This initiative, launched by Samba and SEC in May 2009, aims at extending the necessary facilities to SEC employees who wish to own homes under facilitated financing schemes.
Eissa M. Al-Eissa, chairman of Samba Financial Group, said the renewal of the financing agreement with SEC reflects both parties’ desire to strengthen their relationship. He described the initiative as the first of its kind in the Kingdom in the real estate financing sector.
He said the new financing program was a big success and had won the acceptance of SEC employees. “This agreement is an example of true partnership between business sectors in the Kingdom,” the Samba chief said.
“We look at SEC’s renewal of the agreement as a reaffirmation of its confidence in the broad and innovative financing solutions offered by Samba,” Al-Eissa said, adding that the program goes in line with the government’s efforts to expand home ownership rates among Saudis. He expressed his deep thanks and appreciation to the trust of the Saudi Electricity Company. This will deepen the spirit of partnership between the parties, and enhance their shared vision to widen the horizons of cooperation to serve the public welfare.
Ali Al-Barrak, CEO of SEC, said the renewal of the financing agreement would help more SEC employees benefit from the initiative, which comes under facilitated Shariah-compliant financing schemes with repayment periods extending up to 20 years.
“Samba’s initiative underlines the potential and innovative financing solutions it offers and its ability to cater to the aspirations of customers according to the highest banking standards,” said the SEC chief.
He commended the constructive cooperation between SEC and Samba, their shared strategic vision and plans in consistence with the directions of the Kingdom’s wise leadership.
