2024-12-30
The Saudi Central Bank extends the compliance deadline for banks, Riba-free financial institutions, and finance companies to align with licensed debt collection entities until the end of March 2025 or the issuance of further directives, whichever occurs first. This directive amends an earlier extension to December 2024, reinforcing SAMA’s supervisory review of licensing and direct oversight for the debt collection activity. Financial entities may verify their alignment status through SAMA’s official website, which publishes the list of debt collection entities granted initial approval to undertake this activity.
Saudi Central Bank (SAMA)
Reference No.: 106877869
Date: 29/06/1446 (Hijri)
Attachments: None
To Whom It May Concern,
Greetings,
Subject: Assignment of Debt Collection Operations for Banks, Riba-Free Financial Institutions, and Finance Companies to Debt Collection Entities Licensed by the Saudi Central Bank.
In continuation of SAMA Directive No. (46.14147) dated 01/03/1446H, which references Directive No. (44.55679) dated 08/07/1444H regarding the restriction of debt collection operations for banks, Riba-free financial institutions, and finance companies to licensed debt collection entities of funding sources, and noting the extension of the compliance period for banks, Riba-free financial institutions, and finance companies to align with licensed debt collection entities attempting the debt collection activity for funding sources until the end of December 2024 or the issuance of further directives by SAMA (whichever is earlier).
The Saudi Central Bank wishes to inform that, based on its supervisory and regulatory role over banks, Riba-free financial institutions, finance companies, and debt collection entities of funding sources, and considering its continued review of the regulations governing the debt collection activity for funding sources (including licensing and direct supervision), it has been decided to extend the compliance period for banks, Riba-free financial institutions, and finance companies to align with licensed debt collection entities attempting the debt collection activity for funding sources until the end of March 2025 or the issuance of further directives by SAMA (whichever is earlier). The list of entities granted initial approval to attempt this activity can be found on SAMA’s official website.
For your information and compliance.
Yours sincerely,
Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision
Distribution Scope:
P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000