Chapter I Chapter I Regulation of the Industry
Article (39) Regulated Services(a) For the purposes of this law, Regulated Services shall mean the financial services provided by the financial institutions, including those governed by Islamic Shari'a principles.(b) The Central Bank shall issue regulations specifying the Regulated Services and organizing the provision of these services. The Central Bank shall supervise and control any licencees providing such services.
Article (40) Carrying Out of Regulated Services(a) No person shall carry out a Regulated Service in the Kingdom unless licensed by the Central Bank.(b) With due regard to the provisions of the Commercial Companies Law, no financial institution shall be established in the Kingdom without the approval of the Central Bank.
Article (41) Restriction on the Use of Certain Names and Expressions(a) No person other than a financial institution licensed for the provision of banking services shall use, in any language, the term 'bank' or any synonym thereof, or an expression, address, invoice, notices or headed papers, which may be understood to mean that such person provides banking services.(b) No person other than a financial institution licensed for the provision of insurance or reinsurance services shall use, in any language, any term or expression, which may be understood to mean that such a person, is a provider of any such service. Also, no person other than those registered in the register stated in Article (74) of this law shall use, in any language, any term or expression that may be understood to mean that such person is providing any expert service in the area of insurance business, brokerage, that he is a representative of an insurance company or engaging in any other activity related to insurance.
Article (42) Marketing & Investment
The Central Bank may issue regulations to prohibit or restrict the marketing of or investing in the Regulated Services by any unlicensed person.