‎SAMA seeks public input on draft banking law

Saudi Arabia

‎SAMA seeks public input on draft banking law

The Saudi Central Bank (SAMA) seeks public comments on the draft banking law. through the National Competitiveness Center's Public Consultation Platform (Istitlaa).

In a statement today, Jan. 26, SAMA said the draft law was prepared to keep abreast of the latest developments in the banking sector. The move aims to ensure stability and growth of the banking sector, encourage investment in the sector, contribute to financial stability in the Kingdom, and promote protection of depositors and consumers.

Public consultation on the draft law will be open for 30 days.

All views and comments will be subject to assessment to submit the final draft to the regulatory authority.

The draft law was based on ongoing internal evaluations. It came as part of SAMA’s keenness to align with the legislative developments of the countries benchmarked to benefit from when the provisions of the law were made.

It was developed in accordance with the recommendations issued by relevant international organizations. Moreover, SAMA indicated that the draft law is expected to continue regulating the banking sector effectively just as the current Banking Control Law does.

The highlights of the draft law include expanding the definition of banking business to explicitly cover credit granting in a separate article due to its

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