Adherence to the Standard Form of the Financing Lease Contract for Vehicles for Individuals

In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority
Head Office

General Department for Finance Companies Supervision
No.: ………………………………
Attachments: ………………………………

Circular

To:
Respected Sirs,
Peace be upon you, and the mercy of Allah and His blessings.

Subject: Regarding Adherence to the Standard Form of the Financing Lease Contract for Vehicles for Individuals.

Reference is made to the Authority's instructions conveyed via email on 14/12/1441 AH (corresponding to 21/07/2020 AD) concerning adherence to the standard form of the financing lease contract for vehicles for individuals.

Attached is a copy of these instructions, which must be complied with from the date of their email dispatch.

Yours sincerely,
Badr bin Hazam Al-Otaibi
General Manager for Finance Companies Supervision

Distribution Scope:

• Finance companies operating in the Kingdom

P.O. Box 2992, Riyadh 11169 Phone: +966 11 4662025 Fax: +966 11 4662488

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From: Finance Companies Supervision Department
Sent: Tuesday, July 21, 3:51 PM 2020
Subject: FV: Adherence to the Standard Form of the Financing Lease Contract for Vehicles for Individuals

To: Respected Finance Companies,
Peace be upon you, and the mercy of Allah and His blessings.

In continuation of the email below, which refers to the Authority's circular issued under No. 41038534 and dated 14/06/1441 AH, regarding the "Standard Form of the Financing Lease Contract for Vehicles for Individuals," and to the Authority's decision dated 13 April 2020 AD postponing adherence to the standard form of the financing lease contract for vehicles for individuals until further notice, as part of supporting efforts to mitigate the impacts of the coronavirus (COVID-19) pandemic, and further clarifying that lessors must adhere to this standard form and complete necessary procedures according to their prevailing policies by no later than 14/11/30 AH (corresponding to 21/07/2020 AD).

Since the Authority has received requests from certain finance companies expressing their desire to postpone the adherence deadline for the standard form of the financing lease contract for vehicles for individuals, due to this deadline coinciding with the upcoming Eid al-Adha holiday, and these companies' desire to utilize the holiday period to verify their readiness to implement this form, we wish to inform you of the Authority's decision to extend the adherence deadline for the standard form of the financing lease contract for vehicles for individuals to no later than 14/12/15 AH (corresponding to 05/08/2020 AD).

For your information and compliance.
Regards,

Finance Companies Supervision Department - Offsite Division
Finance Companies Supervision Department- Offsite Division

Saudi Arabian Monetary Authority