The Saudi Central Bank The Saudi Central Bank announced the launch of the draft “Banking System” to request public views, inviting the public, interested parties and specialists “to enhance the principle of transparency and participation” to express their views and comments on the project, through the “Reconnaissance” platform of the National Competitiveness Center.
In a statement. <The Central Bank Central Bank said in a statement: It prepared the draft banking system based on its powers stipulated in its statute, in order to keep abreast of developments in the banking sector, to ensure continued stability and growth of the sector, stimulate investment in the sector, contribute to financial stability in the Kingdom, and enhance the protection of depositors and customers.
The Central Bank said in a statement. He pointed out that the draft law comes as a result of the continuous internal assessments carried out by the Central Bank in this regard, and keeping abreast of the comparative legislative developments of a number of countries, which were used in preparing its provisions, in addition to the recommendations issued by the relevant international organizations.
<a style="color: #993300;" href="https://amlak.net.The Central Bank, that the new draft system is expected to continue to regulate the banking sector in a distinguished manner as is the case with the Banking Control System currently in force, where the most prominent elements of the draft system are the expansion of the definition of banking business "through a separate article due to its importance“ to explicitly include the activity of granting credit, and defining the objectives and scope of the system accurately, as well as expanding it to include the practice of banking business from persons outside the Kingdom to persons residing inside the Kingdom as determined by the Central Bank of Saudi Arabia, for several objectives including customer protection.
The key elements of the draft system are to expand the definition of banking business ”through a separate article due to its importance". <In addition to strengthening the regulatory framework for the Deposit Protection Fund, under which the Fund will repay deposits to depositors according to the declared coverage limit in cases that require it, in order to protect depositors and contribute to financial stability, in addition to strengthening the regulatory framework for banking secrecy in the Kingdom by following the duty of confidentiality model as a general rule, with a variety of limited exceptional cases, and these cases will be strictly defined by the regulatory framework, in addition to developing a regulatory framework for regulating financial technologies in the banking sector, under special and general provisions that will cover the banking sector. explained that feedback on the draft "Banking Law“ will be received within (30) days, and all feedback will be studied with the aim of submitting the final version of this project to the regulatory authority, while the draft system can be viewed by visiting the ”Survey“ platform of the National Competitiveness Center.
The draft system can be viewed by visiting the "Survey" platform of the National Competitiveness Center.
