Regulatory Alerts2020-10-14
Adherence to the Standard Form of the Financing Lease Contract for Vehicles for Individuals
The Saudi Arabian Monetary Authority (SAMA) has extended the compliance deadline for finance companies to adopt the standard financing lease contract form for vehicles for individuals. The new deadline is set for 5 August 2020 (15 Dhu al-Qi'dah 1441 AH), allowing companies to utilize the upcoming Eid al-Adha holiday for final operational readiness checks. All finance companies operating in the Kingdom must adhere to this standard form and complete their internal procedural requirements by the new date, as originally mandated in April 2020 to support COVID-19 economic recovery efforts.
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