Regulatory Alerts2021-12-28
Approval of the Companies' Memorandums of Association and Their Amendments
The Saudi Central Bank and the Ministry of Commerce have jointly approved the memorandums of association and their amendments for financial institutions. This circular establishes that the Ministry will formally endorse these agreements while confirming that all stipulated terms remain solely the responsibility of the respective companies. Additionally, it clarifies that these approved agreements do not affect the financial standing of the financial institutions, ensuring full compliance with existing SAMA regulations.
Share