Nafith Platform Launch
Phase II of Idle Lands Program has been launched in 17 new cities by the Ministry of Housing
OVERVIEW
On Sunday, 8/26/1441H corresponding to 4/19/2020, Minister of Justice, Dr. Walid Al-Samaani, launched Nafith Platform that allows individuals and corporates to electronically create, save, and manage execution bonds in a safe and reliable environment.
Such inauguration took place with the participation of the ministers of commerce, housing, communications, and the governor of the Saudi Central Bank to ensure the most integration possible across Saudi concerned agencies.
The platform provides a digital bond service where the beneficiary/user can create, issue, and have bonds approved by counterpart users, follow up on their status, view their details around the clock, and have such bonds linked to and monitored by the Ministry of Justice and courts of execution to facilitate enforcement thereof.
Nafith Objectives
- a secure digital protective environment on the bond market
- preserves the rights of the parties
- ensures the integrity of instruments
- eliminates related violations and old obstacles
- ensures the completion of the bond requirements
- speeds up and eases down proceedings required for enforcing a bond by digitally linking with courts of enforcement
- preserves bonds from damage and loss
- reduces execution disputes, e.g. related to the allegation of forgery
- stimulating repayment through early notification to the debtor before transferring the bond to the court.
Nafith comes as a part of Vision 2030 and the MoJ’s efforts for engaging the private sector under the National Transformation Program as well as an increased shift towards digital services and platforms.