Article 39 of the Saudi Commercial Court Law
المادة 39 من النظام التجاري نظام المحكمة التجارية · الفصل الخامس: في الصيارف
The article requires every money changer to keep a book stamped by the Commerce Council, divided into two columns (from and to), to record everything received and paid, according to the conditions of Article 7.
Official text (Arabic)
This article has not been amended since the law was issued.
يجب على كل صراف أن يتخذ له دفترا مختوما من مجلس التجارة مقسوما إلى حقلين (من وإلى) لتدوين كل مقبوض ومدفوع موافقا لشروط المادة 7 من هذا النظام .
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 39 explained in plain English
This article imposes on every money changer the duty of keeping a special book for his business, and sets its specifications:
- It must be stamped by the Commerce Council, meaning the book itself bears the stamp of the competent body, which prevents its replacement or tampering with its pages.
- It must be divided into two columns: "from" and "to".
- Everything received and paid is recorded in it, so it is not limited to some transactions.
- The recording must be in accordance with the conditions of Article 7 of the law.
The article refers to Article 7 without stating its conditions, and the text of that article is not before us here, so it must be consulted to learn these conditions.
This article is among the money changer's duties, which also include what Article 40 requires, that he neither accept nor pay coins that are filed down, short of their weight or counterfeit.
Because these are provisions of an old law, money changing today may have other accounting requirements. It is advisable to consult a lawyer who specializes in banking and finance to learn what is in force.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentCommercial & Corporate Law lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Commercial & Corporate Law lawyers
Lawyers who handle this kind of case
Ibrahim Al Salem Law Firm
Active contributor
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Frequently asked questions about Article 39 of the Saudi Commercial Court Law
What book must a money changer keep?
A book stamped by the Commerce Council and divided into two columns (from and to), to record everything received and paid.
According to what conditions is the recording made?
The article provides that the recording be in accordance with the conditions of Article 7 of the law.
Articles this article refers to
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.