingdom Holiday The first day of Meezan (the beginning of the solar Hijri year), corresponding to September 23 of the Gregorian year, shall be an official holiday for all finance companies operating in the Kingdom and their branches. If this day falls on a Saturday, it shall be compensated with the following Sunday; if it falls on a Friday, it shall be compensated with the preceding Thursday. Otherwise, the National Day shall not be compensated if it falls on another official holiday.
Fourth: In the event of any amendments to the dates of the Eid holidays (Sections: First and Second), the Authority will issue a circular accordingly at the appropriate time.
Yours sincerely,
(Signature) Fahd bin Abdullah Al-Mubarak Governor
Distribution Scope:
- One copy to our office.
- One copy to all departments of the Headquarters and the Authority's branches.
- One copy to all finance companies operating in the Kingdom.