Based on the authorities granted to the Central Bank to supervise and regulate the banking sector in the Kingdom under the provisions of the Saudi Arabian Monetary Authority Law, issued by Royal Decree No. (23) dated 23/05/1377 H, and the Banking Control Law, issued by Royal Decree No. (M/5) dated 22/02/1386 H, and in light of the Central Bank's role in achieving the initiatives of the Financial Sector Development Program that support the goals of Saudi Vision 2030—including expanding access to collective investment program products—this is based on coordination between the Central Bank and the Capital Market Authority. The purpose is to facilitate access to investment fund products by expanding the channels for obtaining these products.

We would like to inform you that the bank/financial institution may contract with persons licensed by the Authority for the purpose of distributing these products exclusively through electronic channels, provided that the bank/financial institution implements the necessary due diligence related to these products. The contracting agreement must stipulate that the responsibility lies with the licensed persons under the supervision of the Authority.