2022 Q1 Report En · Page 7

 
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Saudi Central Bank Organizes its Quarterly Islamic Fi-
nance Workshop 
On March 7, 2022, the Saudi Central Bank (SAMA) orga-
nized virtually its quarterly Islamic Finance workshop ti-
tled "the Role of Financial Inclusion in enhancing the Is-
lamic Finance Industry both in Theory and Practice", 
which was attended by many of the industry's experts and 
stakeholders. 
The event came as part of a series of quarterly workshops 
organized by SAMA to discuss various topics and subjects 
related to the Islamic Finance Industry, while going over 
efforts made by SAMA to enhancing Financial Inclusion 
within the Kingdom, and the role it plays in improving fi-
nancial service accessibility, increasing economic growth 
in line with Saudi Vision 2030, facilitating individual and 
institutional access to licensed financial services and 
products and aiding their integration into the official fi-
nancial system, strengthening consumers protection  and 
ultimately leading to more transparency and fairness be-
tween all parties involved in financial transactions. 
The Minister of Finance and the Governor of Saudi Cen-
tral Bank Thank the Leadership for the Approval to Li-
cense the Third Digital Bank 
His Excellency the Minister of Finance, Mohammed Al-
Jadaan, and His Excellency the Governor of the Saudi 
Central Bank (SAMA), Fahad Almubarak expressed their 
gratitude and appreciation to the Custodian of the Two 
Holy Mosques, King Salman bin Abdulaziz Al-Saud and His 
Royal Highness Mohammad bin Salman, the Crown Prince, 
Deputy Prime Minister and Minister of Defense (May Allah 
protect them), for the Counsel of Ministers' approval to 
license for a local digital bank in the name of "D360 Bank". 
The digital bank will be established with a capital of 1.65 
billion Saudi Riyals through a consortium of individual and 
corporate investors, with the Public Investment Fund as 
one of the key investors and will be led by Derayah Finan-
cial Company. The establishment of D360 Bank comes as 
an extension of the continuous support of the Kingdom's 
leadership towards various sectors, including the finan-
cial sector. 
Saudi Central Bank Permits 3 New Fintech Companies 
to Provide Open Banking Solutions through its Regula-
tory Sandbox  
The Saudi Central Bank (SAMA) announced granting 
"Bwatech", "Rabet", and "Mala'a", the permit to operate 
under its Regulatory Sandbox, bringing the total number 
of its permitted FinTech companies to 35. The announce-
ment came during the Global Entrepreneurship Congress 
sponsored by His Royal Highness Prince Mohammad bin 
Salman, the Crown Prince, Deputy Prime Minister and 
Minister of Defense. The conference held from 27 to 30 
March 2022 in Riyadh, under the slogan "Reboot, Rethink 
and Regenerate." was organized by the Small and Medium 
Enterprises General Authority (Monsha'at) in cooperation 
with the Global Entrepreneurship Network (GEN). 
Saudi Central Bank Licenses 3 New Fintech Companies 
Specialized In Finance And Payment  
The Saudi Central Bank (SAMA) announced the licensing 
of three new companies specialized in finance and elec-
tronic payments, during the Global Entrepreneurship 
Congress sponsored by His Royal Highness Mohammad bin 
Salman, the Crown Prince, Deputy Prime Minister and
Minister of Defense. The conference held from 27-30
March 2022 in Riyadh, under the slogan "Reboot, Rethink 
and Regenerate." was organized by the Small and Medium 
Enterprises General Authority (Monsha'at) in cooperati