Regulatory Alerts2019-12-25
Prohibiting Seizure of Funds Deposited Under "Hafiz" Program
The Saudi Central Bank (SAMA) has issued a circular instructing all domestic banks and financial institutions to prohibit the seizure of funds deposited into debtors' accounts under the state-sponsored "Hafiz" job seeker program. This directive aligns with Article 21 of the Execution Law, which exempts these state grants from financial enforcement following court orders. Additionally, SAMA mandates that beneficiaries who deposited funds prior to this circular's issuance shall be permitted to access them upon request.
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