JEDDAH: Dar Al-Tamleek, a new home finance company founded by 14 prominent institutions, was launched here on Wednesday night with an initial capital of SR1 billion.
“Dar Al-Tamleek provides housing financing programs compatible with the Shariah to allow Saudi citizens to live in their dream homes,” Ali Al-Zaid, chairman of Akaria and Dar Al-Tamleek, said at the announcement of the new company at Jeddah Hilton’s Qasr Al-Sharq Palace. “This is a step that comes in line with the economic boom Saudi Arabia is witnessing in all sectors, especially the real estate sector,” he added.
“Recent studies indicate that Saudi Arabia’s annual requirements for housing units in the next five years are estimated at 138,000, with more than 50 percent of this number (approximately 73 thousand units) dedicated to apartments and villas. Thus, the idea of Dar Al-Tamleek emerged with a view to helping Saudi citizens own new homes through flexible financing programs that provide easy payments and in accordance with Shariah,” Al-Zaid said.
“In order to determine the needs of our customers, we have conducted a precise and extensive research of the Saudi market. Using these results, we have been able to formulate home financing programs that would fulfill the needs of all potential customers in the Saudi market and abroad. We are also working to establish reliable and long-term partnerships with real estate agents and developers,” he added.
According to him, the company founders were keen to provide better global and local expertise in this area of finance. Therefore, in carrying out financial operations, Dar Al-Tamleek makes use of the expertise of Guidance Financial Group, a pioneer firm in the field of real estate financing in the United States that is fully Shariah compliant. In addition, the company’s management consists of people with considerable experience in the banking and real estate sectors.
“Saudi Arabia is witnessing a prosperous residential growth due to a steady annual increase in population of about 2.5 percent. Also contributing to this sudden boost are the laws and legislations that the government has been issuing, along with the high income from oil,” Dar Al-Tamleek’s General Manager Yasser Abu Ateek said.
“Here is where our company’s role emerges; helping Saudi citizens acquire houses and villas that fulfill their needs and desires through an easy payment financing program”.
Abu Ateek said that Dar Al-Tamleek was expected to start extending financing to homebuyers through its offices in Riyadh and Jeddah by the end of the third quarter of 2008.
