Riyadh, Saudi Arabia – In a historic move, the Council of Ministers of the Kingdom of Saudi Arabia (KSA) has given its approval to the long-awaited Civil Transactions Law (CTL) during its session on June 13, 2023. This new law marks a significant milestone in KSA’s legal system, which until now primarily relied on general principles of Islamic Shariah within its civil courts.
The CTL, which has been eagerly anticipated, represents a comprehensive legal framework designed to bring KSA’s legal practices in line with international standards. While rooted in the principles of Islamic Shariah, the law has been crafted to incorporate the latest and best legal practices, according to official statements. Moreover, it is expected to ensure compliance with international agreements and treaties that Saudi Arabia has signed, as well as strengthen the protection of intellectual property rights.
One of the key objectives of the CTL is to address a wide range of issues related to the validity, effects, termination, or dissolution of various types of properties and contracts within the Kingdom. By providing clear guidelines and regulations, the law aims to streamline legal processes and enhance transparency and efficiency in civil transactions.
The next crucial step for the CTL is to be formally issued through a Royal Decree, followed by its publication in the Saudi Official Gazette. Once published, the law will come into effect and provide a framework for legal professionals, businesses, and individuals to navigate civil transactions in Saudi Arabia.
For more details on this significant development, visit: SPA.gov.sa/00aa703857z