SAMA issues first real estate financing license to Riyad Bank

The Saudi Arabian Monetary Agency (SAMA) has issued the first license for real estate financing and lease financing to Riyad Bank.
SAMA Gov. Fahd Al-Mubarak said in a press statement in Riyadh that a number of banks and companies had applied over the past months for licenses to practice real estate financing and other related financing operations in the Kingdom.
The SAMA is studying the applications that have fulfilled the conditions for legal licensing, he said.
The SAMA also urged all financing companies to apply and obtain the license before the deadline so that they could continue with their financing operations.
The regulations governing financing include real estate financing, mortgage leasing and lease financing, and the regulation for the monitoring financing companies and their executive statutes, the Saudi Press Agency reported.