By way of Circular Number 13/Ta'a/6815, dated 27/8/1438 H. (23/5/2017 G.), the Saudi Arabian Minister of Justice has ordered Courts to refer to the Saudi Arabian Monetary Agency ("SAMA") any requests for the enforcement of financing arrangements which are not made with entities licensed to engage in finance activities.
Article 4 of the Finance Companies Control Law and Article 4 of its Implementation Regulations prohibit the carrying out of finance activities without a license from SAMA. Persons violating such requirement may be liable to fines or imprisonment, or both (see Article 35(2) of the Finance Companies Control Law).
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