Finance Companies Control Law

Release Date:	1433-08-13
Release Tool:	Royal Decree
Issuance Instrument Number:	m/51
Validity:	Valid
Date of last amendment:	1445-12-04
Summary:	By AI The text of Royal Decree No. M/51 issued on 13/08/1433 AH regulates the monitoring of financing companies, where some articles have been amended and definitions of key terms have been added. The law requires that financing activities comply with Islamic Sharia, and prohibits the practice of activities without a license. Founders must submit a license application while fulfilling certain conditions, and the license is valid for five years. Financing companies are prohibited from granting faciliti...

Release Date:

1433-08-13

Release Tool:

Royal Decree

Issuance Instrument Number:

m/51

Validity:

Valid

Date of last amendment:

1445-12-04

Summary:

By AI

The text of Royal Decree No. M/51 issued on 13/08/1433 AH regulates the monitoring of financing companies, where some articles have been amended and definitions of key terms have been added. The law requires that financing activities comply with Islamic Sharia, and prohibits the practice of activities without a license. Founders must submit a license application while fulfilling certain conditions, and the license is valid for five years. Financing companies are prohibited from granting faciliti...