• Dr. Omran: 28 leasing companies and 8 factoring companies regularize their status
Dr. Mohammed Omran- FRA’s Chairman revealed that the number of leasing companies that regularized their status has reached 28 leasing companies out of 35 active companies in the last five years, in addition to other eight factoring companies out of 9 licensed companies which regularized their status.
This comes in the light of FRA’s BOD decision no. 137 of 2018 regarding the controls and conditions required to regularize the status of current leasing and factoring companies after the issuance of Law no. 176 of 2018 – mid-August last – on regulating leasing and factoring activities. The said Law stipulated in article 1 that existing companies shall be granted a period of another six months to regularize their status.
Dr. Omran explained that FRA’s BOD approved in its decision no. 6 of 2019 extending the period set for regularizing the status of leasing and factoring companies for another six months starting from 14 February 2019. He added that those companies wishing to regularize their status shall submit a program with a time plan for the procedures that will be taken by the company to regularize its status before 31 March 2019.