Article 1
| No: M/48 | Date(g): 3/7/2012 | Date(h): 14/8/1433 |
The following terms and phrases – wherever mentioned in this Law – shall have the meanings assigned thereto unless the context requires otherwise:
Law: Finance Lease Law.
Regulations: Implementing Regulations of this Law.
SAMA: Saudi Central Bank*.
Governor: Governor of Saudi Central Bank.
Contract: Finance lease contract.
Lessor: A joint stock company licensed to offer finance lease.
Lessee: A person holding the right to use the leased asset under a contract.
Producer: Producer of the leased asset.
Supplier: Supplier of the leased asset.
Leased asset: Any asset that can be leased whether real estates, movables, rights, services and intangible rights such as intellectual property rights.
Basic maintenance: The maintenance indispensable to the original asset as per norm.
Operational maintenance: The maintenance needed for the continuation of the asset's benefit as per norm.
Contract register: A register for finance lease contracts concluded or executed in the Kingdom, sales contracts resulting from finance lease and any amendments thereto in accordance with the provisions of this Law.
* The Saudi Arabian Monetary Agency was replaced by the name of "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.