Company targets three service hubs by end of 2016

Riyadh, KSA (January 27, 2016)

Bidaya Home Finance has been launched in a bid to raise the low levels of home ownership across Saudi Arabia. The inaugural press conference to announce the launch was well attended by several of the country's senior representatives and officials from the financial services industry, government and the media. The company will begin operations with a capital of 900 million riyals.

Bidaya Home Finance is a joint venture between the finance ministry's Public Investment Fund and Jeddah-based Islamic Corporate for the Development of the Private Sector (ICD), which is a unit of the Islamic Development Bank. Licensed under the Saudi Arabian Monetary Agency (SAMA), Bidaya offers professional and reliable Sharia-compliant financial solutions to both customers and partners.

Speaking at the press conference, Mr. Khaled bin Mohamed Al-Aboodi, Chairman of Bidaya Home Finance said: "Bidaya was established with the primary purpose of enabling home ownership. Our role as a facilitator will aim to address the economic and social issue by increasing access to finance for middle-income home buyers, and thereby significantly contributing towards the sustainability of the housing sector in the Kingdom."

Bidaya was granted mortgage finance license by the Saudi Arabian Monetary Agency (SAMA) in December 2015. The company is the first newly established real estate finance company to get such a license, and the SAMA approval entitles it to carry out its operations and receive customers wishing to obtain a real estate finance compliant with Sharia.

BIDAYA's vision of enabling home ownership for all is demonstrated in its customer-centric approach and the wide range of home finance solutions offered. In order to ensure maximum market reach, Bidaya's business model is based on forging strong alliances with real estate developers and professional service providers, while keeping in mind the aspirational needs of customers.

"We at Bidaya are committed to playing our part by streamlining mortgage finance end-to-end processing, short turnaround times, using innovative mortgage technologies, and an engineered approach to evaluate customer creditworthiness which we truly believe lies at the core of further developing Saudi mortgage market," said Mr. Mazin bin Ahmed Al Ghunaim, CEO at Bidaya Home Finance.

The company's short-term goal is to open three service hubs in Riyadh, Jeddah & Dammam. Bidaya is also set to launch its digital presence with an interactive website before the end of 2016. Bidaya's long-term strategy, in the changing landscape of Saudi Arabia, is to enable and empower aspiring home owners by simplifying the lengthy and tedious mortgage process to fulfil their dreams.

-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 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"

For further information, please contact:
Virtue PR & Marketing Communications
P.O Box: 191931
Dubai, United Arab Emirates
Tel: 00971 4 4508835
Email: info@virtuemena.com  
Website: www.virtuemena.com

© Press Release 2016