Article 38 of the Saudi Finance Companies Control Law
المادة 38 من نظام مراقبة شركات التمويل
The article provides that the Finance Companies Control Law repeals any provisions that conflict with it.
Official text (Arabic)
This article has not been amended since the law was issued.
يلغي هذا النظام كل ما يتعارض معه من أحكام.
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 38 explained in plain English
This is a closing article that settles the question of conflict between this Law and other provisions. It provides that the Law repeals any provisions that conflict with it.
In practice this means:
- If a provision conflicts with the provisions of this Law, it is repealed by the text of this article.
- The repeal is limited to what conflicts with the Law; what does not conflict with it is not covered by this article.
The article does not mention specific provisions or name particular laws or decisions, so deciding whether there is a conflict in a given case requires a careful comparison of the texts.
It is preceded by Article 37, which assigns to the Zakat and Income Authority the issuing of criteria for calculating the zakat base of finance companies, and followed by Article 39, which requires the Governor to issue the regulations within ninety days of the date the Law is issued.
If you have a question about a provision that appears to conflict with this Law, you are advised to consult a lawyer specialized in banking and finance.
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 38 of the Saudi Finance Companies Control Law
What happens to provisions that conflict with the Finance Companies Control Law?
The Law repeals any provisions that conflict with it.
Does the Law repeal all earlier provisions on finance?
The article provides only for repealing provisions that conflict with the Law.
More articles on Definitions and Scope of the Finance Law
- Article 1
The article defines the key terms in the Finance Companies Control Law, such as finance company, beneficiary, consumer, license and finance.
يقصد بالألفاظ والعبارات الآتية - أينما وردت في هذا النظام - المعاني المبينة أمام كل منها، ما لم يقتضِ السياق خلاف ذلك: النظام : نظام مراقبة شركات التمويل. اللائ
- Article 2
The article defines the scope of the Law: it applies to finance companies licensed under its provisions.
يسري هذا النظام على شركات التمويل التي يرخص لها وفقاً لأحكامه.
- Article 3
The article requires licensed finance companies to carry on finance in a way that does not conflict with Islamic Sharia, according to Sharia committees they choose, and without undermining the soundness of the financial system and fairness of dealings.
تزاول الشركات - المرخص لها بموجب هذا النظام - أعمال التمويل بما لا يتعارض مع أحكام الشريعة الإسلامية، بناءً على ما تقرره لجان شرعية تختار أعضاءها تلك الشركات، و
- Article 36
The article gives companies and entities that carried on finance in the Kingdom before the Law took effect a two-year period to regularize their status in line with its provisions.
تمنح الشركات والمؤسسات العاملة التي تزاول نشاط التمويل في المملكة قبل سريان هذا النظام مهلة سنتين لتسوية أوضاعها وفق أحكام هذا النظام.
- Article 37
The article makes the Zakat and Income Authority the body that issues the criteria needed to calculate the zakat base of finance companies.
تصدر مصلحة الزكاة والدخل المعايير اللازمة لاحتساب الوعاء الزكوي لشركات التمويل.
- Article 39
The article requires the Governor to issue the Implementing Regulations within ninety days of the date the Law is issued, to be applied after the Law takes effect.
يصدر المحافظ اللائحة خلال تسعين يوماً من تاريخ صدور النظام، ويعمل بها بعد نفاذه.
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.