Saudi cbank says 34 finance firms licensed in 2016

The Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank, has licensed 34 finance companies by the end of 2016 with a combined capital of around SAR 12.3 billion, the central bank data showed.

Six companies are engaged in the home mortgage business activities, with SAR 3.9 billion in capital.

Financiers’ gross assets jumped 4.8 percent year-on-year (YoY) to SAR 38.9 billion in 2016.

Total loans rose 5.6 percent YoY to SAR 56.1 billion last year, of which 23 percent was on account of home mortgage and 77 percent non-mortgage financing.