The Ministry of Commerce and Investment has issued the Executive Regulations of the Commercial Mortgage System, in accordance with Article (45) of the Law issued by the Royal Decree No. (M / 86) dated 8/8/1439 AH, which states that "The Minister shall issue the Executive Regulations within (60) days from the date of publishing the system in the Official Gazette ".
This Executive Regulation has been prepared in coordination with the Ministry of Justice, the Saudi Arabian Monetary Agency and the Capital Market Authority, taking into account the best relevant practices.
Meanwhile, MCI explained that the Implementing Regulations include the executive provisions of the related articles. The most prominent of which are the provisions for the transfer and execution of the possession of mortgaged property, the foreclosure contracts which cease to apply to the transfer of possession, the mortgage of the current and investment accounts and the term deposits, also the direct execution procedures, as well as the controls for the mortgaged property assessment.
The aforementioned Executive Regulations can be reviewed through the following link:
mci.gov.sa/cm.