Saturday, 3 June 2023

In Saudi Arabia's market

Engaging in Buy Now/Pay Later Business Conditioned to SAMA’s Licensing

The Saudi Central Bank (SAMA) has announced that all enterprises intending to take part in the Buy Now Pay Later activity, in the Kingdom, must first receive a permit from it.

The stipulations of Article (Fourth) of the Saudi Central Bank Regulations, issued by the Royal Decree No. (M/36) dated 04/11/1442 AH, provide the basis for this.

And the Royal Decree No. (M/51) dated 08/13/1433 AH, established Article (10) of the Finance Companies Control Law.

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Before engaging in postpaid activity, the Central Bank highlighted the importance of getting a permit. Existing establishments must fix their status and make a request to the Central Bank for a permit to continue or stop practicing the activity before the end of the term indicated on 04/12/2021.

In order to avoid facing legal consequences. In this regard, we urge establishments interested in applying for a permit to come in for a visit the link below: FinanceRulesAndRegulations.aspx

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