(a) A Licencee shall not transfer any banking or insurance business to others before an approval from the Central Bank.

(b) A Licencee who desires to transfer all or any part of its business referred to in the preceding paragraph, shall make an application to the Central Bank in the form prepared by the Central Bank for such purpose.

(c) A Transfer of Business application shall be published by the Central Bank in the Official Gazette and also in two daily newspapers published in the Kingdom one in Arabic and one in English. The publication should include a call to the concerned parties to submit any objections to the Central Bank within three months from the date of publication.

(d) The Central Bank shall consider the objections referred to in the preceding paragraph before taking any action on the application for transfer.