Regulatory Alerts2018-02-08
Amending the Dates of Paying Pensions According to the Gregorian Calendar
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.
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