Federal Decree-Law No. (32) of 2023 on Finance Lease (economy and business law)

Article (1) Definitions  
For the purpose of applying the provi sions of this Decree -Law, the following words and 
expressions shall have the meanings assigned thereto respectively, unless the context 
requires otherwise:  
The State : The United Arab Emirates . 
The Minister : The Minister of Finance . 
The Central Bank : 
 The Central Bank of the United Arab Emirates.  
Person : A natural or legal person.  
Asset : 1. Every non -consumable object owned or legally possessed by  
Federal Decree- Law No. (32) of 2023 on Finance Lease  2 
  the Lessor, pursuant to the provisions of this Decree -Law 
and the resolutions issued in pursuance hereof , and used in 
the Lessee's craft, trade, business or personal uses, including:  
a. Off- plan real estate units that may be the subject of legal 
transactions, pursuant to the legislation in force in each 
Emirate; and  
b. Capital and future Assets, Assets manufactured in a certain way, equipment, plants, living and unborn 
animals. Movable property shall be deemed an Asset 
even if it becomes immovable by destination or is 
incorporated in real property.  
2.  A leased Asset exc ludes the following:  
a. Aircraft, airframes, helicopters and aircraft engines of any type that are subject to registration in special registers, 
pursuant to the legislation in force in the State and 
international treaties and conventions to which the State  
accedes;  
b. Marine vessels of any type that are subject to registration in special registers, pursuant to the legislation in force in 
the State;  
c. Cash;  
d. Investment bonds; and  
e. Parcels of land granted by the State.  
Business A place where a Person manages its transactions on a regular  
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 Headquarters : 
 basis. In the absence of a proof of such place, the address 
registered with the competent authorities or the Person's usual 
place of residence shall be considered its Headquarters.  
Finance Lease : 
 A Lease whereby the Lessor leases out the Asset to the Lessee 
against a rent for a specific term, while the Lessee may be 
granted an option to own the Asset, pursuant to the provisions 
of article (3) hereof.  
Lease Agreement : 
  An agreement whereby the Lessor leases out the Asset to the 
Lessee pursuant to the provisions of this Decree -Law.  
Lessee : 
 A Person that acquires a right to possession and use of a leased 
Asset under the Lease Agreement, including sub -lessee.  
Lessor : 
 A legal Person that gra nts another Person a right to possession 
and use of a leased Asset under the Lease Agreement, including 
sub-Lessor.  
Supplier : 
 A Person from whom the Lessor acquires the leased Asset under 
the Supply Contract in a tripartite lease.  
Supply Contract : 
 A co ntract whereby the Lessor acquires the Asset from the 
Supplier for the purpose of leasing it out to another person in a 
tripartite lease.  
Special Movables : 
 Movables which the legislation in force in the State requires to 
be registered, excluding movables where rights created thereto 
are registered in the register created under the provisions of 
Federal Law No. (4) of 2020 Guaranteeing Rights to Movable 
Property.   
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 In 
Writing/Written : 
 Information created, transmitted, received or stored in writing or 
via any electronic means, including modern means of 
communication.

Article (2) Applicability 
1. The provisions of this Decree -Law shall apply to any Finance Lease of a leased Asset in 
the following cases:  
a. If such leased Asset exis ts in the State or at any free zone ungoverned by special 
provisions regulating the Finance Lease;  
b. If Lessee's Business Headquarters is located in the State or at any free zone 
ungoverned by special provisions regulating the Finance Lease; and  
c. If the Lease Agreement provides for applying the provisions of the State's laws to the 
contractual relationship.  
2. This Decree -Law shall not apply to the financial free zones in the State.

