RIYADH — The Saudi Capital Market Authority (CMA) said the electronic system which connects CMA and the Ministry of Justice (Nafith) has reduced the average time for executing judicial orders up to 85%. The process of executing judicial orders, before applying Nafith system, was 20 to 25 business days, while now, using Nafith, the execution of judicial orders is done within 3 to 5 working days.
The automated system, which was developed by CMA and inaugurated by CMA Chairman Mohammad Aljadaan and Minister of Justice Dr. Waleed Alsamaani, aims to enable execution judges to carry out judicial orders through an electronic path connecting the Ministry of Justice with CMA. It also enables execution judges to carry out judicial orders relating to disclosure, seizure, lifting seizures and executing on securities and funds automatically to accelerate the pace of executing rulings without any delay.
The electronic link between CMA and the Execution Circles at the Ministry of Justice as well as the Authorized Persons and the Saudi Stock Exchange (Tadawul) started in early 2016. The official launch was during the holy month of Ramadan. Receiving paper judicial orders from Execution Circles has been ceased since July 11, 2016.
CMA received a total of 36,657 e-judicial orders since the launch of the system earlier this year until the end of July. Reports show that the system contributed in reducing the paperwork received by CMA relating to judicial orders by 75%. It has also reduced paperwork issued by CMA relating to judicial orders by 80%.
In addition to rapidly enforcing judicial orders, project Nafith contributed to the increase of level of confidentiality of data and improved the accuracy of data. Bank checks are now disposed of and replaced by wire transfers to the IBAN of the Execution Circle.
CMA receives requests from people with rights – as investors or heirs – and civil courts. The Legal Affairs and Enforcement at CMA deals with such requests through the Enforcement Division in coordination of the Authorized Persons and The Saudi Stock Exchange (Tadawul).
