Participants at the meeting organized by the King Abdulaziz Center for National Dialogue last Tuesday, June 6, 2017, titled “The Future Role of the Real Estate Development Fund,” explained that the subsidized financing program was designed to serve all those registered on the waiting lists and to reduce their length from ten “”10 years or more to a maximum of five ”5” years, and to increase the homeownership rate for citizens in the Kingdom by approximately 52 % by 2020.
Fund officials confirmed that the subsidized financing system follows the Sharia-compliant real estate financing system, which is adhered to by all Saudi banks in their financing programs approved by their Sharia committees, in accordance with the directives of the Saudi Arabian Monetary Authority (SAMA).
