Based on Article 3(D) of SAMA's Charter issued under royal decree 23 on 23/5/1377H, Article 2(B) of the Banking Control Law issued under royal decree M/5 on 22/2/1386H, and Article 14(B) of the Rules Governing Money Changing Business issued under the Minister of Finance's decision 1357 on 1/5/1432H;
Due to the noncompliance of Ali Zainy Ahmad Sayis for Money Exchange with the provision of Article 14(A/3) of the abovementioned Rules, and with reference to the letter of the owner of the firm dated 29/11/1436H advising that he would like to cease money exchange activity and requesting SAMA to cancel his license;
SAMA, thereupon, has decided to cancel the license of Ali Zainy Ahmad Sayis for Money Exchange issued by it under No. 74/L for practicing money exchange business, Group B, at its main office in Makkah as from 8/12/1436H.
