Article 36 of the Saudi Commercial Court Law
المادة 36 من النظام التجاري نظام المحكمة التجارية · الفصل الخامس: في الصيارف
The article prevents any person from opening a shop or place for money changing unless he obtains a license from the Commercial Court.
Official text (Arabic)
This article has not been amended since the law was issued.
لا يجوز لأي شخص أن يفتح دكانا أو محلا للصرافة ما لم يستحصل على رخصة من المحكمة التجارية .
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 36 explained in plain English
This article sets the rule of prior licensing for money changing. No person may open a shop or place for money changing unless he obtains a license, and the text names the Commercial Court as the licensing body.
This means:
- The prohibition is general and covers "any person".
- The license is a precondition to opening the place, not a later step.
- The provision concerns opening a shop or place for money changing, the profession that Article 35 defined as exchanging currency, coins and banknotes.
Article 37 sets out the procedures for obtaining the license: submitting an application to the head of the town's government to carry out investigations through the municipality department and the money changers' group, then providing a guarantor and having the guarantee certified by the notary, then registering the name in the registry of the Commercial Court and granting the license.
Note that the text is old, and the body competent to license money changing today may be other than the one in the text. Anyone who intends to open a money changing shop is therefore advised to consult a lawyer who specializes in banking and finance to learn the requirements in force.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 36 of the Saudi Commercial Court Law
May a money changing shop be opened without a license?
No. The article prevents any person from opening a shop or place for money changing unless he obtains a license.
Which body does the text name for granting the license?
The text names the Commercial Court, and it is advisable to check the competent body today with a specialist lawyer.
More articles on Brokers and Money Changers
- Article 30
The article defines the broker (dallal) as a person who mediates between seller and buyer to complete the sale for a fee.
الدلال : هو من يتوسط بين البائع والمشتري لإتمام البيع بأجرة.
- Article 31
The article refers the broker's rights, duties and fee to established custom and usage.
يتبع فيما للدلال من الحقوق وفيما عليه من الواجبات وفيما يستحقه من الأجرة العرف المطرد والعادة.
- Article 32
The article requires a broker dealing in commercial goods between merchants to keep a daybook in which he records his work daily with specified details and with no blanks or erasures.
يجب على كل دلال يتعاطى الدلالة في البضائع التجارية بين التجار أن يتخذ له دفتر يومية يقيد فيه أعماله بعد إتمامه يوما فيوما بصورة واضحة مع بيان اسم البائع والمشتر
- Article 33
The article requires brokers to present their books with the necessary explanations if the Commercial Court requests them, with no right to refuse.
يجب على الدلالين أن يقدموا دفاترهم مع ما يلزم من الإيضاحات إذا طلبت منهم المحكمة التجارية وليس لهم حق الامتناع بوجه من الوجوه.
- Article 34
The article requires a broker, where goods are sold through him by sample, to keep the sample until the day of delivery, marked so as to prevent confusion.
إذا بيعت بضاعة بواسطة دلال على أنموذج - أي عينة معلومة - وجب عليه حفظها إلى يوم تسليم البضاعة مع التأشير عليها بما يلزم لمعرفتها بدون اشتباه.
- Article 35
The article defines the money changer (sarraf) as a person who practices the profession of exchanging currency, coins and banknotes.
الصراف : هو من يتعاطى مهنة تبديل العملة نقودا وأوراقا نقدية .
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.