Circular

Respected Sirs,

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

Subject: Emphasis on Compliance with the Specified Deadline for Identifying Debt Collection Operations Assigned by Banks and Finance Companies to SAMA-Licensed Debt Collection Entities.

Reference is made to Circular No. (44.55679) dated 8/07/1444H regarding the identification of debt collection operations assigned by banks, finance companies, and financing institutions to debt collection entities licensed by the Saudi Central Bank (SAMA), effective from 1/01/2024M.

In line with SAMA’s supervisory and oversight role over banks, finance companies, and debt collection entities, the Saudi Central Bank wishes to emphasize compliance with the specified deadline in the aforementioned Circular. Please note that banks, finance companies, and financing institutions may continue to contract with debt collection entities that have obtained SAMA’s preliminary approval to operate, until the end of June 2024M. The list of entities granted preliminary approval to operate can be accessed via SAMA’s official website.

For your information and compliance. Yours sincerely,

Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

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Distribution Scope:

• Banks and finance companies operating within the Kingdom.
• Debt collection entities licensed by SAMA.
• Debt collection entities that have obtained SAMA’s preliminary approval to operate.

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No.: 45029088
Date: 1445/05/01
Attachments: None

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P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000
P.O. Box: 2992, Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000