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Who Regulates Banking & Finance in Saudi Arabia? The Saudi Central Bank (SAMA) sits at the centre of the Kingdom's financial system. It supervises commercial banks, finance companies, insurance firms, and an expanding range of fintech operators, and it issues the circulars and guidelines that shape day-to-day banking practice. Alongside SAMA, the Capital Market Authority (CMA) regulates securities and capital-markets activity, so a single transaction can often touch both regulators depending on how it is structured. The Core Legal Framework Several statutes form the backbone of Saudi banking law. The Banking Control Law governs the licensing and conduct of banks operating in the Kingdom. The Finance Companies Control Law and its implementing regulations govern non-bank lenders, covering everything from consumer finance to real estate and SME financing. Real estate finance is further shaped by the Real Estate Finance Law, which was introduced to support the mortgage market and expand home ownership. Together, these laws set the licensing requirements, capital standards, and conduct rules that every lender and borrower needs to navigate. Sharia-Compliant Finance Islamic finance remains central to the Saudi market. Many banking and financing arrangements are structured to comply with Sharia principles, using instruments such as Murabaha, Ijara, and Sukuk rather than conventional interest-bearing loans. Structuring these arrangements correctly requires close coordination between legal drafting and Sharia guidance, since a document that works for a conventional loan will rarely work unmodified for an Islamic finance transaction. Fintech and the New Regulatory Wave The rise of digital banks, payment platforms, and buy-now-pay-later services has pushed SAMA to introduce a series of new frameworks in recent years, including rules for open banking, digital wallets, and licensed fintech "sandboxes" that let new products be tested under regulatory supervision before a full licence is granted. For startups and investors, this means opportunity — but also a fast-moving compliance landscape that requires ongoing legal monitoring rather than a one-time review. Common Legal Issues We Advise On In practice, banking and finance matters tend to fall into a few recurring categories: Structuring and documenting commercial bank financing and project finance transactions Sharia-compliant financing and securitization structures Debt rescheduling, restructuring, and negotiations with creditors Guarantees, security documents, and enforcement of collateral Regulatory compliance with SAMA and CMA requirements Banking disputes, including litigation and Alternative Dispute Resolution