KARACHI, Sept 6: The Leasing Association of Pakistan has decided to set up a National Leasing Register or the NLR to maintain record of the makes, models and serial numbers of assets leased by its members to their clients.

Chairman of the Association, Basheer A.Chowdry and Vice Chairman Muhammad Khalid Ali informed the Securities and Exchange Commission of Pakistan (SECP) about this decision while making a presentation to the Commissioner Etrat H. Rizvi and other senior officials.

"While considering a fresh proposal, the member companies will carry out a search with the NLR to confirm that the respective asset was not previously leased," said the LAP press release. "This would ensure safeguarding the leasing sector from any multiple leasing of the same assets by any unscrupulous client."

The LAP is also going to maintain complete data of all the defaulters' of lease rentals below Rs500,000. Currently the Credit Information Bureau of the State Bank covers all defaulters of Rs500,000 and above.

"Due to the significant shift of the leasing sector towards small and medium sector over the last two years it has become necessary to tabulate the details of the defaulters which are not covered currently by the CIB," said the LAP release.

The Leasing Association of Pakistan has decided to outsource the assignments of maintaining the NLR and compiling the data of defaulters of lease rental below Rs500,000 to the News-VIS Information Services or the NVCIS.