Banking Control Law

An application for a license to engage in banking business in the Kingdom shall be submitted to SAMA. Upon obtaining all necessary information, SAMA shall review the application and submit its recommendations to the Minister of Finance and National Economy. A national bank applying for a license must meet the following requirements: 1. It must be a Saudi joint stock company. 2. Its paid-up capital must not be less than 2.5 million riyals and all capital subscriptions must be paid in cash. 3. Its founders and members of its board of directors must be of sound reputation. 4. Its articles of incorporation and articles of association must be approved by the Minister of Finance and National Economy. A Foreign Bank applying for a license to set up one or more branches in the Kingdom shall satisfy the conditions specified by the Council of Ministers upon the recommendation of Banking Control Law the Minister of Finance and National Economy. In all cases, the license shall be issued by the Minister of Finance and National Economy upon the approval of the Council of Ministers.