Regulatory Alerts2020-02-19
"Nafez" Electronic Platform Approved by the Ministry of Justice
The Saudi Central Bank authorizes domestic banks to connect to the Ministry of Justice’s "Nafez" electronic platform for fully digital issuance and management of execution instruments. This connectivity supports the Bank’s strategy to enhance electronic channels and advance Saudi Vision 2030. Banks must comply with existing remote account opening instructions, which mandate a physical branch visit before initiating any credit or financing transactions.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
Banking Policy Department Reference No.: ........................................ Attachments: None
Reference No.: 41044391 Date: 1441/06/25 Attachments: None
Circular
To: .................................................................................................
Peace, mercy, and blessings of Allah be upon you,
Subject: "Nafez" Electronic Platform Approved by the Ministry of Justice.
I refer to the "Nafez" Execution Instruments Platform, approved by the Ministry of Justice and government entities, which provides a fully electronic issuance and management service for execution instruments with ease and convenience.
In line with the Bank's strategy supporting the activation of electronic channels to enhance service delivery and contribute to achieving Saudi Vision 2030, we inform you that banks may connect to the "Nafez" electronic platform approved by the Ministry of Justice and benefit from its services, while adhering to the Bank's instructions regarding remote bank account opening, which stipulate that no credit or financing transactions shall be conducted until the customer visits a branch.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Telegram: MARKAZI, Telex: 404400, Tel: 4633000, Fax: 4662414