RIYADH — The Saudi Central Bank (SAMA) has announced the amendment of some articles of the Implementing Regulations of the Finance Laws in Saudi Arabia.

SAMA stated that the amendments included the decision of the Minister of Finance to revoke article 4 of the Implementing Regulation of Real Estate Finance Law, and accordingly, real estate finance companies are now allowed to practice financing activities without stipulating the prohibition of combining Real Estate financing and other forms of financing activities. SAMA retains the discretion to restrict licensing by certain conditions.

Further to the public consultation released earlier on the public Consultation Platform, SAMA approved the amendment of article 16 of the Implementing Regulation of the Finance Companies Control Law. From now on, finance companies are allowed to practice financing activities without stipulating the prohibition of combining any of the financing activities. SAMA said it retains the discretion to restrict its licensing by certain conditions.

These amendments reflect SAMA's ongoing efforts to review Implementing Regulations of Finance Laws to ensure the efficacy and soundness of the financial sector to operate in a competitive environment. The updated editions are available at SAMA's website. — SPA