The Saudi Arabian Monetary Agency (Sama) has announced plans to launch a real estate refinancing company with SR5bn ($1.3bn) of capital to help develop the kingdom’s mortgage market. The company will be launched through the government’s Public Investme…
Saudi Arabia is discussing with banks the possibility to launch a riyal-denominated Islamic bond, or sukuk as the kingdom abandons its aversion to sovereign-level debt to help build a local currency yield curve.
Talks are ongoing between the Saudi Arab…
In the oppinion of Saleh Bin Abdullah Kamel, the head of the Council of Saudi Chambers of Commerce, the best way to overcome unemployment in the Muslim World is in the application of Islamic economics and Zakat.
Sheikh Kamel stressed in a speech during…
The approval of the mortgage law was proposed to be delayed because a surge in inflation to nearly six per cent in October. The proposal was made by the Saudi Arabian Monetary Agency (SAMA), the Gulf Kingdom’s central bank.
The study by the Saudi Ameri…
Capitas Group International, a Jeddah, Saudi Arabia based management firm specializing in the Shari’ah compliant finance industry, released an opinion article today entitled “The Mortgage Law – What Comes Next?” which gives insight on mortgage regulation and offers recommendations on successful implementation of the Saudi Arabia Mortgage Law once it is enacted.
Written by Nasser Al-Nubani, Capitas’ Executive Vice President and General Counsel, Saudi Arabia has chosen the perfect time for the enactment of the mortgage law because it has the benefit of hindsight to avoid mistakes made in other economies.
The effectiveness of supporting effective regulation in managing and implementing this legislation will be the key measuring stick of the success of the Mortgage Law. Indications are that the Saudi Arabian Monetary Agency (SAMA) will be responsible for establishing the regulations that will support the mortgage law once it is enacted.
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