News Column

SAMA's Press Release on the Issuance of Six Licenses for Conducting Finance Activities in the Kingdom

May 26, 2014



RIYADH, Saudi Arabia, May 26 -- The Saudi Arabian Monetary Agency issued the following news:

On 23/7/1435H (22/5/2014), the governor of SAMA, Dr. Fahd Al-Mubarak, announced that SAMA had issued licenses to six banks and companies to conduct one or more of finance activities in the Kingdom. The licenses were as follows:

1. A license for real estate finance activity to The Saudi Investment Bank;

2. A license for financial leasing activity, and SMEs and productive assets finance activities to Ajil Financial Services Company;

3. A license for real estate finance activity to Deutsche Gulf Finance Company;

4. A license for real estate finance activity to Alinma Bank;

5. A license for real estate finance and financial leasing activities to the Saudi Hollandi Bank; and

6. A license for real estate finance and financial leasing activities to Bank Aljazira.

The governor stated that the number of banks and companies which were granted licenses for conducting finance activities in accordance with the finance laws and their implementing regulations up to this date is 12 banks and 8 companies, and 10 companies were granted initial approvals.

He also asserted that finance laws and their implementing regulations require obtaining the license necessary from SAMA for conducting finance activities in the Kingdom, urging those who decide to obtain finance to deal with licensed banks and finance companies.

He also urged companies which had obtained initial approvals to complete procedures for settling their status with the Ministry of Commerce and Industry.

In addition, the governor stressed the importance that banks and finance companies should comply with their status settlement plans submitted to SAMA with the licensing applications, and adjust their status according to the finance laws and their implementing regulations before the expiry of the period granted under the Finance Companies Control Law ending on Saturday 15/1/1436H (8/11/2014)

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Source: Targeted News Service


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