Announced Bedaya Home Finance and the Saudi Real Estate Refinancing Company Bedaya Home Finance announced the launch of Fixed Ijara, its latest housing finance solution that supports the home finance market in the Kingdom of Saudi Arabia. This came during a joint press conference held by Mr. Mazen Al Ghoneim, CEO of Bedaya Home Finance, and Mr. Fabrice Sosini, CEO of Saudi Re Real estate finance. Mr. Al Ghoneim expressed his pride in cooperating with the Saudi Mortgage Refinance Company to enhance efforts aimed at enabling citizens to achieve the dream of home ownership, noting that the new product comes within Bedaya's plans that will contribute to improving the market system of mortgage finance companies in the Kingdom.

Stimulating the real estate finance company market sector

 “The new product is the result of our fruitful partnership with Saudi Real Estate Refinance Company (SRRC) and will act as a catalyst for the Saudi mortgage finance company market sector. It is aimed at meeting the variable and growing customer demand for real estate finance products, and the Fixed Ijara product will strengthen Bedaya's presence in this vital market, as the new product offers unique features to customers who benefit from it,“ said Mr. Al-Ghunaim. According to Bedaya, the Fixed Ijarah program is similar to the existing Variable Ijarah product but is characterized by a fixed profit margin throughout the financing period, where the profit margin is calculated only once without additional annual increases and is not affected by the SIBOR index.

 With the launch of the new product, Bedaya reaffirms its leadership in the home finance sector in the Kingdom and its commitment to providing attractive mortgage solutions to its customers.

 Mr. Fabrice Sosini expressed his pleasure to partner with Bedaya Home Finance and add it to its growing list of players, in an effort to underscore the company's commitment to empowering lenders and enhancing the home finance solutions available to Saudi citizens that meet their requirements.

Sosini expressed confidence in the new fixed lease product, emphasizing that it will live up to the aspirations of the beneficiaries to own their own homes.”.

 The product (Fixed Ijarah) aims to attract an increasing number of people who want to own their first home with easy and fixed monthly payments that suit their financial capabilities and social conditions, which supports Bedaya's orientation as a national company working within a supportive economic system. It is worth mentioning that Bedaya Home Finance won the Global Finance Award for the best digital real estate finance company in the Middle East for 2018 and specializes in financing products that contribute to achieving the objectives of the national transformation that enhances the value of the individual within a community system capable of contributing significantly to the development of the national economy and achieving sustainable development according to the Kingdom's future vision 2030.

About the Fixed Ijara product

• The product is in collaboration with Bedaya Home Finance and Saudi Mortgage Refinance Company.
• The Fixed Ijara program is similar to the existing Variable Ijara product but with a fixed profit margin throughout the financing period.
• Profit margin is a one-time calculation with no additional annual increases and is not affected by the SIBOR index.
• The product is Bedaya's commitment to providing attractive real estate financing solutions to its customers.
• The Fixed Ijara product will fulfill the aspirations of the beneficiaries to own their own homes.”.
• The Fixed Ijara product is aimed at attracting a growing number of people who want to own their first home with easy and fixed monthly payments.
• This supports Bedaya's orientation as a national company operating within a supportive economic ecosystem.
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