SAMA Licensed Saudi Mortgage Guarantee Services Company “Dhamanat”

The Saudi Central Bank (SAMA) licensed the Saudi Mortgage Guarantee Services Company “Dhamanat”, a company owned by the Real Estate Development Fund, to provide “General Insurance” and “Protection and Savings Insurance” services.

This initiative is pursuant to the Cooperative Insurance Companies Control Law and in line with SAMA’s regulatory and supervisory role to promote financial stability and foster economic growth and development in the Kingdom to contribute to the broader goals of Saudi Vision 2030.

Such licensing is a complement to the leadership’s efforts to respond to challenges related to home ownership and encourage finance companies to provide subsidized real estate financing solutions.

SAMA remains focused on supporting and enabling the insurance sector’s stability and growth for enticing a new segments of investors and companies that could bring added value and introduce unique business models in the sector.

SAMA’s continuous support for the insurance sector is in the context of increasing the efficiency of financial transactions and promoting innovative financial solutions for financial inclusion in the Kingdom.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.