The Saudi Arabian Monetary Authority "SAMA" issued the second version of the requirements for appointment in the leadership positions in the financial institutions under its supervision in September 2019, based on the powers granted to it.

                SAMA stated that the issuance of these requirements comes from its supervisory role over the financial institutions operating in the Kingdom, and its efforts to improve the procedures that these institutions must take upon appointment to their positions (including setting policies and procedures for job replacement and succession by taking advantage of the most prominent practices and programs in this field).

                The Saudi Arabian Monetary Authority "SAMA" issued the second version of the requirements for appointment to leadership positions in the financial institutions under its supervision in September 2019, based on the powers granted to it.

                SAMA indicated that these requirements aim to define the leadership positions that financial institutions must obtain prior written objection from SAMA to occupy or perform them, and to set minimum standards of suitability and procedures that financial institutions must follow, as well as to assess the suitability of the position occupants. These requirements also required financial institutions to verify the scientific and professional certificates of those holding leadership positions and their candidates.

                These requirements also aim to define the positions that financial institutions should work to localize, without prejudice to any other relevant regulations or instructions. It also stipulated that the priority in appointment to leadership positions be for Saudis, and in the event that any financial institution needs to appoint a non-Saudi, it must prove that a Saudi qualified to occupy the position does not exist, with an approved replacement plan for that. This is in a step that comes within the SAMA's efforts to localize leadership positions in the financial institutions under its supervision, in line with the Kingdom's Vision 2030.

                The requirements for appointment in the leadership positions in the financial institutions under the supervision of the Saudi Arabian Monetary Agency - Second Edition can be found through the link:

http://www.sama.gov.sa/ar-sa/Laws/Pages/BankingRulesAndRegulations.aspx