Family Transfers

Family transfers occur between ascendants and descendants and between siblings or between half-siblings and between spouses, it is not allowed in any case, to transfer the securities owned by the minor.

Persons benefiting from the service

Ascendants and descendants and between siblings or between half-siblings and between spouses.

Conditions of obtaining the service
  1. The transferor’s/ shareholder’s shares must be free and deposited in the central registry, and in case the shares are in his account maintained by the broker, the shares should be transferred to the central registry before executing the transfer process.
  2. The transferor and the transferee or their legal representatives must duly sign the transfer form at the SDC.
Required Documents
  • A valid copy of the personal identification document for the transferor and transferee.
  • If the transfer occurs by virtue of a power of attorney, the power of attorney must expressly give the agent the right to waiver on behalf of his client.
  • Documents that prove the relation between the transferor and the transferee such as (the family book, birth certificate, a passport mentioning the spouse name, the marriage contract, inheritance deed).
  • Addresses for the transferor and the transferee.
Procedures
  1. The concerned person or his legal representative must submit and sign the  Family Transfer Form to the SDC.
  2. The concerned employee verifies the personality, eligibility and satisfaction of the transfer parties.
  3. The concerned employee verifies the ownership of the transferor and performs the family transfer as described in the submitted form.
  4. The concerned employee collects the fees for executing the transaction.
  5. Print the family transfer notice, stamp it with the SDC's seal, and deliver it to the investor.
Estimated Time

30 minutes.

Location

Headquarter of the SDC.

Partner institutions

None.

Estimated Fees

1.The SDC shall collect a commission for family transfer as follows:

  • (0.002) two per one thousand of the market value.
  • (0.0001) one per ten thousand of the market value of government bonds, bonds issued by public institutions and municipalities, and corporate bond
  • (0.0001) one per ten thousand of the market value of Islamic finance Sukuk

2.The SDC shall collect the commissions mentioned in paragraph (1) above from one party with a minimum of (250) two hundred and fifty fils for each contract.

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