Bidaya Home Finance has successfully closed its inaugural Ijara Portfolio sale transaction. The portfolio was sold to the Saudi Real Estate Refinance Company (SRC) on June 28.
In line with the company’s business model of originating, holding, selling and servicing mortgages, Bidaya plans to undertake a series of such transactions in collaboration with SRC over the coming years.
“This is an important milestone for Bidaya as it demonstrates the company’s ability to complete the mortgage financing business cycle as per our business model,” said Bidaya CEO Mazin Al-Ghunaim. “We are thankful to SRC for supporting Bidaya in its mission to enable housing for all Saudi citizens in line with the Kingdom’s Vision 2030, and we look forward to a long-term working relationship with SRC for the growth of the mortgage finance market in Saudi Arabia.”
“The portfolio sale transaction marks the strengthening of our partnership with Bidaya and is aligned with our mission to increase liquidity in the Kingdom’s mortgage market so that more Saudi citizens can own their homes,” said Fabrice Susini, SRC’s chief executive. “Our combined efforts with Bidaya and other government and private sector organizations will contribute to the realization of Vision 2030’s housing goals, one of which is to increase home ownership to 52 percent by 2020.”