Banking Control Law
Art. 1Status unknownSaudi ArabiaRegulation
Issued by Ministry of Investment (misa.gov.sa)
In this Law, the following terms shall have the meanings assigned thereto:
a) Bank: Any natural or legal person who primarily engages in any banking
business in the Kingdom.
b) Banking Business: The business of receiving money as current or fixed
deposits; opening current accounts and letters of credit; issuing letters of
guarantee; paying and collecting checks, payment orders, promissory notes,
and other papers of value; discounting bills, bills of exchange, and other
commercial papers; executing foreign exchange transactions; and other
banking business.
c) National Bank: A bank whose head office and branches are located in the
Kingdom.
d) Foreign Bank: A bank whose head office is located outside the Kingdom
and whose branches are located in the Kingdom.
e) SAMA: The Saudi Arabian Monetary Authority.
f) Invested Capital: The capital allocated by a foreign bank for the use of its
branches in the Kingdom.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
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