Saudi Shura Council Approves System to Help Faltering Major Institutions
In an initiative, the first of its kind in the region, the Saudi Shura Council approved on Monday an independent system to help keep major financial institutions from faltering.
The Shura Council also approved a new anti-concealment law which contributes to enhancing the economic policies and combating shadow economies, supporting the growth of the retail sector and improving its quality while limiting concealment sources, according to an official statement.
It further aims to protect investors, individuals, and society, and supports small and medium-sized enterprises (SMEs) and dismantle the obstacles they face in this respect.
Moreover, the system engages citizens to become active contributors in curtailing concealment crimes and also protects consumers from behaviors and practices that lead to the offering of goods and services that are unqualified and of poor quality. Furthermore, it outlines the means through which consumers can report concealment acts.
The approval of the Shura Council members on the two systems came after a thorough study of them by the economic, energy, finance committees in the Council, which held that all items of the two systems serve the national economy and support companies and institutions with their various activities and help them in facing threats.
Faisal al-Fadil, who heads the economic committee, told Asharq Al-Awsat that the anti-concealment law came after a thorough study by his committee. A special panel was formed to study the bill before passing it to the Council for ratification.
According to al-Fadil, the panel compared the law to other laws found in other countries.
In an interview with Asharq Al-Awsat, al-Fadil said that the law, after its completion, was discussed in an open session. The panel was able to answer the comments of the 150-member Council.