As part of its sustainable partnership with the Ministry of Housing to support the development of the housing sector in line with Vision 2030, Al Ahli Bank has launched the “Subsidized Finance” residential product and developed the system to automatically link it with the Real Estate Development Fund (REDF) system.

This financing comes to enhance the joint housing products with REDF and the Ministry of Housing.

The “Subsidized Finance” product is one of the innovative Sharia-compliant financing solutions and benefits offered by Al Ahli's mortgage program and targets customers who have been approved by the Real Estate Development Fund, as the Fund pays the annual profit rate for the beneficiaries in varying percentages according to the number of family members, income level and age, as the Fund will provide 100% support for low and middle-income people according to the Fund's rules and regulations.

Al Ahli's Head of Banking Group affirmed that the Fund is committed to the sustainable partnership with the Ministry of Housing to achieve the 2030 vision. Hamed Fayez, Head of Retail Banking Group at Al Ahli Bank, emphasized that the bank's launch of such products comes within the framework of providing appropriate financing products and enabling eligible citizens to own housing units, stressing Al Ahli's keenness to contribute to supporting the efforts made by the Ministry of Housing in order to achieve the vision of the government of the Custodian of the Two Holy Mosques to develop the housing sector and overcome difficulties for citizens to own the appropriate housing.

The advantages of the financing include the number of family members and the level of income and age. Among the advantages of subsidized housing finance is that it is approved by the Sharia Council and that the maximum financing limit according to the Fund's policy is 500,000 and the maximum financing limit according to the bank's policy is 4,000,000, provided that the beneficiary pays the profits in excess of the Fund's support.