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.
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.
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