Article (3) Types of Finance Lease  
1. The Finance Lease sh all be bilateral, whereby the Lessor grants the Lessee a right to 
possession and use of an Asset for the term set out in the Finance Lease Agreement 
against a rent or other amount  payable under such transaction. The agreement shall 
include the following:  
a. An option to purchase the leased Asset, in whole or in part; and  
b. A rent or other amounts payable under the Lease Agreement and the payment method.  
2. The Finance Lease that includes the following characteristics shall be considered a  
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 tripartite leas e: 
a. The Lessee designates the leased Asset and its features and selects the Supplier; and  
b. The Lessor owns the leased Asset for the purposes of lease, while the Supplier is 
aware of the same.  
3. A tripartite Finance Lease Agreement may provide for granting the Lessee an option to purchase the Asset, in whole or in part.  
4. A sale -leaseback, whereby the Supplier sells the leased Asset and then the Supplier 
leases it from the Lessor, as a Lessee, un der a Lease Agreement, shall be considered a 
tripartite Finance Lease.  
5. A sublease is made when the Lessee leases out the leased Asset to third parties.

Article (4) Regulating and Licensing the Activity of Finance Lease 
1. The Central Bank shall regulate, license and supervise the activity of Finance Lease 
practiced by banks, companies and institutions governed by the same under the 
legislation in force in the State, and shall issue the conditions and controls for 
engagement in this activity.  
2. At the proposal of the Minister, the Cabinet shall:  
a. Determine the authority or authorities supervising the regulation, licensing and 
supervision of legal Persons authorized to engage in the activity of Finance Lease 
other than banks, companies and institut ions governed by the Central Bank; and  
b. Issue the conditions and controls of engagement in the Finance Lease activity for legal Persons referred to in Paragraph (a) of Clause (2) of this Article.  
3. The Minister shall issue the regulatio ns necessary for developing the provisions of the 
Finance Lease accounting treatment.   
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 4. The relevant authorities in the State that approve the procedures for registering or 
licensing Assets or annotating the registers with basic transactions introduced thereto 
shall amend or adapt such procedures to register cases in which such Assets become 
leased under a Lease Agreement governed by the provisions of this Decree -Law in their 
registers.  
  
Chapter 2: Finance Lease Agreement

Article (5) Details of Finance Lease Agreement  
1. The parties to the Lease Agreement may agree to set the provisions regulating the rights 
and obligations of each one of them.  
2. The Lease Agreement shall include, as a minimum, the following details and information:  
a. Name and details of the Lessor and the Lessee;  
b. Name and details of the Supplier in tripartite agreement;  
c. Description of the leased Asset;  
d. Term of the Lease Agreement;  
e. Purpose for using the leased Asset and the scope of use;  
f. Amount of rent, number of payments and payment dates;  
g. Rights and obligations of parties to the Lease Agreement; and  
h. Any other details or information to be agreed upon by the parties to the Lease 
Agreement, without prejudice to the provisions of this Decree -Law.  
3. Dropping any of the details set out in Paragraphs (d, e, f and g) above will not 
compromise the validity or effectiveness of the Lease Agreement vis -à-vis thir d parties.  
4. The Lease Agreement shall be In Writing, otherwise it shall be null and void.  
   
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Article (6) Enforcement Between Parties and Vis -à-Vis Third Parties 
1. The Lease Agreement shall be enforceable and binding on the parties thereto pursuant 
to its terms and conditions.  
2. The enforcement of rights of parties to the Lease Agreement vis -à-vis third parties, 
including any third party that purchases the leased Ass et, creditors of the parties and a 
bankruptcy trustee, shall be governed by the provisions of Clauses (3), (4) and (5) 
hereof.  
3. The enforcement of rights of parties to the Lease Agreement vis -à-vis third parties shall 
be governed by Law No. (4) of 2020 Guaranteeing Rights to Movable Property, in so far 
as its provisions are applicable to the Assets.  
4. The Lease Agreement of property and any amendment thereto shall, at the request of the 
Lessor or Lessee, be entered in the real estate register of the property with the competent 
authority in the relevant Emirate in accordance with its applicable procedures, and shall 
be enforceable vis -à-vis third parties from the date of such entry.  
5. The Lease Agreement of movables and any amendment thereto shall, at the request of the Lessor or Lessee, be entered in the relevant register with the competent authority in 
the relevant Emirate in accordance with its applicable procedures, and shall be 
enforceable vis -à-vis third parties from the date of such entry.  
6. The entry made pursuant to the provisions of Clauses (4) and (5) above may be removed 
only if a final judgment is rendered by the competent court on such removal, or upon the 
approval of parties to the Lease Agreement or their legal successors, or pursuant to any other legislation in force in the State, as the case may be.

