Regulatory Alerts2014-02-19
Hafiz Program for Supporting Unemployed
The Saudi Arabian Monetary Authority (SAMA) issued this circular to implement the Hafiz Program for Supporting Unemployed, requiring all local banks to prepare operational plans and ensure sufficient cash availability in branches and ATMs, particularly in remote areas. Banks must submit their implementation strategies to SAMA within three weeks of the circular's date to address anticipated account-opening demand and support national employment mobility. This directive follows Council of Ministers Resolution No. 44 and builds upon a recent industry workshop to align banking services with the program's financial allocation requirements.
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In the Name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority (SAMA) Headquarters
Banking Technology Department No.: .................... /M.A.Q./ Attachments: ....................
Date: .................... No.: 351000050572 Date: 1435/04/19 Corresponding Gregorian: ....................
Subject: Hafiz Program for Supporting Unemployed
Circular
His Excellency, Greetings:
With reference to Council of Ministers Resolution No. (44) in its session on Monday, dated 29/01/ 1435H, concerning the regulation of the financial allocation for the "Hafiz Program for Supporting Unemployed", and continuing the targeted initiatives aimed at stimulating employment mobility in the labor market to accommodate a larger segment and various age groups of the nation's youth.
In continuation of the workshop held on Wednesday, dated 22/ 2/ 1435H, with all local banks attended by representatives of the Human Resources Development Fund to introduce the "Hafiz Program for Supporting Unemployed" and its requirements from banks, and based on the Authority's and banking sector's commitment to the success of this national initiative.
The Authority wishes to emphasize the importance of this national program, and we expect banks to take the necessary measures and actions to address the expected demand for opening bank accounts at bank branches, and ensure the availability of cash in ATMs, especially in governorates, villages, and remote areas. Banks are also requested to provide us with the plans, measures, and actions that will be implemented to ensure the success of this program, within a maximum period of three weeks from the date hereof.
Yours sincerely,
Hashem bin Uthman Al-Haqeel Deputy Governor for Monetary Operations
Distribution Scope:
- All banks operating in the Kingdom
- Authority departments (for information)
Al-Maghribi
P.O. Box 2992, Riyadh 11169, Telegram: Markazi, Telex 404400, Phone 4419567, Fax 4662851