Saudi’s SAMA issues public consultation on rules for real estate refinance firms

By Arya M Nair, Official Reporter
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The Saudi Central Bank “SAMA” has released a public consultation on rules for regulating the business of real estate refinance companies in the kingdom.

The issuance of these rules comes in continuation of SAMA’s efforts to develop the financial sector and to keep abreast with developments of the financing industry in general.

Furthermore, supporting and facilitating real estate finance entities, in particular, has led to the formation of the Saudi Real Estate Refinance Company (SRC) and to the development of the real estate sector.

The regulations, according to SAMA, are designed to ensure the stability and expansion of the real estate secondary market, as well as to create better opportunities for real estate finance entities to finance beneficiaries in order for them to own houses. Also, playing the role of a link between the real estate finance sector and other sources of financing.

SAMA urges 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.

Earlier this month, SAMA issued the information technology governance framework for a number of financial institutions operating in the Kingdom of Saudi Arabia, including local banks, Saudi Payments and credit information companies.

It recently launched the first version of the Open Data Platform, which contains economic, financial and monetary statistics and indicators for Saudi Arabia as part of SAMA’s commitment to providing accurate and up-to-date information and data for specialists and stakeholders by upholding the highest levels of transparency and benefiting from international best practices.

Related: Saudi’s SAMA unveils 1st version of its Open Data Platform