RegAlert

Rule · SAMA · 8 Feb 2018

Amending the Dates of Paying Pensions According to the Gregorian Calendar

credit

The Saudi Arabian Monetary Authority (SAMA) issued this circular to mandate that banks and financing companies adjust their monthly credit installment collection schedules to align with the new Gregorian calendar pension payment dates. Effective February 2018, pensions will be disbursed on the twenty-fifth day of each Gregorian month, requiring financial institutions to update their internal processing and customer billing cycles accordingly. This directive applies to all domestic banks, financing companies, and SAMA's banking operations and supervision departments to ensure seamless implementation across the Kingdom's financial sector.

Saudi ArabiaSaudi Central Bank

In the name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Headquarters

Banking Policy Administration
Reference No.: ....................................
Attachments: ....................................

Circular
Reference No.: 391000059139
Date: 1439/05/22
Attachments: ....................................

Your Excellency [Name],
Greetings,

Subject: Amending the Dates of Paying Pensions According to the Gregorian Calendar.

The Authority has received a letter from the Governor of the General Organization for Pensions, Reference No. 15386/P, dated 1439/05/08 (Hijri), regarding the General Organization for Pensions and the General Organization for Social Insurance's intention to transition to paying pensions according to the Gregorian calendar. Consequently, pension payments will commence from February 2018 AD on the twenty-fifth day of each Gregorian month.

Accordingly, the Authority requests that your concerned specialists observe the newly approved dates for pension payments when collecting monthly installments for credit commitments.

For information and action accordingly.
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 Agencies/Departments.

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

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Amending the Dates of PayingPensions According to the Gre…2018-02-08 · this documentAmending the Dates of Paying Pensions According to the Gregorian Calendar (2018-02-08)Amending the Dates for PayingEntitlements to the Beneficiaries…2018 · SAMAAmending the Dates for Paying Entitlements to the Beneficiaries of the GOSI (2018-05-10)
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