<The official spokesman for Saudi banks, Talaat Hafez, in a special statement to «Today», called on everyone not to rush to judge the regulations before they are applied and tried, refusing to hold a specific party responsible for solving the housing crisis, and pointed out that the system will be applied on time and will initially be subject to a trial period, through which it will be clear to everyone that the regulations will benefit all segments, whether high-income or low-income It is known that housing units differ in size from one unit to another, and there is a disparity in the prices of these units and housing products of different sizes will be available to everyone according to their creditworthiness and credit history, and from a personal point of view, I believe that one of the goals of these systems is to encourage the culture of savings among citizens to save part of the value of housing, an investment whose value increases year after year: This is not true because housing units vary in price according to the financial ability of the person who wants to buy a house, and it is not true that it targets or deprives a group from a group.

I believe that the efforts that intersect between the different financing entities, whether banks or financing companies that have obtained licenses to practice financing with the tangible efforts of the state represented by the Ministry of Housing, the construction of housing complexes and the Real Estate Development Fund, all these efforts pour in one direction, which is to enable the citizen to own a home.

What is said about the doubling of the doubling of the housing prices according to the financial ability of the person who wants to buy a house is not true.

And what is rumored about doubling the contribution of banks in social responsibility programs through some of the programs they are currently developing and claiming to implement them during 2015.

Hafez said. <Hafez said: Everyone may have heard or read about the initiative of one of the Saudi banks recently to proceed with the construction of 500 housing units over the next few years as a matter of social responsibility and other social initiatives, and it is known that all Saudi banks have signed with the Real Estate Development Fund the agreement of the additional financing program available to the borrower from the Fund, and he was issued an approval to go to any of the banks and obtain a similar or less or more loan according to his creditworthiness and credit history, enabling him to own the appropriate home, and it is known that land prices rose which constitute approximately 601 TP3T of housing value during a period of about a month. <The Council of Ministers Decision No. 259 dated 12/8/1433 AH granted companies subject to the Real Estate Finance System and the Finance Companies Monitoring System a two-year grace period from the effective date of the two systems, as stipulated in Article 36 of the Finance Companies Monitoring System for companies and institutions practicing financing activities in the Kingdom before the entry into force of the system to settle their status in accordance with the provisions of the updated system and develop products in a manner not inconsistent with the provisions of Islamic Sharia and as stipulated in Article 3 of the Real Estate Finance System and as decided by the Sharia committees stipulated in Article «3« of the Finance Companies Monitoring System and in order to <The deadline expires on Saturday, November 8, 2014, and the new mortgage application will reduce the financing value of the residential unit from 90% to 70% of the total value of the dwelling, so the borrower bears 30% as a down payment, and the twelfth article of the mortgage contract stipulated in the executive regulations of the real estate financing system. The Executive Regulations of the Real Estate Finance Law, Definitions and General Provisions Section II, stipulates that (( The real estate financier may not grant credit in any form of financing for more than (70%) of the value of the dwelling subject to the mortgage contract and the institution may change this percentage according to the prevailing market conditions.)

<The real estate finance system, the financial lease system, and the system of monitoring finance companies began to operate after ninety days from the date of its publication in the Official Gazette «Umm Al-Qura Gazette» No. (4425) dated 13/10/1433 H. Accordingly, the above-mentioned regulations began to operate at the beginning of this year on The Executive Regulations of the Financial Leasing System and the Executive Regulations of the Financing Companies Monitoring System came into effect on 9/6/1434 AH, the date of their publication in the Official Gazette, noting that the Executive Regulations of the Real Estate Finance System came into effect on 7/7/1434 AH.

Article Eighty-two / Chapter Eighteen Protection of Consumer Rights in Financing Services of the Executive Regulations of the Executive Regulations of the Financing Companies Control System (( Financing companies must use the method of decreasing balance in distributing the cost of the term to the maturity period, so that the cost of the gel is distributed proportionally between the installments based on the value of the remaining balance of the financing amount at the beginning of the period for which the installment is due, and include it in the financing contract.)

. Article 83 specifies the percentage of fees, commissions and costs of administrative services that the finance company obtains from the beneficiary (( It may not exceed the equivalent of (1%) of the financing amount or (5000) five thousand riyals, whichever is less.)

Article 86(3)(a) prohibits the finance company from providing an advertisement that contains a false offer, statement, or claim or that is worded in terms that may directly or indirectly lead to deceiving or misleading the consumer

Finance company is prohibited from providing an advertisement that contains a false offer, statement, or claim.