Symposium discusses financial leasing [Archives:2007/1037/Local News]

March 29 2007

SANA'A, March 28 ) Yemen's Central Bank and International Finance Corporation held a symposium on financial leasing on Thursday, March 22 at the bank's headquarters in Sana'a. The symposium was attended by Minister of Justice Jazi Al-Aghbari and chairmen of commercial and appeal courts in Sana'a, Taiz and Al-Hodeidah together with the Chairman of Judicial Inspection Board Dr. Abdullah Farwan.

The governor of the Central Bank Ahmed Abdulrahaman Al-Samawi delivered speech in which he reviewed the mutual cooperation between the monetary and judicial authorities with aim of achieving stability and creating a fitting environment for investments, especially after London donor conference held last November and Investment Opportunities Conference due to be held on April in collaboration with Gulf Cooperation Council.

Al-Samawi pointed out some the package of legislations prepared by the bank under the reforms program including financial leasing law which will open wide horizons before small and middle-sized enterprises in particular and lessees in general as it will enable them to get equipments and machines without investing handsome investments in the capital.

For his part, Al-Aghbari thanked the Central Bank and the International Finance Corporation for holding this symposium to make clear the legal aspects relating to financial leasing together with duties and rights of all parties involved, pointing out that Yemen is witnessing an economic boom.

He further assured the next battle is that of economic development which should be accompanied by a modernization of judiciary to fit with flow of the capitals and open door policy.

Parliament's Financial Affairs Committee noted the financial leasing does exist in Yemen market; however, without any law that codifies it.

“The aim behind the financial leasing law is to create a sophisticated legal framework for developing financial leasing services in Yemen