Allowing Banks to Continue Providing Finance Lease Activities
| No: 589340000067 | Date(g): 28/5/2019 | Date(h): 24/9/1440 |
Translated Document
Referring to SAMA Circular No. 44480/67 dated 14/07/1440 H, which emphasizes on compliance to the provisions of the Real Estate Finance Law, the Finance Lease Law, Implementing Regulations and Instructions. Further to SAMA Circular No. 22129/67 dated 09/04/1440 H, which includes licensing banks to engage in real estate finance or finance leasing activities until issuance of instructions by SAMA in this regard, provided that letters of non-objection are obtained from SAMA to offer related financing products in accordance with the provisions of the relevant laws, regulations, and instructions.
SAMA would like to inform you that licensed banks may continue to engage in finance lease activities without the need to renew the license granted for finance lease or to obtain a separate license for that purpose, provided that they obtain letters of non-objection from SAMA to offer related financing products in accordance with the provisions of the relevant laws, regulations, and instructions.