Article 37 of the Saudi Commercial Court Law
المادة 37 من النظام التجاري نظام المحكمة التجارية · الفصل الخامس: في الصيارف
The article sets the procedures for licensing a money changing shop: an application to the head of the town's government, investigations, a guarantor whose guarantee is certified, then registration at the Commercial Court registry and grant of the license.
Official text (Arabic)
This article has not been amended since the law was issued.
يجب على من أراد أن يفتح محلا للصرافة أن يقدم طلبا إلى رئيس الحكومة في البلدة لإجراء التحقيقات الكافلة بواسطة دائرة البلدية وجماعة الصيارف وبعد إعطائه كفيلا اعتباريا وتصديق الكفالة من كاتب العدل يجري تسجيل اسمه في قلم المحكمة التجارية وتعطى له رخصة .
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 37 explained in plain English
This article details the procedures for obtaining the money changing license that Article 36 required. According to the text the procedures go through the following steps:
- Submitting an application to the head of the town's government.
- Carrying out the guaranteeing investigations through the municipality department and the money changers' group.
- Providing a guarantor of standing.
- Certification of the guarantee by the notary.
- Registering his name in the registry of the Commercial Court.
- Giving him the license.
It is clear from the order of the text that registration and granting the license come after the investigations, providing the guarantor and certifying his guarantee. The article does not specify the duration of these procedures, the amount of the guarantee or the content of the investigations, so no detail on these can be drawn from it.
Article 38 indicates that the money changers' group has a head in each town, appointed by election from among them at the Commercial Court.
Note that these are the procedures of an old law, and the bodies and procedures in force today may differ. It is therefore advisable to consult a lawyer who specializes in banking and finance before starting.
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 37 of the Saudi Commercial Court Law
What are the steps to obtain a money changing license according to the text?
An application to the head of the town's government, then investigations through the municipality and the money changers' group, then a guarantor whose guarantee is certified by the notary, then registration at the Commercial Court registry and granting the license.
Is a guarantor required to open a money changing shop?
Yes. The text requires providing a guarantor of standing and certification of the guarantee by the notary before registration and granting the license.
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الدلال : هو من يتوسط بين البائع والمشتري لإتمام البيع بأجرة.
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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
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يجب على الدلالين أن يقدموا دفاترهم مع ما يلزم من الإيضاحات إذا طلبت منهم المحكمة التجارية وليس لهم حق الامتناع بوجه من الوجوه.
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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.
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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.