Riyadh Emlak
The real estate market is awaiting the issuance of the long-awaited mortgage system and its vision is not clear to real estate professionals, and Shura Council member Dr. Mazen Belila revealed that the Council will approve the mortgage system during the next session, after the Council of Ministers returned it for the second time to the Shura Council; as a result of a discrepancy in some articles of the system, and then submitted to the Supreme Council to take the decision again.

However, Council member Mazen Belaila confirmed to Al-Madina newspaper that the mortgage system will be approved in the next session, saying: “The approval of the system will not be delayed and will be approved in the next session with its application.” The system will be discussed by the Shura Council from the articles of the system. The Shura Council will also discuss the system again, to end the divergence of views on the real estate finance system, the system of monitoring finance companies, and the financial lease system in a number of articles.
On the same level, after a number of members of the Shura Council reservations about the amendment to the third article of the Real Estate Finance Law by adding Sharia committees, and that the experience of using these committees is unsuccessful and their work is witnessing chaos so far, Azib Al-Masbal, Chairman of the Islamic and Judicial Affairs Committee of the Shura Council, stressed the need for the presence of Sharia committees, which he considered that they look at the products of institutions that handle financing and decide whether or not they agree with Islamic law, indicating that the Basic Law of Governance states that the Book of God and Sunnah are the governors of the Basic Law of Governance and the regulations issued by the state. Al Mesbil added: “In order to achieve this requirement, there was a vision to form committees for each financial institution based on financing, but I saw that the number of these Sharia committees may have caused their jurisprudential sources to differ; accordingly, the vision that will be issued by these Sharia committees will differ, and there will be a conflict in the authorization or not, so I thought that there should be one Sharia committee that follows the Monetary Agency and its vision will be in accordance with the applicable fatwa from the Council of Senior Scholars.

On the different opinions of Shura Council members on the feasibility of having Sharia committees that look at the products of institutions that undertake financing, Al Mesbil said: ”The existence of these committees is important, and they will be from those who are qualified and specialized in the legal consideration of money and how it circulates among people, so the consideration must be from legitimate parties, which are these committees.“ The head of the Shura Council's Islamic and Judicial Affairs Committee emphasized that the presence of the committees is a guarantee of legality to apply the terms of financing according to the Sharia vision, noting that money is usually surrounded by multiple suspicions, and to eliminate these suspicions it must be consistent with the provisions of the Sharia, which prohibits usury and permits permissible financial transactions.