BIDAYA & SRC SUPPORT ENABLEMENT OF HOME ESTATE FINANCE WITH SR 500 MILLION MORTGAGE PORTFOLIO SALE AGREEMENT
Riyadh, April 2019: Under the auspices of the Custodian of the Two Holy Mouques, King Salman bin Abdulaziz, Bidaya Home Finance Company (“Bidaya”) has concluded its participation in the first edition of the Financial Sector Conference (“FSC”), held in Riyadh on April 24-25, 2019 under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.
Bidaya’s participated in the first of its kind conference in Saudi Arabia, along with a number of government agencies and leading institutions in the Saudi home finance sector. The event is considered part of the Financial Sector Development Program, which is one of the Vision 2030 initiatives, and aims to become the most prominent financial sector event locally and regionally.
Mr. Mazin Al-Ghunaim, Chief Executive Officer of Bidaya, expressed his pride with support of the Custodian of the Two Holy Mosques to this important event, stating that Bidaya’s participation cements its leading position in the local home finance sector, through a number of initiatives that contributed in reshaping the real estate finance industry in the Kingdom, which are innovative and effective solutions that have contributed in answering Saudis ambitions”. “We are proud to have helped more than 10,000 beneficiaries to date with purchasing their own homes, supporting the national transformation objectives and the ambitious Vision 2030”, he added.
Mr. Al-Ghunaim announced Bidaya’s initiative to enhance the home finance sector in Saudi Arabia via an agreement with Saudi Real Estate Refinance Company (“SRC”) for the sale of its mortgage portfolio over the period of next six months valued at SAR 500 million.
The understanding is fully aligned with Bidaya’s business operating model, which focuses on originating, selling and servicing Islamic mortgages.
This partnership reflects the shared commitment on part of both parties to support the growth of Saudi home finance sector and Vision 2030 and facilitating realization of home ownership for every Saudi citizen.
The partnership will also contribute to accelerating the mortgage finance ecosystem in the Kingdom by offering innovative solutions that are attractive and flexible.
Among national integrated ecosystem, Bidaya looks forward to further promoting the domestic homefinance sector through enhancing and diversifying the industry and developing a sophisticated financial market through inviting all concerned stakeholders in the Saudi financial sector to participate in a constructive dialogue.
Bidaya Home Finance, named by Global Finance Magazine as The Best Digital Mortgage Bank in the Middle East, specializes in Home finance packages consistent with the requirements of the National Transformation Program, enhancing the value of the individual within the community while significantly contributing to the development of the national economy and the achievement of sustainable development in alignment with the Kingdom’s futuristic Vision 2030.
