SAMA offers first real estate finance license to Riyad Bank

Saudi Arabian Monetary Agency (SAMA) has issued the first license for real estate finance and financial leasing activities to Riyad Bank, according to an official statement released by SAMA on December 17, 2013.

H.E. Governor of SAMA, Dr. Fahd Al-Mubarak, said that a number of banks and companies had applied over the past months for licenses to practice finance activities and SAMA is studying more than 15 applications that are fulfilling the regulatory requirements for licensing, some of which are in advanced stages.

SAMA has also urged all financing companies that have not applied to obtain licenses to do so before the deadline specified so they could continue with their finance operations. The three finance laws, including Real Estate Finance Law, Financial Leasing Law, and Finance Companies Control Law; their implementing regulations and finance licensing forms could be viewed here.

SAMA is the central bank of the Kingdom of Saudi Arabia since 1952. Before SAMA was establised
, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society from 1926 acted as the official central bank of Saudi Arabia.

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