Article (7) Beneficiary of the Supply Contract in Tripartite Lease  
1. The Supplier's obligations under the Supply Contract in a tripartite lease shall be owed to  
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 the Lessee as if the Lessee were a party to the Supply Contract and as if the leased Asset 
were to be supplied directly to the lessee. The Supplier may not be held accountable for compensating both the Lessor and the L essee for the same action that causes damage 
more than once.  
2. The Lessor shall, at the request of the Lessee, transfer its rights related to the 
performance of the Supply Contract to the Lessee, including rights related to judicial and 
arbitral proceed ings. In case of the Lessor's abstention, it shall be responsible towards 
the Lessee to perform the Supplier's obligations.  
3. If the Lessee approves the Supply Contract, the rights thereof arising from the Supply 
Contract may not be affected by any amen dment introduced thereto, unless the Lessee 
approves this amendment In Writing; otherwise, the Lessor shall be responsible for 
performing the Supplier's obligations to the Lessee within the scope of the amendment.  
4. Unless otherwise agreed by the partie s, the Lessee may not negotiate the amendment or 
termination of the Supply Contract.

Article (8) Rights of Parties to the Lease Agreement  
1. The rights of parties to the Finance Lease Agreement shall be enforceable and legally effective vis -à-vis the L essor's creditors.  
2. The invalidation or termination of the Supply Contract shall have no impact on the 
Finance Lease Agreement.

Article (9) Exclusion of Liability of the Lessor in Tripartite Lease 
Unless otherwise agreed by the Parties in a tripartite lease, the Lessor shall not be liable to the Lessee or third parties for deaths, personal injury or material damage to property caused  
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 by the leased Asset or its use, within the limits of its capacity as a Lessor of the Asset, as set 
out in the Supply Contract and the Lease Agreement.  
  
Chapter 3: Implementation

Article (10) Irrevocability of Obligations  
1. Unless otherwise agreed between the Lessor and the Lessee:  
a. In a tripartite lease, when the leased Asset, subject of the Lease Agreement, is 
delivered to and accepted by the Lessee, the obligations of the Lessor and the Lessee, 
as set forth in the Lease Agreement, shall become independent and irrevocable.  
b. In a bilateral lease, the Lessor and the Lessee may agree to render any of their 
obligations independent and irrevocable by specifically identifying such obligations 
as irrevocable and independent.  
2. Without prejudice to the provisions of Clause (3) of article (23) hereof, every 
independent and irrevocable obligation shall be implemented, even if a third party fails 
to implement its obligations, unless the party in whose interest the obligation must be 
fulfilled terminates the Lease Agreement.

Article (11) Risk of Loss  
Unless otherwise agreed by the Lessor and the Lessee:  
1. In a Tripartite Lease:  
a. The risk of loss of the leased Asset shall pass to the Lessee from the effective date of 
the Lease Agreement between the parties thereto.  
b. If the leased Asset is not delivered or is partially delivered to the Lessee or is delivered in such a manner inconsistent with the Lease Agreement, and the Lessee claims  
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 compensation under article (14) hereof, the Lessor or Supplier, as the case may be, 
shall be liable for the loss.  
2. In a bilateral Lease Agreement, the Lessor shall be liable for the leased Asset loss and the 
liability may not be transferred to the Lessee, unless the loss is caused by the Lessee.

Article (12) Loss and Damage of the Le ased Asset  
Unless otherwise agreed between the Lessor and the Lessee:  
1. In a tripartite lease, if the leased Asset, subject of the Lease, is lost or damaged, in full or 
in part, before taken over by the Lessee without any fault on the part of the Lessee  or 
Lessor, the Lessee may request to inspect the leased Asset and may accept it and the supplier shall guarantee the diminution in value, or may claim the other compensations 
prescribed for the Lessee under the legislation in force in the State.  
2. In a  bilateral lease, if the leased Asset is damaged before the Lessee takes it over without 
any fault on the part of the Lessee or Lessor, the Lease Agreement shall terminate. In case 
of partial damage, the Lessee may request to inspect the leased Asset, and may either 
deem the Lease Agreement terminated or accept the leased Asset and reduce the rent and other amounts payable for the rest of the Lease Agreement term, equivalent to the 
diminution in value, without having the right to claim other compensation fr om the 
Lessor.

