LogoRegulatory Alerts
2020-09-22

Emphasis on Adherence to SAMA’s Instructions Related to Advertising and Marketing

The Saudi Arabian Monetary Authority (SAMA) requires all supervised financial institutions, including banks, financing companies, insurers, and payment providers, to review and ensure that all promotional advertisements comply with its advertising and marketing instructions mandating clear, non-misleading statements. Institutions must proactively audit their current promotional materials to align with these standards, as SAMA has already identified non-compliant advertisements across the sector. Effective immediately, SAMA will enforce regulatory actions against any entities that fail to rectify misleading promotional content.

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In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority (SAMA)
Reference: Main

Office
Deputy Governor for Supervision

Reference No.:
Attachments:

Circular

To: Respected Entities/Institutions

Peace, mercy, and blessings of Allah be upon you,

Subject: Emphasis on Adherence to SAMA’s Instructions Related to Advertising and Marketing.

I refer to SAMA’s instructions on advertising and marketing, which stipulate that promotional advertisements for services and products must be clear and not contain statements that may directly or indirectly mislead customers.

In light of SAMA’s observation of promotional advertisements from certain supervised financial institutions that do not align with its advertising and marketing instructions, SAMA emphasizes the necessity for all financial institutions to comply with these instructions and review all promotional advertisements to ensure their compliance. Please note that SAMA will take regulatory actions against non-compliant entities.

For your information and action, effective from the date of this circular.
Yours sincerely,

Signature:
Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

  • Banks and Mudaraba companies operating in the Kingdom.
  • Financing companies operating in the Kingdom.
  • Insurance sector companies operating in the Kingdom.
  • Payment service providers.

Reference No.: 42006511
Date: 1442/02/05
Attachments: None

Note at the bottom of the page:

P.O. Box 3992, Riyadh 11179, Phone: 4762300 - Fax: 4762543

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