SAMA Seek Public Feedback on Draft Regulating Rules for R. Estate Refinance Companies

Saudi Central Bank (SAMA) launched public consultation on rules for regulating the business of real estate refinance companies.

Issuance of these rules falls in line with continuation of efforts to develop the financial sector and to keep abreast with developments of the financing industry, SPA reported.

In addition, supporting and enabling real estate finance entities has led to the emergence of Real Estate Refinance Company, and to the development of the real estate sector.
SAMA clarified that the rules aim to ensure stability and growth of the real estate secondary market and to provide better ways for real estate finance entities to finance the beneficiaries for them to own houses.

It is also playing the role of mediator between the real estate finance sector and other sources of financing.
In this regard, SAMA invites the public, specialists, and interested individuals to provide their views and observations on the rules within 30 days, noting that all views and observations will be under consideration for adopting the final version of these rules.

The draft can be obtained by visiting Public Consultation Platform affiliated to the National Competitiveness Center on the link: https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/refinance/Pages/default.aspx.