Saudi Arabia’s central bank issued regulations on real estate financing, leasing and supervision of financial companies as the kingdom attempts to ease a housing shortage by opening up its mortgage market.
The changes were announced yesterday on the website of the Saudi Arabian Monetary Agency, or SAMA. Regulations governing the enforcement of foreclosures and mortgage registrations as part of a broader package of changes haven’t been issued yet.
The mortgage law, which has been debated for more than a decade, will overhaul the kingdom’s home-finance market, from registering mortgages to allowing judges to prosecute police officers who fail to carry out eviction orders. The changes could boost residential lending to about $32 billion annually, according to estimates by Capitas Group International Ltd., a Saudi company focused on Islamic finance.
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