Justice Ministry lifts suspension of over 20,000 sukuks: Minister

 Walid Al-Samaani, Minister of Justice

The Ministry of Justice lifted the suspension and cancellation of more than 20,000 sukuks during the last period, said Minister of Justice Walid Al-Samaani.  

During his participation at Real Estate Future Forum in Riyadh, he said that if the original sukuk was cancelled, then the sukuk branching from the original one within the approved plans will not be subject to this cancellation. 

There is no sukuk of a certified planner that has been suspended or canceled for a reason related to the sukuk, he added, clarifying that any sukuk of certified planner approved by the competent authority is an effective sukuk, based on the royal decree issued in this regard three years ago.

Recently, a generous directive was issued to form a team to address some sukuks containing violations. The team was responsible for proposing disciplinary or criminal procedures to ensure solving the issue.

Accordingly, more than 250 million square meters were treated.

Al-Samaani pointed out that the ministry began implementing the real estate identity, which ensures no duplication or overlap in the sukuks.

The Ministry of Justice in cooperation with the Ministry of Municipal and Rural Affairs and Housing, aims to register more than four million sukuks, while the number of issued real estate sukuks, according to the real estate identity, reached more than 500,000 sukuks.

Al-Samaani assured the continued development of trading platforms in 2024 through the Real Estate Exchange, highlighting the partnership with the Ministry of Municipal and Rural Affairs and Housing in many products.