Article (13) Acceptance of the Leased Asset  
Unless otherwise agreed by the Lessor and Lessee, the Leased Asset shall be deemed accepted by the Lessee if the latter informs the Lessor or Supplier that the Leas ed Asset is in 
conformity with the Supply Contract's terms and conditions, or if the Lessee fails to reject  
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 taking over the leased Asset after taking an appropriate opportunity to inspect or use the 
leased Asset.

Article (14) Regularization  
Unless otherw ise agreed between the Lessor and the Lessee:  
1. In a tripartite lease, if the leased Asset is not delivered or is partially delivered or if the delivery is late or in a manner not in conformity with the conditions of the Lease 
Agreement or the Supply Co ntract, the Lessee may claim any compensation prescribed 
therefor under the legislation in force in the State, and may claim the Supplier to deliver an alternative identical to the Asset, as the case may be.  
2. In a bilateral lease, if the leased Asset is not delivered or is partially delivered or if the 
delivery is late or in a manner not in conformity with the conditions of the Lease 
Agreement, the Lessee may accept or reject the leased Asset or terminate the Lease 
Agreement, without prejudice to the pr ovisions of article (23) hereof; provided that the 
Lessor is notified of the rejection/termination within a reasonable time from the delivery of the leased Asset.  
3. In a bilateral lease, the Lessee may, after accepting the leased Asset, reject it in pursuance of the provisions of Clause (2) above; provided that the inconformity of the leased Asset 
with the terms of the Lease Agreement has a material negative impact on  its value, even 
if either of the following cases is realized:  
a. The Lessee has accepted the leased Asset without being aware of the inconformity 
due to the difficulty to detect the same; or  
b. The Lessor has urged the Lessee to accept the leased Asset un der guarantees issued 
by the Lessor.   
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 4. In a bilateral lease, if the Lessee rejects the leased Asset, pursuant to the provisions of this 
Decree- Law or under the Lease Agreement, the Lessee may refrain from paying the rent 
until it receives compensation f or the delivery that is not in conformity with the terms of 
the Lease Agreement, and may recover the rent and any other amounts paid in advance 
after deducting an amount for the Lessee's utilization of the leased Asset.  
5. If the Lessee is the one that p rovides the Lessor or Supplier with certain specifications to 
be met in the leased Asset, then it shall be deemed an acceptance by the Lessee to hold 
the Lessor or the Supplier harmless against any claim by way of infringement that arises 
out of compliance  with such specifications.

Article (15) Transfer of Rights and Obligations 
1. Unless otherwise agreed between the Lessor and the Lessee:  
a. The Lessor's rights under the Lease Agreement shall be transferable with no need for the Lessee's approval.  
b. The Lessor and the Lessee may agree that the Lessee may not invoke, vis -à-vis the 
person to whom the rights of the Lessor are transferred, any pleas or offset rights 
prescribed for the same vis -à-vis the Lessor, except for rights arising from the Lessee 's 
incapacity, without prejudice to the Lessee's right to invoke its rights vis -à-vis the 
Lessor.  
c. The Lessor's obligations arising from the Lease Agreement may be transferred only 
subject to the Lessee's Written consent, and the Lessee may not withhold such 
consent without a good reason, taking into account third parties' rights.  
d. The Lessee's rights and obligations arising from the Lease Agreement may be transferred subject to the Lessor's Written approval, and the Lessor may not withhold 
such app roval without a good reason, taking into account the rights of third parties.   
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 e. The new Lessee to whom the Lease Agreement has been transferred shall replace the 
original Lessee with regard to all rights and obligations arising from the Lease Agreement.  
f. The transfer of the Lessor's rights to collect the rent and other amounts payable shall 
be subject to the provisions of Federal Law No. (4) of 2020 Guaranteeing Rights to 
Movable Property.  
g. Unless otherwise agreed by the Parties, in case the Lessee is a natural person, his rights, after his death, shall be transferred to the universal or particular successor.

