Riyadh June, 2020: Bidaya Home Finance Company, Saudi Arabia’s leading non-bank provider of home financing products, today announced that it has repaid in full the second tranche of its initial SR 500 M Sukuk program, amounting to SR 100M. This follows on from repayment of the first tranche, amounting to SR 250M, in October 2019.
The SR 100M tranche was issued in December 2018 and was utilized for financing its lending activities.
Mr. Mazin Al Ghunaim, Bidaya’s CEO said “The Sukuk was a landmark transaction for us and we were the first mortgage house to access the capital markets in this way. The continuing timely repayment of the Sukuk from our own resources demonstrates the financial strength of the Company, its ability to attract and service debt funding and is testament to the success of our strategy which is to provide attractive home finance solutions through our digital platform in a manner which is bold and innovative. The customer journey and service proposition we provide is something we are proud of, and it is this which drives our success and enables us to lead among our peers.”
Founded in 2015, Bidaya commenced lending operations in January 2016 and since that time has financed [nearly 6000] of Ijarah contracts, enabling more than [22,000] Household serviced members to own their own homes. From commencing lending activities in April 2016,
Bidaya has been profitable since Q3 of 2018 and has attained the position of being the Kingdom’s #1 home finance provider amongst non-banking lenders with a market share of [35% vs NBFLs] as of [May 2020].
