The International Finance Corp (IFC) and three Saudi Arabian government funds will provide $400 million (Dh1.4 billion) in Islamic financing to help Saudi banks boost mortgage lending.
"Home financing in Saudi Arabia is a priority for the IFC," Walid Al Murshed, Saudi country manager for the IFC, said in an interview yesterday. "Less than 10 per cent of total consumer financing goes to mortgages."
Saudi Arabia may approve the country's first mortgage law by the end of the year. The law may spur a rise of as much as 50 per cent in demand for housing, Kuwait Financial Centre said in a report earlier this month.
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