Supplementary Circular Regarding the Obligations of Real Estate Appraisal Customers Subject to SAMA Supervision

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

General Directorate for Supervision of Finance Companies Ref. No.: ............................................................ Date: ............................................................ Attachments: ............................................................

Ref. No.: 55788/99 Date: 25/10/1439 Attachments: None

Circular

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

Subject: Supplementary Circular Regarding the Obligations of Real Estate Appraisal Customers Subject to the Authority's Supervision.

In continuation of the Authority's Circular No. 371000061185 dated 28/05/1437H, concerning the obligations of real estate appraisal customers subject to the Authority's supervision and oversight.

We hereby inform you of the following amendments to the aforementioned circular:

1. Amendment of paragraph (1) of the circular to read: "Banks, commercial banks, finance companies, and insurance companies must deal with licensed and accredited real estate appraisers holding a license to practice real estate appraisal."
2. Addition of a new paragraph reading: "Banks, commercial banks, finance companies, and insurance companies must provide the customer with a copy of the appraisal report for the property under appraisal."

For your information and implementation effective from the date hereof.

Yours faithfully,

Ahmed bin Abdulkarim Al-Khalifa Governor

Distribution List:

• Banks and commercial banks operating in the Kingdom.
• Finance companies operating in the Kingdom.
• Insurance companies operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Phone: +966 9662020 4662, Fax: +966 9662488 4662