2020 Q3 Report En · Page 5

 
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Financial Sector Development Highlights 
SAMA Launches the Draft Rules for Engaging in Debt-Based 
Crowdfunding for the Public Feedback 
The Saudi Arabian Monetary Authority (SAMA), based on the 
powers entrusted to it under the finance companies control law 
and its implementing regulations, has announced launching the 
Draft Rules for Engaging in Debt-Based Crowdfunding that aim to 
regulate the licensing of this type of companies and their business 
activity. In implementation of transparency and engagement 
principles, SAMA would like to invite both the public and 
stakeholders to give their remarks and feedback on the draft 
starting from 16/11/1441H, corresponding to 7/7/2020, and for 
a period of 30 days. 
This comes as part of SAMA’s efforts to support opportunities for 
economic growth and development in Saudi Arabia in order to 
achieve the objectives of Vision 2030 by supporting and 
regulating modern financing activities, including debt-based 
crowdfunding, in line with SAMA's role in promoting financial 
stability. 
SAMA indicated that, through these rules, it strives to attract a 
new segment of investors and companies with small and medium 
capitals to work in a manner that ensures the efficiency of these 
companies' work by adhering to the requirements of information 
security, corporate governance, internal regulation, outsourcing, 
risk and compliance management, and internal auditing. SAMA 
also seeks to encourage innovation in finance products in a way 
that contributes to providing modern finance products that meet 
the needs of beneficiaries. 
SAMA Issues 56th Annual Report for Fiscal Year 2019 
The Saudi Arabian Monetary Authority (SAMA) has issued its 
56th Annual Report. The report reviews key economic and 
financial developments of 2019 in the Kingdom of Saudi Arabia. 
It covers monetary and banking developments and highlights the 
developments of balance of payments and the latest 
developments of the external sector, public finance, and oil and 
non-oil sectors, including activities of insurance, finance, and 
capital market. In addition, it provides time series data for public 
finance and oil statistics, monetary and banking statistics, and real 
sector statistics. 
In addition, the report highlights SAMA's endeavors to achieve the 
tasks entrusted to it in line with the requirements of the Saudi 
economy to face global challenges and achieve Saudi Arabia's 
Vision 2030. These tasks include enhancing the financial 
inclusion, developing the financing environment for SMEs, 
promoting the role of Islamic banking, and supporting the real 
estate financing, while ensuring effective supervision to maintain 
the stability of the financial sector. Moreover, the report discusses 
SAMA's efforts, in partnership with the Ministry of Finance and 
the Capital Market Authority, in implementing the initiatives of 
the Financial Sector Development Program (FSDP). The program 
aims to build an advanced and effective financial sector to 
support the growth of the national economy and stimulate 
savings, financing, and investment through deepening the 
development of the financial sector institutions. 
Rules for Comprehensive Insurance of Motor Vehicles
Financially Leased to Individuals 
The Saudi Arabian Monetary Authority (SAMA) announced the 
issuance of Rules for Comprehensive Insurance of Motor Vehicles
Financially Leased to Individuals, which will come into force on 
01/11/2020. These rules aim to regulate the