The Saudi Arabian Monetary Authority (SAMA) has warned all banks and money exchanges not to withhold or deduct any amounts received from the accounts of the beneficiaries of the Sanad Muhammad Bin Salman Program. SAMA said in a statement on Thursday that this directive follows an earlier circular, which prohibits all banks and money exchanges from holding the amounts deposited by charitable societies in bank accounts that are withheld due to court orders. SAMA prohibited the deduction of such amounts in return for repayment of personal loans and other financing obligations. It is noteworthy that the program is one of the social and charitable initiatives launched by the Crown Prince and this varies between material and moral support, especially to newlyweds in order to reduce the burden of marriage. — SG/SPA
