Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.
Find out moreOur knowledge, experience, and expertise are now available on the go.
We are proud to announce the launch of My Tamimi App, a convenient new tool for anyone with an interest in the legal sector, from law students to General Counsel.
Find out moreAfter many years of consultation and calls for regulating finance lease activity in the UAE, the draft finance lease law which was approved by the UAE’s National Council in 2018 is now in force by publication in the Official Gazette.
The Law will be supplemented by a set of implementing regulations applicable to the licensing of finance lease activities in the UAE. The Law mandates the Central Bank of UAE (CBUAE) to regulate the lease financing and accordingly the CBUAE shall issue its regulations or circulars to licence finance lease activities in the UAE.
We enclose with this update an Arabic version of the Law.
Salient provisions of the Law are set out below:
It is important to note that the Law stipulates a grace period of one (1) year for full compliance with the provisions of the Law. Therefore, all concerned parties need to register the existing finance lease contracts before the end of 2019 and all entities carrying out financial leasing in the UAE must approach the CBUAE for guidance on adjusting their licences.
It is not clear whether UAE-licenced financial institutions will be required to apply for a separate licence from the CBUAE to carry out financial leasing activities. It is expected that the CBUAE will issue implementing regulations and/or notices to clarify the steps to be taken during the transition period.
Given the importance of this much awaited Law to banks, finance companies and captive financiers, we will circulate further updates in due course.
Jody Waugh
Partner, Head of
Banking & Finance
Mamoon Khan
Partner,
Banking & Finance
Sarah El Serafy
Senior Associate,
Banking & Finance
Ali Awad
Senior Associate,
Banking & Finance
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.
Disclaimer: This chat service should not be relied upon as a substitute for professional advice which takes account of your specific circumstances and any changes in the law and practice. No warranty is made as to the accuracy or completeness of the information provided via this service and no liability is accepted by Al Tamimi & Company Limited, its affiliates, partners or employees for any loss arising as a result of reliance upon the information provided.
Kindly accept the disclaimer to proceed to a live chat.
Thank you for your inquiry. We will connect you to one of our agents now.
Thank you. Which service are you looking for?
Thank you for your interest in working with Al Tamimi & Company. Please click here to view our latest job openings.
Please click here leave a message and we will get back to you shortly.