Speaking at the press conference launching the Saudi Arabian Monetary Authority’s 48th Annual Report, the Governor, HE Dr Fahd Bin Abdullah Al-Mubarak, revealed the Central Bank’s plans to establish a real estate refinancing company to help develop the KSA mortgage market.
On 7 March 2013, in his speech, Al-Mubarak said, “In the finance area, SAMA published the implementing regulations of the finance laws, after His Excellency the Minister of Finance issued the Implementing Regulation of the Real Estate Finance Law. SAMA also issued the Implementing Regulation of Financial Leasing Law after agreement with H.E. the Minister of Justice. SAMA also issued the Implementing Regulation of the Law on Supervision of Finance Companies.
“SAMA will supervise and monitor the finance sector in accordance with the best international recognized practices and take necessary actions to maintain its soundness, stability and fair dealings therein. It will also encourage lawful and fair competition between financiers and use proper means to further develop the sector, Saudize its jobs, and promote efficiency of its employees. For achieving the cherished goals of the finance laws, SAMA will cooperate and coordinate with the appropriate authorities, namely the Ministry of Finance, Ministry of Justice, Ministry Commerce and Industry, and Ministry of Housing.
Read more: http://www.cpifinancial.net/news/post/19403/saudi-arabia-to-launch-sar-5-billion-real-estate-refinancing-company
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