Saudi Arabia's Al Rajhi Bank to boost mortgage lending - CEO | ZAWYA MENA Edition:
Al Rajhi Bank, Saudi Arabia’s biggest Islamic lender, aims to boost mortgage lending as more affordable housing comes on the market, its chief executive told Reuters.
The bank's mortgage book grew 27 percent year-on-year in 2018 and it is looking for double digit growth for the next two to three years, Steve Bertamini said in an interview.
The kingdom has been working with developers and local banks to solve one of Saudi Arabia’s biggest social and economic problems - a shortage of affordable housing. Saudi Arabia wants 60 percent of its nationals to own homes by 2020, up from 47 percent in 2016.
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