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Fintech Market Overview

This article does not constitute legal advice.

Smart contracts in Saudi Arabia

Fintech Software

There are no laws governing the permissibility of self-executed contracts yet. However, contracts in general are governed by shariah principles in Saudi Arabia. As long as an offer, acceptance and consideration are demonstrated, a contract shall be held valid under shariah principles. Hence, we believe that if smart contracts follow the same process, they shall be admissible in Saudi Arabia.1

With regard to arbitration, we believe the same arbitration laws governing conventional contracts shall be enforceable on self-executed contracts. This is because Saudi Arabia's laws of arbitration apply to any arbitration, regardless of the nature of the legal relationship between the parties in dispute.1

Client identification in Saudi Arabia

Fintech in Saudi Arabia

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/saudi-arabia
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