Saudi Central Bank (SAMA)

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Reference No.: 44055679
Date: 1444/07/08 AH
Attachments: None

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Circular

To Whom It May Concern,

Greetings,

Subject: Restricting the delegation of debt collection operations of banks, financial institutions, and finance companies to licensed debt collection entities by the Central Bank.

Based on the powers granted to the Saudi Central Bank under the Banking Control System issued by Royal Decree No. (5/M) dated 27/06/1386 AH, and the Finance Companies Control System issued by Royal Decree No. (51/M) dated 13/08/1433 AH, and the executive regulations issued by the Governor's decision No. (2 M Sh T) dated 14/04/1434 AH, and in light of the Saudi Central Bank's supervisory and regulatory role over banks, financial institutions, finance companies, and debt collection entities; and to achieve sector stability and protect the rights of market participants;

We hereby inform you that it has been decided to restrict the delegation of debt collection operations of banks, financial institutions, and finance companies to licensed debt collection entities by the Saudi Central Bank. Reference may be made to the Bank's official website (www.sama.gov.sa) for a list of licensed debt collection entities.

To respond and act accordingly, effective from 01/07/2024 AD. Yours sincerely,

Yousef bin Ahmed Al-Sheikh
Deputy Governor for Supervision

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Distribution Scope:

• Banks and financial institutions operating in the Kingdom.
• Finance companies operating in the Kingdom.
• Debt collection entities licensed by the Saudi Central Bank.

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P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 Riyadh 11169, P.O. Box 2992