Regulatory Alerts2018-05-10
Amending the Dates for Paying Entitlements to the Beneficiaries of the GOSI
The Saudi Arabian Monetary Authority (SAMA) issued Circular 391000090955 to align GOSI beneficiaries' entitlement payment dates with the Gregorian calendar, shifting transfers from the Hijri calendar to occur on the first day of each Gregorian month (or the preceding Thursday if it falls on Friday or Saturday), effective June 1, 2018. The circular mandates that banks and financing companies adjust their monthly credit obligation collections to reflect these newly approved payment dates. Consequently, financial institutions must update their operational procedures and customer communications to ensure seamless processing of GOSI entitlement disbursements under the revised schedule.
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