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Article One: General Provisions

No: 99/5884 Date(g): 29/9/2019 | Date(h): 30/1/1441

Translated Document

Effective from 2019-09-29 - Sep 28 2019
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  1. Without prejudice to the provisions of Article Sixteen of the Implementing Regulation of the Finance Lease Law, the appointment of the head of the Contracts Register and the registrars shall be made after obtaining a letter of no objection from SAMA.
  2.  The head of the Contracts Register and the registrars are directly linked to the Chief Executive Officer of the Contracts Registration Company or their designee.
  3.  SAMA has the authority to remove the head of the Contracts Register and the registrars from their positions by a reasoned decision in the event of failure to fulfill their statutory or professional duties.
  4.  In the event of refusal to register the contract or verify it, the concerned party may appeal this decision before SAMA. If necessary, they may escalate the matter to the competent court.