Riyad Bank licensed to finance real estate

The Saudi Arabian Monetary Agency granted Riyad Bank the first license for real estate financing and lease financing. (File photo: Reuters)

The Saudi Arabian Monetary Agency (SAMA) issued on Saturday the first license for real estate financing and lease financing to Riyad Bank, announced the agency’s chief.

SAMA received a number of applications from banks and companies requesting licenses to practice real estate financing and other related operations in Saudi Arabia, said Fahad bin Abdullah al-Mubarak, SAMA’s chief in a press statement.

He added that SAMA is studying applications that have fulfilled the conditions for licensing.

Banks and companies which have not applied for the license will not be allowed to practice such practice real estate financing and other related operations.

The deadline to apply for a real estate financing license was last August.

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Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42
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