Riyadh: 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.

-Ends- 

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 a suite of Shari’ah compliant products to end-users and partners. Bidaya Home Finance has the preeminent composition of shareholders in the home finance space. It is sponsored by the Islamic Corporation for the Development of the Private Sector (ICD – a member of the Islamic Development Bank Group) and the Public Investment Fund, along with a cross-section of organizations committed to the enablement of home ownership.

The mandates of PIF and ICD are integral to the formation of Bidaya and its social mandate to participate in and improve the enabling of home ownership opportunities to Saudi families. Bidaya aims to increase access to finance for middle income home buyers across the Kingdom.

Other shareholders include prominent sponsors and promoters in the Kingdom such as 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.

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.