Article (16) Warranty of Quiet Possession of the Leased Asset  
Unless otherwise agr eed by the Lessor and the Lessee:  
1. The Lessor shall warrant that the Lessee shall have and enjoy quiet possession and 
utilization of the Asset without any disturbance caused by any Person having a superior 
right in rem or in personam, or alleging under  a court order to have a superior right in 
rem or in personam, or alleging negligence or intentional act or omission of the Lessor, whether the Lease Agreement is bilateral or tripartite.  
2. Without prejudice to the provisions of Clause (3) of article (2 3) hereof, the Lessee may 
claim compensation for a disturbance of the quiet possession by instituting an action for 
damages against the Lessor.

Article (17 )Warranties  of the Supplier and the Lessor  
Unless otherwise agreed by the Lessor and the Lessee:  
1. In a tripartite lease, the Supplier shall warrant that the leased Asset described in the Supply Contract is of a type that conforms to the business practice and that it is fit for the  
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 ordinary purposes for which an asset of that type is used. Subject to the provisions of 
Clause (2) of article (7) hereof, this warranty shall be enforceable only against the Supplier.  
2. In a bilateral lease, the Supplier shall warrant that the leased Asset agreed upon in the 
Lease Agreement is of a type that conforms t o the business practice and that it is fit for 
the ordinary purposes for which an asset of that type is used if the Lessor usually deals in 
Assets of such type.

Article (18) Obligation of the Lessee to Maintain the Leased Asset  
1. The Lessee shall exer cise due care for preserving the leased Asset, and shall use it 
reasonably in the light of the manner in which such assets are ordinarily used, and shall 
retain it in the condition in which it had been delivered to them, subject to fair wear and 
tear.  
2. Unless otherwise agreed by the Lessor and the Lessee, the Lessee shall maintain the 
leased Asset based on the technical instructions issued by the Supplier or manufacturer, 
if any.

Article (19 )Licensing  the Leased Asset  
1. Unless otherw ise agreed by the Lessor and the Lessee, subject to Clause (2) below, the 
Lessee shall, at its own expense, license and renew the license of the leased Asset and 
obtain the necessary approvals from the competent authorities to enable the Lessee to 
utilize it if the Asset by nature requires a license under the legislation in force in the State.  
2. The Lessor shall provide the Lessee with all the necessary documents and authorizations 
to enable the Lessee to perform the duty provided in Clause (1) above.  
   
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 Chapter 4: Breach and Termination

Article (20) Breach of Obligations Arising from the Lease Agreement or the 
Provisions of the Decree -Law  
The parties may agree to determine the cases that constitute a breach or give rise to rights or 
compensations as descr ibed in this Chapter. Where such agreement is not made, the breach 
shall be deemed to have occurred if a party breaches any of their obligations arising from the Lease Agreement or the provisions of this Decree -Law.

Article (21) Notices  
Unless otherwise agreed by the Lessor and the Lessee, the affected party shall give the 
breaching party notice of the breach, implementation or termination, and of the possibility 
of remedy.

Article (22) Damages  
1. Unless otherwise agreed by the Lessor and the Lessee, when a breach takes place, the 
affected party may claim damages, whether exclusively or in combination with other 
compensations, pursuant to the provisions of the Lease Agreement, which are necessary 
for reparation, so as to place the affected party in the  situation in which the Lease 
Agreement would have been implemented in accordance with the conditions contained 
therein.  
2. If the Lease Agreement stipulates that the party breaching its obligations included in the 
Lease Agreement shall pay the affected party a specific amount or an amount to be 
calculated as compensation for such breach, the affected party may claim such amoun t. 
   
