SAMA approves reducing minimum capital for SME finance companies

19/01/2023 Argaam
Logo ofSaudi Central Bank (SAMA)

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) approved amending Article (8) of the Executive Regulations of the Finance Companies Control Law.

 

Accordingly, the central bank gave the go-ahead for reducing the minimum capital of small and medium-sized enterprises (SMEs) finance firms to SAR 50 million.

 

The move aims to boost SMEs through attracting a certain niche of investors to establish financing firms in this field and to reduce the related capital requirements.

 

On Dec. 15, 2022, SAMA invited the public, specialists and interested parties to express their opinions on the draft amendments to Article (8) of the Executive Regulations of the Finance Companies Control Law, through the Public Consultation Platform “Istitlaa”, according to data available with Argaam.

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