The Saudi Central Bank has released the draft “Draft Amendments to the Finance Companies Monitoring System” for public feedback, inviting the public, interested parties and specialists - in order to enhance the principle of transparency and participation - to express their views and comments on the project, through the “Exploration” platform of the National Competitiveness Center.

In this regard, the public, interested parties and specialists - in order to enhance the principle of transparency and participation - to express their views and comments on the project, through the “Exploration” platform of the National Competitiveness Center. The Central Bank clarified that feedback on the “Draft Amendments to the Finance Companies Monitoring System” will be received within (30) days, noting that all feedback will be studied, with the aim of adopting the final version of the system, and the draft can be viewed by visiting the "Poll" platform of the National Competitiveness Center.

The draft can be viewed by visiting the "Poll" platform of the National Competitiveness Center. The amendment proposal comes from the Saudi Central Bank's mandate to supervise and control the finance sector, and its continuous efforts to develop and support the growth of the sector, and to keep pace with global developments in the finance sector.

The Bank said in a statement that the amendment proposal is based on the Bank's mandate to supervise and control the finance sector. The Central Bank explained in a statement yesterday that the project aims to achieve growth and stability in the sector, in addition to providing a comprehensive and flexible regulatory framework that can support the stability of the sector and support the achievement of the objectives of the Kingdom's Vision 2030.

<According to the Central Bank, the proposed amendments are related to the form of the company practicing financing activities, from the original form of practicing the financing business through the form of a joint stock company, while granting the Saudi Central Bank the authority to exempt from this requirement according to acceptable justifications, and the proposals for amendments come to grant the Central Bank the authority to exempt financing companies from the prohibition of practicing other activities other than financing activity, in addition to the proposal to amend what relates to a member of the board of directors of a financing company as a board member of another financing company not practicing the same activity, in addition to creating a provision to enable the Saudi Central Bank to exclude some of the requirements