Regulatory Alerts2022-09-11
Circular Re. Profit Sharing Investment Accounts Rules
The Saudi Central Bank (SAMA) issued the Profit Sharing Investment Accounts Rules to establish minimum regulatory requirements for banks offering Sharia-compliant investment products. The document mandates enhanced consumer protection, transparency, and prudential standards, including specific governance responsibilities for boards and senior management. These rules became effective on March 1, 2023, and apply to all local Saudi banks conducting Sharia-compliant banking activities.
Share