The Milli Majlis has passed the "On Financial Leasing" Law in the first reading.
The new law aims to develop financial leasing activities, promote them, and strengthen their role in economic growth. It sets legal, organizational, and economic foundations for regulation and supervision in this field.
Key concepts such as "purchase price", "sale and leaseback", and "financial leasing" are defined. Violators will face liability.
The law will come into force six months after publication. Within nine months, leasing entities must align their activities with the new requirements and apply to the Central Bank of Azerbaijan for inclusion in the relevant register.
