Rules and Procedures

Use images that represent a banknote or a part of it, a coin, or a plastic banknote in regular circulation in Saudi Arabia without obtaining a non-objection letter from the competent authorities. Article6: If the advertised product or service is priced in foreign currencies, or if the value of the advertised product or service is affected by the foreign exchange rate, the advertisement must contain the following phrase “The price of the product / service can be affected by changes in the foreign exchange rate” provided that the statement should be in clear and legible manner. Article7: Financial institutions, when indicating that the product or service is provided free of charge, must make it clear in explicit terms, and specify the target group of the product or service. Article8: When advertising for its products and services, financial institutions must take into account not to harm or diminish the reputation of the financial sector and the interests of other financial institutions, or to violate the principle of fair competition. Article9: Financial institutions are prohibited from using the personal information and data of customers in advertising materials without obtaining their written consent. Article10: Financial institutions are prohibited from sending any advertisement for insurance or credit products that are not suitable for customers and/or individual consumers under the age of (18) in Hijri calendar. Article11: Financial institutions must obtain the customer’s written or electronic consent regarding his desire to receive advertisements according to the channels preferred by the customer. They must grant the customer the right to permanently refuse to receive these advertisements easily and in clear and specific ways. Article12: Advertisements and the offers, specifications or benefits they contain are binding on financial institutions, and the advertised specifications must be included in the contract, agreement, document or the like. Article13: Advertisements shall be announced through the official and reliable channels of financial institutions and/or through a third party licensed by the competent authority. Financial institutions must ensure that the third party comply with these rules and relevant instructions. Financial institutions bear responsibility in the event that the third party does not comply with them. Article14: Financial institutions must put in place an advertising policy that is in line with these rules, regulations, and instructions issued by SAMA and the competent authorities, as well as verify its implementation and update it whenever necessary, at a minimum once every 3 years. Article15: The Compliance Department or whoever carries out its work in the financial institution must review the advertising materials and approve them in writing before publishing them, after ensuring that they comply with the provisions of these rules and all relevant rules, regulations and instructions. Article16: Without prejudice to the jurisdictions of the concerned authorities, in the event of a violation of other regulations, the financial institution is responsible if the content of its advertisement includes any violation. Article17: SAMA has the right to require the financial institution that does not comply with the conditions set forth in these rules to withdraw the advertisement within one business day from SAMA’s notification.