Details of the «Ijar» System at the Riyadh Chamber of Commerce
Riyadh-Amlak
As part of its efforts to support the Ministry of Housing, the Riyadh Chamber of Commerce, represented by its Real Estate Committee, in cooperation with the Ministry of Housing, is organizing a meeting on the evening of Monday, February 3,2014, at the Chamber’s headquarters, a meeting with officials from Al-Alam Information Security Company to explain the details of the “Ijar” system, which electronically regulates the relationship between property owners and tenants through a vast information network that displays details of residential units available for rent, as well as defining the terms of the lease agreement between the two parties.
For his part, Mr. Hamad bin Ali Al-Shuwaier, a member of the Board of Directors and Chairman of the Real Estate Committee at the Riyadh Chamber of Commerce, explained that the system enables real estate offices or brokers to enter all available data on residential units listed by landlords through the information network, including the maximum annual rent increase and the rental commission rate, so that citizens seeking to rent can review this information. The system also allows landlords and investors to monitor their investments on a monthly basis.
Al-Shuwayer added that the system will yield significant commercial and national benefits and will provide an opportunity to document contracts between the parties to the rental transaction in electronic form, carried out under a legally recognized framework involving all relevant parties. He noted that the Chamber’s Real Estate Committee helped draft a standardized model lease agreement that protects the rights of all parties to the rental relationship—including investors and tenants—thereby serving the real estate market.
He noted that the system will serve as a massive electronic real estate marketplace and will provide a database of residential units available for rent, The system will also provide information, statistics, and indicators on the rental housing sector, its size, and an average price index, and it will be linked to the Shams security system to ensure the safety of the information and data it contains and prevent breaches.
