Saudi Arabia launches new islamic mortgage finance company : BİDAYA Home Finance
A new home financing (mortgage) firm has been launched in Saudi Arabia with the aim of raising the low levels of home ownership across the Gulf kingdom.Bidaya was granted mortgage finance license by the Saudi Arabian Monetary Agency (SAMA) in December 2015.
“Bidaya was established with the primary purpose of enabling home ownership. Our role as a facilitator will aim to address the economic and social issue by increasing access to finance for middle-income home buyers, and thereby significantly contributing towards the sustainability of the housing sector in the Kingdom.” said Mr. Khaled bin Mohamed Al-Aboodi, Chairman of Bidaya Home Finance.
Identifying the need for home finance options primarily for nationals and foreigners, BIDAYA Home Finance has been launched as a national real estate finance company for Saudi Arabia in 2015. Headquartered in Riyadh, BIDAYA is licensed under the Saudi Arabian Monetary Agency (SAMA), and offers professional and reliable sharia’a compliant financial solutions to both customers and partners.
Bidaya Home Finance has the preeminent composition of shareholders in the home finance space. It is sponsored by the Islamic Corporation for the Development of the Private Sector (ICD – Member of the Islamic Development Bank Group), Public Investment Fund along with a cross-section of organizations committed to the enablement of home ownership.
BIDAYA’s business model is based on forging strong alliances with real estate developers and professional service providers, to create a platform for partners to showcase properties across a wide range of locations and price points, while keeping in mind the aspirational needs of customers. Its specialized team of highly trained and experienced professionals offer tailor-made advice with comprehensive home finance solutions for buying or refinancing residential properties (ready and off-plan) across the Kingdom.