Chapter 6: Outsourcing Requirements

Effective from 2019-01-13 - Jul 09 2019
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14-	Prior to applying for SAMA’s non-objection, the finance company should qualitatively and quantitatively assess each proposed outsourcing function on a case-by-case basis and classify it as material or non-material.
15-	Prior to outsourcing or renewing outsourcing of material functions and in the event of material changes to the contract or agreement, the finance company should request SAMA’s non-objection in writing at least 30 working days prior to the proposed date of commencement or renewal of the contract or agreement.
16-	The finance company shall submit to SAMA a letter requesting non objection to outsourcing material functions that includes, at a minimum, the following information:
	a.	Details on the outsourced function;
	b.	Reasons for outsourcing;
	c.	Details on the External Service Provider (e.g. name, address, and commercial register); and
	d.	Any other information or documents requested by SAMA.