Development of the Saudi banking system

Regulation and supervision

SAMA's broad supervisory powers are derived from its 1957 charter and the 1966 Banking Control Law. The charter specifies that one of the functions of SAMA is "to regulate commercial banks and exchange dealers". However, it is the Banking Control Law that details SAMA's supervisory responsibilities. These include receiving and reviewing applications for banking licenses and making recommendations to the minister of finance and national economy for grant of such license

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