Decision on the Cancellation of SAMA's Licensing Requirement for Finance Debt Collection Activities

Saudi Central Bank (SAMA)

Reference No.: 472039028
Date: 1447/07/08
Attachments: None

Circular

Addressees:
Gentlemen,
Peace, mercy, and blessings of God be upon you.

Subject: Decision on the Cancellation of SAMA's Licensing Requirement for Finance Debt Collection Activities.

In light of the Saudi Central Bank’s supervisory and regulatory role, and based on its authorities under the Companies Law issued by Royal Decree No. (37/M) dated 1427/4/1 H, and the Financing Companies Monitoring System issued by Royal Decree No. (51/M) dated 1433/8/13 H, and with reference to the Saudi Central Bank Governor’s decision approving amendments to the Executive Regulations of the Financing Companies Monitoring System, and the Governor’s decision approving amendments to the Licensing Rules for Support Activities of Financing.

We hereby confirm that the requirement to obtain a Saudi Central Bank license for finance debt collection activities has been cancelled. It is also noted that finance debt collection entities previously licensed by SAMA or those having obtained preliminary approval must comply with the relevant regulatory provisions regarding updating their activities in commercial registers, as per this decision.

For information and compliance.
Yours sincerely,

Yazeid bin Ahmed Al-Sheikh
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.
• Financing companies operating in the Kingdom.
• Finance debt collection entities licensed by SAMA.

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