Requirements for Appointments to Senior Positions

The Financial Institution’s board of directors and chief executive officer/ managing director/ general director shall follow up the commitment to implement the Policy referred to in this Article. 6. Certificates Verification The Financial Institution shall verify the authentication of the academic and professional certificates of the Senior Positions’ holders and candidates as follows: a. verify the authentication of the academic certificates issued from institutions outside Saudi Arabia by checking the official seal and the authentication of a government authority, such as the Ministry of Foreign Affairs or Ministry of Education, if the holder is a national of the country issuing the certificate, or the authentication of the Cultural Bureau if the holder is not a national of the country issuing the certificate; b. verify the authentication of the professional certificates through the website of the issuer, if available, or through direct contact by e-mail or other reliable method; and c. verify the authentication of the academic and professional certificates issued by different educational and professional institutions through agencies that carry out certificate verification. Chapter 3 Senior Positions that Require SAMA’s Non-objection 7. The Financial Institution shall obtain SAMA’s written non-objection on the nomination of the members of the board of directors, as well as the appointment, interim appointment and renewal of interim appointment of any person to carry out the tasks and responsibilities of the senior management positions indicated in the appendices especially prepared for each Financial Institution as follows: Appendix (1) : Senior Positions in banks operating in Saudi Arabia that require SAMA’s written non-objection. Appendix (2) : Senior Positions in credit bureau companies operating in Saudi Arabia that require SAMA’s written non-objection. Appendix (3) : Senior Positions in insurance and reinsurance companies and insurance service providers operating in Saudi Arabia that require SAMA’s written non-objection. (SAMA may require insurance service providers to obtain written non-objection for some or all senior management positions specified for insurance and/or reinsurance companies). Appendix (4) : Senior Positions in finance and refinance companies and contract registration companies operating in Saudi Arabia that require SAMA’s written non-objection. Appendix (5) : Senior Positions in money changers operating in Saudi Arabia that require SAMA’s written non-objection. Appendix (6) : Senior Positions in payment and fintech companies operating in Saudi Arabia that require SAMA’s written non-objection. 8. Candidates for Senior Positions shall not assume their responsibilities, exercise their roles or announce their appointment or interim appointment prior to obtaining SAMA’s written non-objection. 9. The Financial Institution must obtain SAMA’s written non-objection on interim appointment to senior management positions, provided that the term of the appointment does not exceed six months, renewable for one term with the approval of SAMA. SAMA’s written non-objection shall not be required for interim appointment that do not exceed (20) business days. 10. The Financial Institution shall submit the requests for SAMA’s written non-objection on the nomination of the members of the board of directors, or the appointment, the interim appointment or the renewal of interim appointment term for senior management positions accompanied by the required documents according to Appendix (B) herein, within a period not exceeding (30) business days from the date of holding the General Assembly meeting during which the member of the board of directors will be elected, or within a period not exceeding (20) business days from the expected date of the appointment of the candidate to the senior management position, as the case may be. 11. While making any job offers for appointment and interim appointment to Senior Positions, The Fi