Registration of Financial Leases Contracts
| No: 639110000099 | Date(g): 27/6/2019 | Date(h): 24/10/1440 | Status: In-Force |
Translated Document
Based on the powers granted to SAMA under relevant laws, regulations, and instructions, and the powers granted to SAMA under the Banking Control Law issued by Royal Decree No. (M/5) dated 22/2/1386H, the Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/8/1433H, and the Finance Lease Law issued by Royal Decree No. (M/48) dated 13/8/1433H, which states in the first paragraph of Article Eighteen: "Without prejudice to the provisions of the Companies Law, a joint stock company or more shall be incorporated pursuant to a license from SAMA to register contracts," and based on the second paragraph of Article Fifteen of the Implementing Regulation of the Finance Lease Law issued by the Governor's Decision No. 1/M.SH.T dated 14/4/1434H, which states: "The Lessor shall register the Contract and any amendments thereto at the Contracts Register within (10) business days from the date of concluding the contract or the amendment thereof. All transactions affecting the contractual rights of the Lessor and the Lessee shall also be registered."
SAMA confirms that all banks and licensed finance companies must start registering finance lease contracts with the Saudi Company for Leasing Contract Registration (SAJIL), starting from Monday 28/10/1440H, corresponding to 1/7/2019G.