Federal Decree-Law No. 32/2023 On Finance Lease

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Abrogating:

Federal Law No. 8/2018 dated 18/12/2018

We, Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates,

Pursuant to the perusal of the Constitution;

Federal Law No. 1/1972 on the competencies of Ministries and powers of Ministers, and its amendments;

Federal Law No. 8/2018 concerning Financial Leasing; and

Based on the proposal of the Minister of Finance and the approval of the Cabinet,

Herby issued the followed Decree-Law:

Chapter 1 - General Provisions

Article 1 - Definitions

For the purpose of applying this Decree-Law, the following terms and expressions shall have the meanings assigned to them, unless the context requires otherwise:

  • State: United Arab Emirates.

  • Minister: Minister of Finance.

  • Central Bank: Central Bank of the UAE (CBUAE)

  • Person: Natural or juristic person.

  • Asset:

    • 1- Every non-consumer property that is owned or legally held by the Lessor in accordance with the provisions of this Decree-Law and the decisions issued in application thereof, and is used in the Lessee’s craft, trade, business, or personal use, including: