Saudi Arabia - The Islamic Corporation for the Development of the Private Sector (ICD), member of the Islamic Development Bank Group (IsDBG), has entered into a joint cooperation agreement with Bidaya Home Finance, an Islamic home finance company in Saudi Arabia, aiming to facilitate all individuals to purchase their own homes.
Ayman Amin Sejiny, CEO of ICD, and Mazen bin Ahmed Al-Ghunaim, CEO of Bidaya Home Finance, signed the agreement on Oct 22.
The partnership reflects the importance of cooperation between international and national institutions for the development of the private sector and to enable all people to own homes. It was specifically agreed to study the provision of financing solutions to employees wishing to purchase residential real estate through one of the financing solutions available with Bidaya.
Sejiny said the agreement would enhance the efforts being made to support the real estate sector and encourage cooperative work among all real estate institutions, which would lead to the development of the economy and contribute to the prosperity of individuals’ lives.
Al-Ghunaim expressed his appreciation for all the efforts made to reach the agreement by the concerned parties and hoped that it would lead to more partnerships in the near future.
He added that the agreement came within the strategic plans of Bidaya Home Finance to enable and encourage all individuals wishing to own housing units by obtaining appropriate real estate financing in easy and simple steps.
Bidaya Home Finance has been providing Shariah-compliant and affordable real estate financing solutions since January 2016. It has won many international awards during the past years.
The company was founded and launched as a joint stock company with a total paid-up capital of SR900 million ($240 million). Headquartered in Riyadh, Bidaya is licensed under the Saudi Arabian Monetary Agency and is sponsored by the ICD and Public Investment Fund (PIF), along with a cross-section of organizations committed to the enablement of home ownership.
The mandates of PIF and ICD are integral to the mission of Bidaya, which is to increase access to finance for middle-income home buyers across the Kingdom.