The process of joint committees of the Ministries of Justice, housing, finance, Monetary Agency to develop regulations for five new regulations for the financing of destruction and finance leasing and monitoring companies and mortgage system implementation and licensing companies specializing in the financing subject to the regulations and the new regulations, which have been classified into three categories: companies specialized in financing real estate with a capital of 500 million riyals, companies specialized in leasing finance capital of 100 million, the companies specialized in micro-finance with a capital of 10 million riyals.
Sources «Okaz» The past six months have seen mergers major between corporate financing, and licensing of new companies, recorded move rapidly to local banks, which began in the establishment of conservative financing specializing in finance-related mortgage chattels mortgage, and explained the same sources that local banks will begin after 18 months to provide financial loans to their customers to keep pace with the new regulations for mortgage after approval from the Ministry of Justice, and the creation of courts and judicial authorities, through diversifying the base of finance portfolio individuals to include the addition of the program Mortgage, which rose from $ 14 billion in 2007 to 37 billion in 2012 to reach provide lending programs parallel with the programs held in portables, and sources said he began work on the establishment of a huge financing company specializing in refinancing companies that grant mortgage through the re-sale of its financial debts to inject liquidity for different systems.
The sources indicated «that local banks waiting for confirmation of the order subject to chattels to be able to respond to requests from customers wishing to obtain funds against the mortgage of their property until repaid, and will enable the system if approved in pumping liquidity funding for the implementation of housing projects and business to ensure that enable citizens to obtain the advantages of financing versus movables proved guarantees
For his part, Talat Zaki Hafez Secretary General of the Committee on Information and awareness of banking in Saudi banks «that SAMA and the Ministry of Justice Tekvan the preparation of regulations and legislation programs for new funding, which comes in the forefront of a system subject to portables, and provide new systems of legal protection and legislative elections that guarantee preserving the rights of dealers and enact laws to support the process of housing finance for individuals, were awarded banks and finance companies sufficient lead time to arrange their status from the inside, said Secretary General of the Committee on Information and awareness of banking in Saudi banks «working Monetary Agency to formulate systems of new financing, including mortgage and finance leasing, and corporate control, While the Ministry of Justice, the development of regulations and systems for regular «mortgage portables» including the mortgage, and the implementation of justice system, is expected to start in the granting of loans banks financing systems to keep pace with the mortgage.
He denied Talaat Hafez be local banks have granted loans financing through mortgage property borrowers before the adoption of the system, there is no record excesses of banks in it, and was granted by the banks of the mortgage was limited in the financing of real estate projects only, and may not provide mortgage loans only After the issuance of the Regulations, and considered that the system will not include determining loan interest rates as the Monetary policy of non-interference in determining the ratio of debt service interest or funding is left to the forces of supply and demand.
Sources «Okaz» The past six months have seen mergers major between corporate financing, and licensing of new companies, recorded move rapidly to local banks, which began in the establishment of conservative financing specializing in finance-related mortgage chattels mortgage, and explained the same sources that local banks will begin after 18 months to provide financial loans to their customers to keep pace with the new regulations for mortgage after approval from the Ministry of Justice, and the creation of courts and judicial authorities, through diversifying the base of finance portfolio individuals to include the addition of the program Mortgage, which rose from $ 14 billion in 2007 to 37 billion in 2012 to reach provide lending programs parallel with the programs held in portables, and sources said he began work on the establishment of a huge financing company specializing in refinancing companies that grant mortgage through the re-sale of its financial debts to inject liquidity for different systems.
The sources indicated «that local banks waiting for confirmation of the order subject to chattels to be able to respond to requests from customers wishing to obtain funds against the mortgage of their property until repaid, and will enable the system if approved in pumping liquidity funding for the implementation of housing projects and business to ensure that enable citizens to obtain the advantages of financing versus movables proved guarantees
For his part, Talat Zaki Hafez Secretary General of the Committee on Information and awareness of banking in Saudi banks «that SAMA and the Ministry of Justice Tekvan the preparation of regulations and legislation programs for new funding, which comes in the forefront of a system subject to portables, and provide new systems of legal protection and legislative elections that guarantee preserving the rights of dealers and enact laws to support the process of housing finance for individuals, were awarded banks and finance companies sufficient lead time to arrange their status from the inside, said Secretary General of the Committee on Information and awareness of banking in Saudi banks «working Monetary Agency to formulate systems of new financing, including mortgage and finance leasing, and corporate control, While the Ministry of Justice, the development of regulations and systems for regular «mortgage portables» including the mortgage, and the implementation of justice system, is expected to start in the granting of loans banks financing systems to keep pace with the mortgage.
He denied Talaat Hafez be local banks have granted loans financing through mortgage property borrowers before the adoption of the system, there is no record excesses of banks in it, and was granted by the banks of the mortgage was limited in the financing of real estate projects only, and may not provide mortgage loans only After the issuance of the Regulations, and considered that the system will not include determining loan interest rates as the Monetary policy of non-interference in determining the ratio of debt service interest or funding is left to the forces of supply and demand.
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