The Saudi Arabian Monetary
Authority (SAMA) affirmed that all banks mustn’t withhold or deduct any amounts
due to beneficiaries’ accounts by Snad Mohammad bin Salman program. This
statement comes further to SAMA’s instructions issued under circular No. 37488/67
dated on 1440/06/15 related to the forbidding of withholding any amounts
deposited by charities institutions into attached accounts under court orders.
This program is one
of the social and charitable initiatives adopted by His Royal Highness princes
Mohammad bin Salman bin Abdulaziz, may Allah preserves him, which varies from
material and moral support to various groups of society to support newlyweds
and alleviate the burden of marriage cost. SAMA urged all banks in its circular
No. 67/47711 dated 1440/07/28 not to withhold any amounts in return for
repayment of personal loans and other financing commitments.