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Similar to banking and insurance actions, SAMA also has conservative insurance policies towards the finance trade. For instance, the approval of SAMA is required in order for the company to be included after which SAMA maintains a supervisory function over transactions and contracts the finance firm is involved in. Also, SAMA should approve the appointment of the directors of the board and senior executives, as well as the precise merchandise to be issued by the finance company.
The share capital of finance firms varies in response to the finance type practiced. For example, the capital of micro finance firms must not be less than ten million riyals (USD 2.7m), the capital of real-estate finance should not be lower than 2 hundred million riyals (USD 53m), while different sorts of finance … Read more