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Financial Disclosure Affidavit for Saudi Arabia

Financial Disclosure Affidavit Template for Saudi Arabia

A Financial Disclosure Affidavit under Saudi Arabian law is a formal sworn statement that provides a comprehensive declaration of an individual's or entity's financial position, assets, liabilities, and income sources. This document must comply with both civil law requirements and Sharia principles, as mandated by Saudi Arabian jurisdiction. It includes detailed financial information, supporting documentation, and formal declarations under oath, making it a legally binding document that can be used for various purposes including regulatory compliance, court proceedings, or commercial transactions. The document must adhere to specific requirements set forth by Saudi authorities including the Capital Market Authority (CMA) and Saudi Arabian Monetary Authority (SAMA).

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What is a Financial Disclosure Affidavit?

A Financial Disclosure Affidavit is a crucial document in Saudi Arabia's legal and financial framework, used to provide a transparent and comprehensive view of an individual's or entity's financial position. This document is commonly required in various situations including court proceedings, regulatory compliance, major financial transactions, and corporate governance matters. The affidavit must be prepared in accordance with Saudi Arabian law, incorporating both civil law requirements and Sharia principles. It typically includes detailed information about assets, liabilities, income sources, business interests, and banking relationships, supported by substantial documentation. The document's importance has grown with Saudi Arabia's increased focus on financial transparency and regulatory compliance, particularly under recent economic reforms and anti-money laundering initiatives. Its preparation requires careful attention to detail and often involves consultation with legal and financial professionals to ensure compliance with all relevant Saudi Arabian regulations.

What sections should be included in a Financial Disclosure Affidavit?

1. Affiant Information: Full legal name, national ID/Iqama number, contact details, and current address of the person making the affidavit

2. Purpose Declaration: Clear statement of the purpose for which the financial disclosure is being made

3. Oath and Declaration: Formal declaration that the information provided is true and accurate, with reference to Saudi law and religious obligations

4. Income Sources: Detailed listing of all sources of income including employment, business interests, investments, and other revenue streams

5. Asset Declaration: Comprehensive list of all assets including real estate, vehicles, investments, bank accounts, and valuable personal property

6. Liabilities and Debts: Full disclosure of all outstanding debts, loans, mortgages, and other financial obligations

7. Business Interests: Details of any ownership or significant interests in businesses, including partnerships and corporations

8. Bank Account Information: List of all bank accounts, both domestic and international, with current balances

9. Certification: Final certification of truthfulness and completeness, including acknowledgment of penalties for false statements

What sections are optional to include in a Financial Disclosure Affidavit?

1. Spousal Financial Information: Required when the disclosure is for family court proceedings or when spousal assets are relevant to the disclosure purpose

2. International Assets Declaration: Required when the affiant holds assets outside Saudi Arabia

3. Corporate Financial Interests: Detailed when the affiant has significant corporate holdings or executive positions

4. Investment Portfolio Details: Required for detailed disclosure of investment holdings, particularly for regulatory compliance

5. Zakat Calculations: Required when the disclosure is related to Zakat assessment or religious obligations

6. Recent Financial Transactions: Details of significant financial transactions within a specified period, usually required for regulatory or legal proceedings

What schedules should be included in a Financial Disclosure Affidavit?

1. Schedule A - Asset Inventory: Detailed itemization of all assets with current market values and supporting documentation

2. Schedule B - Income Documentation: Supporting documents for all declared income sources including salary statements, business income proof, and investment returns

3. Schedule C - Bank Statements: Recent bank statements from all declared accounts

4. Schedule D - Property Documentation: Copies of property deeds, vehicle registrations, and other asset ownership documents

5. Schedule E - Business Ownership Evidence: Documentation proving business ownership interests and corporate holdings

6. Appendix 1 - Supporting Documents: Additional documentation including tax returns, investment certificates, and other relevant financial records

7. Appendix 2 - Declaration Forms: Required governmental forms and declarations as per Saudi Arabian regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Saudi Arabia

Publisher

Genie AI

Document Type

Affidavit

Cost

Free to use
Relevant legal definitions







































Clauses






























Relevant Industries

Banking & Financial Services

Legal Services

Government & Public Sector

Investment & Securities

Real Estate

Corporate Services

Islamic Finance

Insurance

Professional Services

Business Consulting

Accounting & Audit

Regulatory Compliance

Relevant Teams

Legal

Finance

Compliance

Risk Management

Corporate Governance

Audit

Treasury

Regulatory Affairs

Corporate Secretariat

Investment

Financial Control

Islamic Finance

Relevant Roles

Chief Financial Officer

Legal Counsel

Compliance Officer

Financial Controller

Corporate Secretary

Risk Management Officer

Investment Manager

Board Director

Auditor

Financial Analyst

Corporate Governance Officer

Treasury Manager

Banking Relationship Manager

Legal Director

Regulatory Affairs Manager

Company Director

Financial Planning Manager

Islamic Finance Advisor

Industries








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