2018 Q4 Report En · Page 5

 
5  | 
Financial Sector Development Highlights 
Significant Growth in Mada’s System of POS Payments 
The volume of transactions through Mada’s system of POS 
payments displayed significant growth in 2018, increasing 46% 
YoY to over 1 billion transactions from 700 million in 2017. The 
growth was driven by Mada Atheer service that improved 
customer experience through the acceleration of time needed to 
execute a small-amount transaction, in addition to enhancing the 
smart payment infrastructure of the Kingdom. H.E. Dr. Ahmed Al-
Khulaify Governor of The Central Bank and member of the 
Financial Sector Development Program highlighted that these 
efforts are in line with “Drive towards cashless society” initiative 
under the Financial Sector Development Program.  
Closure of the (10-2018) Issuance Under the Saudi Arabian 
Government SAR-Denominated Sukuk Program 
The Ministry of Finance announced the conclusion of the (10-
2018) issuance under the Saudi Arabian Government SAR-
denominated Sukuk Program. Issuance size was SAR3.25bn 
divided over three tranches: SAR2.33bn, SAR0.36bn and 
SAR0.56bn maturing in 2023G, 2025G, and 2028G respectively. 
 
Announcement of the Issuance of the CMA Board's 
Resolution to Adopt the Rules for Registering the Auditors of 
Entities Subject to the Authority's Supervision  
CMA issued a resolution to adopt and publish rules for registering 
auditors for entities subject to CMA’s supervision. The rules set 
out the standards and conditions to be met by the auditors of 
entities subject to CMA’s supervision, including conditioning the 
registration of the audit firms and certified public accountant with 
CMA and establishing the requirements and procedures for the 
registration. 
SAMA Issues the Rules for the Licensing and Supervision of 
Branches of Foreign Insurance and/or Reinsurance 
Companies in the Kingdom of Saudi Arabia 
SAMA issued licensing and control rules for the 
insurance/reinsurance companies in the Kingdom of Saudi 
Arabia. The rules clarify and illustrate the working of the 
cooperative insurance control law and governing regulations for 
foreign branches that will be allowed to operate in Saudi Arabia 
Moody’s Update its Credit Opinion on Saudi Arabia (A1, 
Stable) and Raised Growth Forecasts for Saudi Economy 
Moody’s Investor Service updated its credit opinion on Saudi 
Arabia (A1, stable). The agency also raised its GDP growth 
projections for the Saudi economy from 1.5% to 2.7% for 2019. 
The revision in the projections came as the agency expects higher 
oil production along with developments in the non-oil sector to 
boost the Saudi economy. Further, Moody’s cut projections of 
government deficit for 2019 to 3.6%, from previous forecasts of 
5.2% for the same period. The agency commended the Kingdom’s 
financial management and noted that the government’s reform 
program, including plans to balance fiscal budget by 2023, could 
lead to higher ratings. 
CMA Financial Technology Experimental Permit (FinTech 
ExPermit) Opened for 2nd Batch Applications 
CMA invited applicants for the 2nd batch of the FinTech ExPermits.
CMA had received number of FinTech applications in the 1st batch
of applications and sanctioned two applicants to set up an equity 
crowdfunding platform. H.E. Mohammed Elkuwaiz Chairman of
The Capital Market Authority and member of the Financial Sector 
Development Program stated that this invitation aims to foster 
competition in financial services in a creative manner