Arab Monetary Authority requires banks and finance companies to standardize mortgage procedures

Saudi Banks - Real Estate Finance - Finance

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<The Saudi Arabian Monetary Agency (SAMA) circulated a statement requiring all banks, banks and financing companies to comply, from the date of the circular, with the procedural guide for mortgages issued recently by the Ministry of Justice, which aims to unify mortgage procedures between financing entities and notaries, given the disparity in these procedures, in continuation of the cooperation between the Ministry of Justice and the Monetary Agency, this came in a statement issued by the Deputy Governor of the Corporation, Director of the General Department of Supervision of Finance Companies Ahmed Al-Sheikh. The Corporation stressed on working and adhering to the 8 procedural requirements for documenting and registering the mortgage, according to the registration forms issued by the Ministry of Justice, in addition to providing the Corporation with cases that prove the refusal of the notary, according to the form of documenting an incident.