Logo of Saudi Central Bank (SAMA)
The Saudi Central Bank (SAMA) announced inviting the public to send their feedback on the draft rules regulating the business of real estate refinance companies, through the Public Consultation platform of the National Competitiveness Center.
In a statement a copy of which was received by Argaam, SAMA stated that the issuance of such rules is part of its continued efforts to develop the finance sector, and to keep pace with the developments in the finance industry.
In addition, the move embodies SAMA's efforts to support and empower the real estate finance agencies, which resulted in licensing the Real Estate Refinance Co. and developing the real estate finance sector remarkably.
The rules aim to achieve growth and stability in the secondary real estate finance market and provide better ways for real estate finance entities to finance the beneficiaries in order for them to own houses. They also help such entities play the role of mediator between the real estate finance sector and other sources of finance.
The feedback will be received within 30 days and will be then studied before adopting the final version of the rules.
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