RIYADH: A leading Saudi company has come forward to offer housing loans for Saudis and expatriates following the introduction of mortgage laws in the Kingdom.
“We are going to help them own property by giving them simple and flexible Shariah-compliant home finance,” Sheikh Abdullatif Al-Shalash, managing director of Saudi Home Loans (SHL), told Arab News. SHL, which was launched with a SR2 billion in startup capital in January this year, is the first fully Islamic specialized home finance company to be established in the Kingdom.
Al-Shalash said that the company’s experienced advisers would offer free advice and provide home financing up to 90 percent of the cost of the land, villas and apartments with payment terms up to 25 years.
“Applicants need not produce any certificates to certify their salaries and applications will be processed within 48 hours.”
“The property market has changed and evolved,” said Al-Shalash, “but with our experience in the industry, our customers will absolutely benefit from our expertise.”
According to a recent study, the Kingdom needs 300,000 residential units every year over the next 15 years, a total of 4.5 million. In Riyadh, the lack of affordable homes is especially acute with a reported shortage of 225,000 residential units.
With finance consultants across Riyadh, the company has plans for expansion to other parts of the Kingdom in 2009. The scheme is being carried out in partnership with real estate giant Dar Al-Arkan and Arab National Bank (ANB). Besides the SHL headquarters in the capital, housing loan applications can be obtained from any of ANB branches and Dar Al-Arkan offices throughout the Kingdom.
“SHL is a fully Shariah-compliant finance company,” said SHL Chief Operating Officer Tahir M. Naseem. “Our Shariah-Compliant Supervisory Board, chaired by Sheikh Abdullah Bin Suleiman Al-Maniya, ensures SHL home finance always complies with Shariah requirements. All contract documents are finalized only after Shariah board’s approval,” he added.
