Saudi Central Bank has granted Saudi Mortgage Refinance Company no objection to the launch of the company's first issuance of a local residential mortgage-backed securities (RMBS) program. The main objective of the program is to enhance financing capacity in the finance sector by converting residential mortgage portfolios into securities, in addition to building a framework for securitization program that strengthens local debt markets, expands the investor base, and diversifies funding sources.

This step comes as the Saudi Real Estate Refinance Company (SRRC). This step comes in line with the objectives of Saudi Vision 2030 and the objectives of the Saudi Central Bank to support the stability of the financial sector through SAMA's supervisory and regulatory role.