Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz today chaired the Cabinet’s weekly session at Al-Salam Palace.
At the outset of the session, the King briefed the Cabinet on meetings and consultation held last week with a number of Arab, Islamic and friendly countries on recent regional and international developments, and the Kingdom’s stance on current issues of concern.
In a statement to the Saudi Press Agency (SPA) following the session, the Minister of Culture and Information, Dr Fouad bin Abdulsalam Al-Farsy, said that the King informed the Cabinet of the current inspection tour of Taif Governorate conducted by Crown Prince Abdullah bin Abdul Aziz, Deputy Premier and Commander of the National Guard, his meeting with citizens, and his inauguration of a number of development projects. King Fahd stressed the government’s keenness that developmental projects reach all regions of the Kingdom to achieve comprehensive progress.
The King praised citizens for stressing their allegiance and appreciation to the Crown Prince during his inspection tour of Taif, noting that these feelings of unity and solidarity are prominent among the Kingdom’s citizens.
The King expressed his appreciation for the patriotic feelings expressed by the servicemen of the armed forces, the National Guard, and security officials in cables sent to the King by the Second Deputy Premier, Minister of Defence and Aviation and Inspector General, the Deputy Commander of the National Guard, and the Interior Minister, on the issuance of a Royal Order to honour the servicemen killed and injured while fighting to combat terrorism, in service of their religion, homeland, the Kingdom’s security and stability, and the safety of its citizens.
On the formation of a transitional Governing Council in Iraq, the Cabinet said that it is hopeful that the Council will be a positive step towards forming a legitimate government in accordance with the will of the Iraqi people, to ensure Iraq’s independence, unity and sovereignty.
The Cabinet then continued discussions of items on its agenda and issued the following decisions:
The Cabinet approved the cooperative insurance company control system, which was approved by the Shoura Council. The law limits the practise of insuring to registered insurance companies that operate according to the cooperative insurance system which does not breach Islamic Sharia law. The law bans the establishment of insurance companies without a license approved by the Cabinet, and, when licensed, insurance companies must obtain the approval of the Saudi Arabian Monetary Agency (SAMA) before ceasing its activities. The law assigned the Ministry of Commerce and Industry and SAMA to specify conditions for granting licenses to companies offering insurance related activities. The punishment for violators of this law is a fine of up to SR1 million and imprisonment for a maximum of four years.
The Cabinet authorized the Minister of Higher Education or his deputy to discuss with the Russian side and reach a draft memorandum of scientific and educational cooperation between the Ministry of Higher Education of the Kingdom of Saudi Arabia and the Ministry of Education of the Federal Republic of Russia.
The Council of Ministers endorsed the proposed amendment submitted by the Minister of Commerce and Industry of Article 28 of the Certified Accountants System. Violators of the law will be subject to reprimand or warning and suspension of practising the profession for up to six months. Any violator who practises the profession without license, or returns to work after his license is revoked or terminated and does not follow legal procedures to renew it, who establishes or operates an office of accountancy and auditing without a license, provides false information, obtains or renews his license illegally, misuses the media to convince the public of his right to practise the profession of accountancy and auditing, or falsely assumes the title of a professional accountant or auditor, will be subject to one or all of the following penalties: termination of his license; imprisonment of up to one year; a fine of between SR50,000 and SR200,000.
The Cabinet then approved the transfer of Ibrahim bin Abdulkareem Al-Ma’yoof from his position as Director General of Financial and Budgetary Affairs of the Air Forces to Assistant Chief of Meteorology, and Mohammed bin Saad Al-Madhy from Director General of Financial and Administrative Affairs of the General Directorate of Investigations to the post of Assistant Undersecretary of the same department.
The Cabinet also approved the appointment of Dr Tawfeeq bin Abdul Aziz Al-Sidairy as Undersecretary for Islamic Affairs at the Ministry of Islamic Affairs, Endowments, Call and Guidance; Awadh bin Mohammed Al-Garny as assistant Secretary General of the Higher Judiciary Council at the Ministry of Justice; and Ibrahim bin Sulaiman Al-Misaiteer as Director General of Legal Administration at the Ministry of Health.
Source: SPA