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Article (23) Termination of the Lease Agreement  
Unless otherwise agreed by the Lessor and the Lessee:  
1. The Lease Agreement may be terminated in the following cases:  
a. Pursuant to the provisions of Clause (2) of article (12) hereof;  
b. Upon th e agreement of the parties;  
c. At the request of the affected party in the event of a material breach is committed by 
the Lessor or Lessee; and  
d. In case the Lessor breaches the warranty of quiet possession clause set out in Article 
(16) hereof.  
2. Notwithstanding the provisions of Paragraphs (a) and (b) of Clause (1) above, in case of a tripartite lease, after the leased Asset has been delivered to and accepted by the lessee, the Lessee may not terminate the Lease Agreement for a material breach by the Lessor or 
Supplier, without prejudice to its right to claim for other compensations agreed between 
the parties or stipulated by the legislation in force in the State.  
3. Subject to the provisions of article (10) hereof, in the event of termination of  the 
agreement, all corresponding obligations required to be implemented by the two parties 
under the Lease Agreement shall be discharged, except for the obligations enforceable as 
a result of its termination and rights arising from the breach or implement ation prior to 
the termination.

Article (24) Bankruptcy and Liquidation 
1. If the Lessor is liquidated or declared bankrupt, the Lessee may continue performing the Lease Agreement, pursuant to its terms and conditions, provided that the liquidator or bankruptcy trustee is so notified.  
2. The new Lessor, to whom the ownership of the leased Asset has been transferred by  
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 liquidation or declaration of bankruptcy, may continue performing the Lease Agreement 
if the Lessee expresses its desire to do so.

Article (25) Surrender of the Leased Asset and Possession and Disposition 
Right  
1. Upon the termination or expiration of the Lease Agreement, the Lessee shall surrender the leased Asset to the Lessor, as per the condition set out in Clause (1) of Article  (18) 
hereof, unless otherwise agreed by the parties to the agreement, or the agreement 
provides for the Lessee's ownership of the leased Asset upon the expiration of the 
agreement term.  
2. By virtue of a Lease Agreement related to movables, the Lessor m ay effect an execution 
to collect its rights, pursuant to the provisions of Federal Law No. (4) of 2020 Guaranteeing Rights to Movable Property.

Article (26) Improvements to the Leased Asset  
Unless otherwise agreed by the Lessor and the Lessee, if the le ased Asset is surrendered to 
the Lessor, pursuant to the provisions of Clause (1) of article (18) hereof, the following shall 
be observed:  
1. All improvements separable from the leased Asset without harming it, which the Lessee made at its expense, shall remain the property of the Lessee.  
2. The Lessee may claim compensation from the Lessor for any improvements the Lessee 
introduced to the leased Asset at its own expense with the Lessor's prior Written consent 
if such improvements are inseparable from the leased Asset without harming it.  
3. The Lessee shall not be entitled to any compensation for the improvements the Lessee  
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 introduced to the leased Asset at its own expense, which are not separable from the 
leased Asset without harming it, if the Lessee introduces the same without the Lessor's 
prior written consent.  
  
Chapter 5: Final Provisions

Article (27) Penalties  
Without prejudice to any severer penalties provided by any other law, any Person that 
engages in the Finance Lease activity or uses the phrase of, or synonyms to Finance Lease in 
his tradename without license shall be sentenced to imprisonment for a term not exceeding (6) six months and/or a fine of not less than (AED 100,000) one hundred thousand dirhams 
and not more than (AED 5,000,000) five million dirhams.

Article (28) Judicial Officers  
The employees designated by a  resolution of the Minister of Justice, in agreement with the 
Minister, or a resolution by the chief of the local judicial authority, in agreement with the 
chairman of the relevant authority, shall have the capacity of judicial officer to detect 
violations  of the provisions of this Decree -Law, the Executive Regulations hereof and the 
resolutions issued in pursuance of the Decree -Law.

Article (29) Repeals  
1. Federal Law No. (8) of 2018 on Finance Lease, and any provision repugnant to, or in conflict with the provisions of this Decree -Law is hereby repealed.  
2. The resolutions applicable before the provisions of this Decree -Law enter into force shall  
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 remain in force, in so far as they do not contradict the provisions hereof, until the 
substituted resolut ions are issued, pursuant to the provisions of this Decree -Law.

Article (30) Publication and Entry into Force  
This Decree -Law shall be published in the Official Gazette, and shall enter into force (6) six 
months following its publication date.  
  
  
 
Mohammed bin Zayed Al Nahyan  
President of the United Arab Emirates  
  
Issued by us at Abu Dhabi Presidential Palace:  
On 10th Rabi' Al -Awwal 1445 AH . 
Corresponding to: 25th September 2023 AD .