The Minister of Justice, Dr. Walid bin Muhammad Al-Samaani, directed that the electronic mortgage discharge service be made available through additional banks, bringing the total number of participating banks to 17 local and foreign banks licensed by the Saudi Central Bank.
The Ministry of Justice clarified that, starting today, it has made the electronic real estate discharge service available through 10 local banks and 7 foreign banks, in cooperation with the Saudi Central Bank.
The Ministry noted that the list of banks includes Al-Bilad Bank, Riyad Bank, Saudi British Bank, Al-Jazira Bank, Saudi Investment Bank, Arab National Bank, Saudi French Bank, Al-Inmaa Bank, Al-Rajhi Bank, and Al-Ahli Bank and Samba Bank (now “Saudi Al-Ahli Bank”), Kuwait National Bank, Muscat Bank, Bahrain Bank, BNP Paribas, Gulf International Bank, J.P. Morgan, and TC Ziraat Bankasi, in cooperation with the Saudi Central Bank.
The Ministry confirmed that expanding the service to include these new banks aims to serve a larger number of beneficiaries by allowing them to deposit real estate transaction amounts into their bank accounts through a fully integrated electronic process that begins with the parties’ acceptance of the transaction, to the transfer of funds to the seller and the transfer of property ownership to the buyer—all through a fully integrated electronic process via the Najiz portal (najiz.sa), without human intervention and without the need to visit a bank or notary public to complete the transaction.
The Ministry stipulated that, for the electronic transfer of property ownership, both parties must be Saudi nationals and each must have an active account on “Absher.”
