Saudi Financial Lease Registration Company has entered into a strategic partnership with Saudi Credit Bureau (SIMAH) through an agreement to exchange information and record financial lease data, in line with Saudi Arabian Monetary Authority (SAMA) guidelines for regulating the finance lease.
The partnership comes in line with SAMA's guidelines for all licensed leasing companies to establish a company to register financial leases and to start recording and documenting all finance leases in accordance with the requirements of the financial leasing system and its executive regulations.
The agreement was signed by SIMAH’s CEO Suwaid Bin Mohammed al-Zahrani and Board Member and Chairman of the Executive Committee of Saudi Leasing Company Turki al-Bayz.
Chairman of the Board of Directors of Leasing Company Mazen al-Ghunaim said the agreement aimed at maintaining the integrity, stability and fairness of the financial sector, following the completion of all regulatory requirements in accordance with legal and technical procedures.
Ghunaim affirmed that the partnership will contribute to achieving the company's objectives in accelerating the implementation of the financial lease agreements for individuals and companies by providing accurate information with high efficiency of the contracts which contributes to protecting the rights of both parties. It also aims at developing the financial sector recently included in Vision 2030.
SIMAH CEO, Saed al-Zahrani, said that the joint cooperation between SAMA and the Saudi Financial Lease Registration Company is an extension of the joint efforts to achieve the vision of the SAMA and in order to stabilize the financial sector.
Zahrani pointed out that they seek to develop new products that will contribute to reducing financing risks, delaying payments and maintaining the rights of lessors and tenants alike and much more.
