Regulatory Alerts2017-02-28
Cooperation with Bayan Credit Bureau
The Saudi Arabian Monetary Authority (SAMA) issued this circular to mandate cooperation with Bayan Credit Bureau Company by requiring licensed banks and financing companies in the Kingdom to share credit information for commercial enterprises. This data-sharing initiative aims to enhance sector transparency and improve the assessment of financial obligations and creditworthiness for operating companies. The directive is grounded in existing Credit Information System regulations and the specific licensing of Bayan, with distribution limited to domestic banking and financing entities.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
Banking Policy Department Ref. No.: .................................................... Attachments: ....................................................
Circular
Your Excellency, [Name] Greetings:
Subject: Cooperation with Bayan Credit Bureau Company
Based on the Credit Information System issued by Royal Decree No. (M/37) dated 1429/07/05 AH, and its executive regulations issued by the Governor's decision No. A.Q./13709 dated 1432/09/22 AH, and referring to the license granted to Bayan Credit Information Company under Decision No. 37/2 dated 1437/09/23 AH to practice credit information activities.
Accordingly, we request cooperation with Bayan Credit Information Company through sharing credit information for the commercial enterprises sector, which enhances transparency in this sector and assists in estimating the volume of financial obligations and creditworthiness of companies operating within it.
Accept my regards,
(Signature) Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision
(Signature) [Name]
Distribution Scope:
- Banks operating in the Kingdom
- Licensed financing companies in the Kingdom
Bain Dheesh P.O. Box 2992, Riyadh 11169 | Telex: Markazi | Fax: 404400 Tel: 4633000 | Fax: 4662414