2019 Q4 Report En · Page 6

 
6  | 
SAMA Launches Draft "Payment System and Services in the 
Kingdom" For Public Feedbacks 
The Saudi Arabian Monetary Authority (SAMA) announces the 
launch of the draft payment system and services in the Kingdom, 
calling on the public and interested parties - in order to enhance 
the principle of transparency and participation - to give their 
comments and views on the project. 
SAMA explained that the project aims to develop a regulatory 
framework for the payment infrastructure to keep pace with 
developments in the field of payments and raise the level of 
efficiency and flexibility of financial transactions, and promote 
innovation in financial services in accordance with international 
standards and to ensure the stability of the financial sector and 
fair transactions. This is in order to achieve the aspirations of the 
Kingdom Vision 2030. SAMA stated that it took into account the 
preparation of the draft payment system and services in the 
Kingdom, international best practices in the field. 
SAMA Holds a Workshop on "Facilitating the Application of 
Islamic Financial Services Board Standards" 
The Saudi Arabian Monetary Authority (SAMA), in cooperation 
with the Islamic Financial Services Council, held a training 
workshop entitled (Facilitating the application of the standards of 
the Islamic Financial Services Council).  
The workshop aims to discuss the Islamic Financial Services Board 
standards related to the banking sector such as the standard of 
capital adequacy requirements and risk management, and the 
basic Islamic banking principles of control related to investment 
accounts in the Islamic banks. Additionally, it reviews the 
guidelines issued by the Islamic Financial Services Board 
regarding investment accounts in Islamic banks and the 
mechanism to promote and protect the rights of the holders of 
these accounts. The workshop will enhance participants' 
understanding of Islamic banking standards and guidelines and 
exchange experiences among Gulf and Arab central banks 
involved in the implementation of the IFSB standards. This comes 
as part of a series of workshops sponsored by SAMA aimed at 
building competencies in Islamic finance locally and 
internationally and promote Kingdom's pioneer status in this 
industry where the Islamic banking in Saudi Arabia represents 
about 20.2% of the assets of the Islamic banking industry globally. 
Within the Initiatives of the Saudi-Emirati Coordination 
Council - the Inauguration of the First Saudi and UAE Banks 
Conference to Discuss Challenges and Opportunities of the 
Banking Sector 
On 24th November, 2019, the first joint conference of Banking 
Officials in Saudi Arabia and the United Arab Emirates was 
launched. It was organized by SAMA in cooperation with the 
Central Bank of the United Arab Emirates in Riyadh. 
His excellency, Dr. Kholifey, pointed out that the conference is 
an opportunity for bank officials in the two countries to discuss 
and identify the main challenges and opportunities in areas that 
have become of high importance at the international level and 
have an impact on the banking sector. The vision of the Saudi-
UAE Coordination Council is to create an exceptional model of 
integration and cooperation between the countries at the 
regional and Arab levels through the implementation of joint 
strategic projects for the happiness and prosperity of the 
peoples of both countries. One of the most important objectives 
that SAMA seeks to achieve