Participation in Qawaem Program Prepared by the Ministry of Commerce

In the Name of Allah, the Most Gracious, the Most Merciful
Main Center
Saudi Arabian Monetary Authority

Banking Supervision Department
Ref. No.:
Attachments:
Date: 1437/01/07

Ref. No.: 37100002391
Attachments:

Subject: Participation in the Qawaem Program Prepared by the Ministry of Commerce

Circular

To: Respected Sir,
Peace, mercy of Allah and His blessings be upon you,

With reference to the "Qawaem" program established by the Ministry of Commerce in cooperation with the Saudi Organization for Chartered and Professional Accountants (SOCPA), to provide a range of services related to financial statements and entity information, which aims to improve and enhance operational efficiency and utilize deposited financial statements to provide distinguished information and services for beneficiaries, stakeholders, and related parties, by raising the level of transparency and accuracy of financial information of entities.

And given the credibility and higher trust this program achieves in financial statements, the Authority urges all banks operating in the Kingdom to participate in and benefit from this program, relying solely on the verified financial statements available in it, starting with the financial statements for the year 2014.

For information and appropriate action.
Yours sincerely,

Usama bin Mohammed Shaker
General Manager, Banking Supervision Department

Distribution Scope
Banks operating in the Kingdom.

P.O. Box 2992, Riyadh 11179, Central Telegraph: 404400, Telephone: 4633000, Fax: 4672119