The Saudi Company for the Registration of Financing Lease Contracts, "Sejel", celebrated today in Riyadh the official inauguration of its identity and services. Under the patronage of His Excellency the Governor of the Saudi Arabian Monetary Authority (SAMA) Dr. Ahmad bin Abdul Karim Al-Kholifey, in the presence of His Excellency the Minister of Housing, Mr. Majid bin Abdullah Al-Hogail, and a number of senior officials from both the ministry and the institution. It is noteworthy that Sejel is a joint stock company licensed by SAMA to complete the financial leasing system within the finance sector in the Kingdom. It aims to address most of the challenges in the financing leasing market by enhancing the permeability of contracts and ensuring transparency, which goes in line with the Kingdom's vision 2030 and contributes to achieving the goals of the financial sector development program and the housing program.

On this occasion, His Excellency vice Governor of SAMA, Mr. Ayman bin Mohammed Al-Sayyari, in a speech on behalf of the Governor, welcomed the attendees at the inauguration ceremony of the Saudi Company for the Registration of Financing Lease Contracts Sejel. That SAMA licensed for activating the provisions of the financing lease system and its executive regulations as well as to contribute to achieving the Kingdom's 2030 vision and the financial sector development program. Saying that, the company will contribute to preserve the rights of clients in the financing leasing system by establishing a record of the financing lease contracts executed or implemented in the Kingdom, restricting the sales contracts resulting from a financing lease, and any amendment to these contracts. In addition, it will work with the competent authorities for implementation to facilitate acting appropriately to preserve the rights of clients in this system.

Al-Sayyari praised on this occasion the great cooperation that SAMA has touched from all relevant government agencies, especially the honorable brothers in the Ministry of Justice, which contributed to overcoming the obstacles towards establishing this company and approving its outputs. He also thanked all the lessors from banks and financing companies, who are the owners of this company and the beneficiaries in the first place from its services, on their active participation in establishing the company. That should contribute to achieving the objectives of the financial sector development program related to enabling financial institutions to support private sector growth and stimulate investment and growth in the financial services sector, including: Contribute to building a sophisticated financial infrastructure.

Out of SAMA control and supervisory role on the finance sector, SAMA vice-Governor affirmed the SAMA’s keenness to stimulate everything that would contribute to creating and providing the integrated regulatory environment for the practice of the finance activity. Moreover, SAMA supports all initiatives and projects that contribute to the development of frameworks and regulatory controls to preserve and protect the rights of clients in the sector. That confirms the importance of enhancing confidence in the finance sector through the speedy fulfillment and preservation of these rights in a clear and stable manner and in a manner that reduces the risks associated with this type of financing and reflects positively on the service of beneficiaries.

Al-Sayyari pointed out that the ambitious goals of the Financial Sector Development Program will only be achieved through the cooperation of all, and work hard to raise the level of services, improve the clients’ experience, and deal optimally with both opportunities and risks. SAMA has always seeked to enhance cooperation between all relevant parties, which contributes to advancing development and innovation in financial services, in order to achieve the overall goals of the sector while encouraging fair competition, and the development of the great gains achieved by the Kingdom in all areas.

On his part, Sejel’s Chairman, Mr. Mazen bin Ahmed Al-Ghunaim, delivered a speech in which he addressed the impact that the company seeks to achieve to develop the leasing system and its role in achieving the goals of the Kingdom’s 2030 vision. He said: “sejel aims to become a leader in the financial sector in using innovation and technology, which goes under the umbrella of the Digital Economy Development Initiative. It also seeks to enhance transparency and ensure the permeability of contracts that support the business environment for the financing leasing market, which represents the core of the initiative to enhance the ease of doing business”.

Al-Ghunaim pointed out that Sejel aspires through its strategic goals of establishing a strong and developable environment, adopting the values of the institutional digital transformation, achieving balance and financial stability and diversifying the provided services. This is to become a reliable source of the finance lease market data, improve procedures for the life cycle of the contract and preserve the rights of all parties, ensure contract permeability and enhance transparency. All of which comes in accordance with this great momentum of projects and with this inspiring financial boom in various aspects of business in the Kingdom.  This should organize the economic and financial movement in the Kingdom and motivate business owners to participate in it.

For his part, Mr. Abdullah bin Saad Al-Ruwais, CEO of Sejel reviewed the most important goals of the company and the provided services, and the achievements made by the company during 2019. He emphasized that Sejel’s efforts to improve the finance leasing system in 2020 exceed the limited reality to automated and integrated services, and persistent discussion of all aspects of cooperation with the relevant authorities, and provide research and analysis tools for the beneficiaries of the financing lease market data, which places the company on the gateway of a new contract featured with innovation, safety and reliability. Al-Ruwais also indicated that the company seeks to be a link between all partners of the financing leasing system and become a real influential partner in supporting the success and growth in the finance sector. This is based on the received support from the Saudi Arabian Monetary Authority and the deep knowledge and understanding of financing systems and their executive regulations and controls issued by the regulatory entities.