Banks’ Preparedness to Receive Applications for Prepaid Salary Cards of Domestic Workers

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In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank (SAMA) Headquarters

Banking Policy Department Ref. No.: 391000051141 Date: 1439/05/04 Attachments:

Circular

To: His Excellency, ...............................................................

Greetings,

Subject: Banks’ Preparedness to Receive Applications for Prepaid Salary Cards of Domestic Workers.

I refer to the Domestic Workers’ Wages Protection Project, an initiative by the Ministry of Human Resources and Social Development to regulate the local recruitment market with the aim of protecting the wages of this category of workers. In cooperation and coordination with the Bank and the banks issuing the domestic workers’ salary card product, and following the Ministry’s recent announcement regarding the official launch of the program and the grace period granted to employers (individuals) for a six-month period to comply with and subscribe to the product designated for this purpose at banks, the Bank wishes to emphasize the importance of this national program and its alignment with the Bank’s general strategies, which aim to implement the principle of financial inclusion, reduce the proportion of cash transactions, and develop banking products in line with local market needs.

With a view to ensuring the success of efforts to launch the product to consumers and guaranteeing the banking sector’s readiness to keep pace with the expected subscription volume, all banks issuing the relevant product must ensure compliance with the following points:

• Advance planning to handle subscription requests for the domestic workers’ salary card product, including relying on various banking technologies such as internet and mobile banking to facilitate this requirement for employers (individuals), while complying with all the Bank’s instructions regarding the same.
• Clarifying all subscription steps for the domestic workers’ salary card product when announcing it through any of the communication channels used to market it.
• Internal circulation to all bank staff, particularly branch and mobile banking departments, informing them of the project and the specific subscription mechanism for the product, and ensuring their understanding when receiving public inquiries.

-1- P.O. Box 2992, Riyadh 11169 | Telegram: Markazi | Telex: 404400 | Tel: 4633000 | Fax: 4662414

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In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank (SAMA) Headquarters

Banking Policy Department Ref. No.: ............................................................... Date: ............................................................... Gregorian Date: ............................................................... Attachments: ...............................................................

• Providing the Bank with the dedicated electronic link for advertising the product, which explains how to subscribe to it, for display via the Musaned portal for domestic workers (https://www.musaned.com.sa) within one week from the date of issuance of this circular, by sending the link to the email address (bd.btd@sama.gov.sa).

For information, action, and notification to all concerned departments and branches.

Yours sincerely,

Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

-2- P.O. Box 2992, Riyadh 11169 | Telegram: Markazi | Telex: 404400 | Tel: 4633000 | Fax: 4662414