Membership with the Kingdom's credit bureau will facilitate greater transparency in credit dealings and evaluation of customers' creditworthiness in the home ownership process

Riyadh, KSA (March 27, 2016)

Bidaya Home Finance - a recently launched real estate finance company to expedite home ownership in the Kingdom - has forged a membership with the Saudi Credit Bureau (SIMAH). Established in 2004, SIMAH is the sole licensed national credit bureau of Kingdom of Saudi Arabia offering consumer and commercial credit information services to its members.

Speaking on the membership, Mr. Mazin bin Ahmed Al Ghunaim, CEO at Bidaya Home Finance said: "The agreement with SIMAH will boost transparency in credit transactions and lend more accountability to all entities involved in the home ownership process. Along with being efficient, we intend our services to match best practices in real estate to enable home ownership, and help our valued customer keep track of the procedures."

The membership with SIMAH will provide Bidaya Home Finance with critical information to evaluate the creditworthiness of its clients before sanctioning the home ownership fund. The information is evaluated using a range of indicators, such as the financial health of the applicant; long-term credit repayment forecast; past civil record; and spending habits amongst others. The membership is expected to facilitate greater accountability on part of credit beneficiaries, and provide stability and foresight to Bidaya Home Finance in its lending capacity.

Bidaya Home Finance commenced operations in early 2016 after receiving license from Saudi Arabian Monetary Agency (SAMA), which also supervises the Saudi Credit Bureau (SIMAH) since its establishment in 2002.

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About Bidaya Home Finance:
Bidaya Home Finance was founded and launched as a joint stock company with a total paid-up capital of 900 million Saudi Riyals. Headquartered in Riyadh, BIDAYA is licensed under the Saudi Arabian Monetary Agency (SAMA), and offers suite of Sharia'a compliant products to end-users and partners. Bidaya Home Finance has the Bank Group), Public Investment Fund along with a cross-section of organizations committed to the enablement of home ownership.

The mandates of ICD and PIF are integral to the formation of Bidaya and its social mandate to participate and improve in the enabling of home ownership opportunities to Saudi families. Other sponsors and promoters include prominent shareholders in the Kingdom including Rashed AbdulRahman Al Rashed & Sons Company, Arab Investment Company, Al Othaim Holdings, Manafi International (M.Y Naghi & Brothers), El Khereiji Investment Company, Manafea Holding Company and Jawahir Investment Co. Bidaya will increase access to finance for middle income home buyers across the Kingdom. Vision: Enabling Home Ownership for All. Mission: "With the customer at the heart of everything we do, we will enable each-other, our partners, our shareholders and the broader community to support us in promoting home ownership for all"

© Press Release 2016