Document background
The Auto Lease Agreement serves as the primary contractual document for vehicle leasing transactions in Saudi Arabia, whether for individual or corporate use. It is essential for establishing legally binding lease arrangements that comply with both Saudi civil law and Islamic finance principles. The agreement details all aspects of the vehicle lease, including financial terms, maintenance obligations, insurance requirements, and conditions for vehicle use and return. This document is particularly crucial in the Saudi market where vehicle leasing is a growing financing alternative, subject to strict regulatory oversight by SAMA and religious compliance requirements. It provides protection for both lessors and lessees while ensuring transparency in the leasing relationship.
