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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    The Ministry of Finance provides guarantees for the issuance of sukuk "Saudi Mortgage Refinancing"

    Rocky
    Rocky
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    Saudi - The Ministry of Finance provides guarantees for the issuance of sukuk "Saudi Mortgage Refinancing" Empty The Ministry of Finance provides guarantees for the issuance of sukuk "Saudi Mortgage Refinancing"

    Post by Rocky Tue 28 May 2019, 9:07 am

    The Ministry of Finance provides guarantees for the issuance of sukuk "Saudi Mortgage Refinancing"
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    Ministry of Finance
     28 May 2019 10:40 p
    RIYADH: The Ministry of Finance will provide sovereign guarantees for future sukuk issues, according to a strategic agreement signed between the ministry and the company at the conference of the financial sector.
    The company said, according to the Saudi Press Agency "SPA", that the agreement provides for the provision of unconditional guarantees and due upon the first request of the instruments to be issued.



    The agreement reinforces the company's ability to provide liquidity to attract foreign and domestic investors through capital markets, which ultimately serves the interest of the borrower. The aim is to increase the Kingdom's real estate ownership to 60 percent by 2020 and up to 70 percent by 2010, 2030.
    The company said it would stimulate liquidity for banks and mortgage companies in the Kingdom with a view to refinancing at least 10 percent of the mortgage market by 2020 and up to 20 percent by 2028.
    "This agreement represents an important achievement for the Kingdom's mortgage market in general, and this market is still in its first phase compared to its peers in the G20.
    The guarantee offered by the Saudi Mortgage Refinancing Company will help accelerate its goal of creating a strong secondary mortgage market in the Kingdom by injecting liquidity and providing financial support to lenders, allowing financial institutions to offer attractive financing solutions that help Citizens in home ownership ".
    The announcement came shortly after the completion of SR 750 million in two tranches under the Sukuk program launched by the company in December 2018 worth SR 11 billion, making it the first non-sovereign issuer in the Kingdom for 2019.
    The program aims primarily to promote the acquisition of the Saudi Mortgage Refinancing Company by mortgage portfolios owned by banks and specialized mortgage companies in the Kingdom, thereby injecting more liquidity into the market.
    The Saudi Refinancing Company is looking to capitalize on opportunities in the market through many issues for 2019.
    Sovereign guarantees would reduce the cost of financing to the Saudi Mortgage Refinancing Company and enable them to attract foreign and local investors from the markets.
    The move will support its efforts to achieve its mission of increasing home ownership in Saudi Arabia.
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