Saudi Arabia's Crown Prince and Prime Minister, Mohammed bin Salman, has declared the approval of the new Civil Transactions Law as a significant milestone in the realm of specialized legislation and judicial reforms. This law, among the four essential judicial reform legislations, is poised to bring about a major transformation while upholding Islamic law and adhering to international obligations. Read on to discover the far-reaching impact of this law on the legislative environment and the Kingdom's progress towards modernity.
1. Major Shift in Judicial Reform:
The Crown Prince hails the Civil Transactions Law as a momentous step towards judicial reform and a testament to the Kingdom's commitment to adopting the latest legal trends and international judicial practices. This law signifies the government's dedication to fulfilling international obligations and adapting to modern realities while preserving Islamic law.
2. Appreciation for King Salman's Support:
The Crown Prince expresses gratitude to Custodian of the Two Holy Mosques, King Salman, for his unwavering support in developing the Kingdom's legislative system. This support plays a pivotal role in the national development process, fostering progress and prosperity in all aspects of life. The law was meticulously reviewed and approved by the Cabinet and the Shoura Council, following rigorous procedures and comprehensive studies.
3. Part of Comprehensive Judicial Reforms:
The Civil Transactions Law constitutes the third legislation among the four key judicial reforms, following the Civil Status Law and the Law of Evidence, along with the proposed Penal Code for Discretionary Sentences. These reforms reflect the government's commitment to enhancing the quality of the legislative system and improving the efficiency of judicial institutions.
4. Implications for Business Environment and Investment:
The Crown Prince highlights the positive impact of the Civil Transactions Law on the business environment, increasing its attractiveness and facilitating decision-making in investments. The law contributes to regulating economic activities, ensuring stability of financial rights, promoting transparency, and reducing discrepancies in judicial reasoning to ensure prompt justice and resolution of disputes.
5. Diligent Preparation and Review:
The issuance of the Civil Transactions Law was subject to careful scrutiny, with extensive studies, thorough review of provisions, and consultation with high-level experts in relevant fields. This rigorous process aimed to strengthen the law's text, ensure compatibility with other regulations, and achieve the intended goals of efficiency, protection of rights, and transparency.
6. Enhancing the Legislative Environment:
Under the direct guidance of the Crown Prince, the Civil Transactions Law is a testament to the government's continuous efforts to improve the legislative environment. The law guarantees the efficiency of laws, safeguards rights, enhances transparency, and boosts the effectiveness of the judicial system, in line with the directives of King Salman.
7. Comprehensive Coverage of Contracts and Ownership:
The Civil Transactions Law encompasses comprehensive provisions relating to contracts, including their elements, validity, effects on parties, rules for invalidity and termination, as well as provisions concerning harmful acts and compensation. The law also addresses various forms of ownership and their respective regulations.
