Saudi Arabian Monetary Agency grants new licenses

Saudi Arabian Monetary Agency (SAMA) Gov. Fahd Al-Mubarak recently announced an additional six banks and companies have received licenses for one or more financial activities.

The Saudi Investment Bank, Deutsche Gulf Finance Company, Alinma Bank, Bank Aljazira and the Saudi Hollandi Bank all received licenses for real estate finance activity. Ajil Financial Services Company received licenses for financial leasing activity, small and medium-sized enterprises and productive assets finance activities.

As of today, there are 12 banks and 18 companies that have been given initial approvals for financial licenses.

The governor emphasized that all of the banks and companies met the standards of finance laws and implementing regulations. Finance laws and regulations are necessary before attaining SAMA licensure. He encouraged banks and companies to reach these standards as quickly as possible, as the licenses further improve the region’s economy.

In addition, the governor encouraged companies to gain initial approvals so they can complete procedures and attain their Ministry of Commerce and Industry status.

The governor said all finance companies and banks must comply with SAMA status settlement plans within their licensing applications, and must adjust their status depending on their regulations and finance laws.