Lessors are responsible for the correctness of the data provided when requesting the issuance of extracts of the executory deed of the registered financial lease contract

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Saudi Central Bank

Ref No.: 44039029
Date: 1444/05/06
Attachments: None

Circular

Dear Sirs,
Peace, mercy and blessings of God be upon you.

Subject: Confirmation of lessors' responsibility for the correctness of data provided when requesting the issuance of extracts of the executory deed of the registered financial lease contract.

Based on the powers granted to the Saudi Central Bank under the Financial Leasing System, issued by Royal Decree No. (M/48) dated 13/08/1433 AH, and its Executive Regulations issued by the Governor's Decision No. (1/M Sh T) dated 14/04/1434 AH, and referring to the rules and procedures for requesting and issuing extracts of the executory deed of the registered financial lease contract issued by SAMA Circular No. (42039135) dated 12/06/1442 AH, and to ensure the accuracy and reliability of executory deed extracts issued by financial lease contract registration companies.

The Saudi Central Bank wishes to confirm the obligation of lessors to provide data proving that one of the cases stipulated in the rules and procedures for requesting and issuing extracts of the executory deed of the registered financial lease contract is met when applying to the contract registration company for the issuance of such extracts. The lessor bears responsibility for the correctness of the data provided to financial lease contract registration companies and any potential impact on lessees' rights, without prejudice to the responsibility of contract registration companies in verifying the lessor's entitlement to request the issuance of executory deed extracts, and obtaining necessary declarations from the lessor regarding their commitment to the stipulated rules, systems, and instructions prior to issuing these extracts.

For information and necessary action.

Yours sincerely,

Yazed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

Distribution Scope:

• Banks and commercial banks operating in the Kingdom.
• Financing companies operating in the Kingdom.
• Financial lease contract registration companies licensed by the Saudi Central Bank.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 ---