The Saudi Arabian Monetary Authority (SAMA) published an update to the guidelines and basic requirements for requesting Banking license based on the power granted to it under the article of SAMA and the Banking Control Law.

SAMA clarifies that these guidelines determine the requirements and procedures for obtaining a banking license. It is applied to applicants who desire to obtain a banking license inside the Kingdom, including foreign banks who wish to establish branches in the kingdom. These guidelines specify the minimum requirements to grant a banking license, as well as the application procedures, information, data and documents that to be attached to the application.

      SAMA stressed the necessity for obtaining a license before carrying out banking activities, according to the published guidelines on the website. All applicants wishing to do so should familiarize themselves with the relevant regulations and instructions, knowing that SAMA encourages any communication in this regard, and a copy of the updated guidelines can be found at:

http://www.sama.gov.sa/en-us/laws/pages/bankingrulesandregulations.aspx