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 Arabian Monetary Agency.

Governor: Governor of Saudi Arabian Monetary Agency.

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.