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2018-05-10

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

Saudi Arabian Monetary Authority Headquarters

Banking Policy Department Reference No.: ........................ Attachments: ........................

Circular

Reference No.: 391000090955 Date: 1439/08/24 (Hijri) Attachments: ........................

Dear Sir/Madam,

Peace, mercy, and blessings of Allah be upon you,

Subject: Amending the Dates for Paying Entitlements to the Beneficiaries of the General Organization for Social Insurance (GOSI).

Reference is made to the Authority's Circular No. 391000059139 dated 1439/05/22 (Hijri) regarding the amendment of pension payment dates according to the Gregorian calendar.

Please be informed that the Authority has received a letter from the Director General of Financial Affairs at GOSI, No. 45984 dated 1439/08/14 (Hijri), which includes the GOSI Board of Directors' approval to amend the payment date for beneficiaries from the Hijri calendar to the Gregorian calendar. Accordingly, entitlement transfers will occur on the first day of each Gregorian month; if this date falls on Friday or Saturday, the transfer will be made on the preceding Thursday. This amendment takes effect from 2018/06/01 (Gregorian). Please note that the final Hijri month entitlement will be transferred on Wednesday, 1439/09/01 (Hijri), corresponding to 2018/05/16 (Gregorian).

Accordingly, the Authority requests that your respective specialists consider the newly approved dates for paying GOSI beneficiaries' entitlements when collecting monthly installments for credit obligations.

For your information and necessary action.

Yours sincerely,

Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision

Distribution Scope:

  • Banks operating in the Kingdom.
  • Financing companies operating in the Kingdom.
  • Banking Operations Agency.
  • Supervision Departments.

P.O. Box 2992, Riyadh 11169 | Telex: MARKAZI | Fax: 404400 | Tel: 4633000 | Fax: 4662414

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