The Ministry of Commerce and Investment has announced the adoption of the Regulation of the Standard Register of Commercial Mortgages after this proposal had been provided to the public and those interested to get their views and opinions via the Ministry's website. This is based on transparency and participation principle.
The Ministry has pointed out that the regulation aims to regulate the procedures in the Mortgage Register. This Register is considered one of the most important tools of the Commercial Mortgage System, which aims to enhance and strengthen the credit market in Saudi Arabia by creating the conditions and access for commercial institutions and individuals to get the necessary financing for their projects, besides enabling the assets owners to benefit from their values.
Notably, the regulation includes the procedures of the unified register for commercial mortgages, the most important of which is the registration of commercial mortgages for movable funds, besides the amendments and expiry of such registrations, also issuing the executive bonds and saving the mortgage registration data, provided by the competent authorities in accordance with the relevant Rules & Regulations.
Concurrently with the issuance of the regulations, MCI has launched the electronic system for the unified register of the Commercial Mortgages, at its first stage, which allows the registration of commercial mortgage contracts for various types of movable funds, such as vehicles, shares in companies, bank deposits and current accounts. To avail of this service, please