Regulatory Alerts2019-06-19
Using the Qawaem Program as a Mandatory Requirement Before Providing Any Credit Facilities to Commercial Entities
The Saudi Central Bank mandates all licensed financing companies in the Kingdom to use the "Qawaem" program as the mandatory source for obtaining financial statements of commercial entities prior to extending any credit facilities. Issued under the Financing Companies Control System, this directive requires compliance to enhance the reliability, transparency, and quality of accounting information across the financial sector. The requirement becomes effective on August 16, 2019, and applies to all financing and credit reporting companies operating within the Kingdom.
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