Information about the project
Project title *
Electronic connectivity between the Saudi Capital Market Authority, the Saudi Ministry of Justice, the Saudi Securities Depository Center Company (‘Depository Center’) and the Authorized Persons to automate the execution of judicial orders (Nafith System)
Title acronym
Nafith System
Description *
The Capital Market Authority (CMA) stated that the electronic system which connects CMA and the Ministry of Justice (MOJ) through a secure channel to automate the process of executing judicial orders, has reduced the average time for executing judicial orders to up to 85%. The process of executing judicial orders, before adopting Nafith system, was 20 to 25 business days, while now, using Nafith System, the execution of judicial orders is done within 3 business days. The automated system, which was developed by CMA and inaugurated by His Excellency CMA Chairman Mohammad Al-Jadaan, and Minister of Justice Dr. Waleed Al-Samaani, 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 court rulings without any delay. The electronic link between CMA and the Execution Departments or Units at the Ministry of Justice as well as the Securities Depository Center Company (‘Depository Center’) and the Authorized Persons started in early 2016. The official launch was during the holy month of Ramadan. Receiving paper-based judicial orders from Execution Departments has been ceased since the (July 11, 2016).
Project website
Geographical coverage *
National implementation:
Saudi Arabia
Status *
Completed
from 03/06/2015
to 11/07/2016
Partners
- Saudi Capital Market Authority (CMA).
- Saudi Ministry of Justice (MOJ).
- Saudi Securities Depository Center Company (‘Depository Center’).
- Authorized Persons (APs).
