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Saudi Arabia makes key amendments to Real Estate Finance Law

RIYADH, April 19, 2022

The Saudi Central Bank (SAMA) has announced the amendment of some articles of the Implementing Regulations of the Finance Laws in the kingdom, reported SPA.
 
SAMA stated that the amendments included the decision of the Minister of Finance to revoke article (4) of the Implementing Regulation of Real Estate Finance Law, and accordingly, real estate finance companies are now allowed to practice financing activities without stipulating the prohibition of combining Real Estate financing and other forms of financing activities, stated the report. 
 
However, SAMA retains the discretion to restrict licensing by certain conditions.
 
Further to the public consultation released earlier on the public consultation platform, SAMA approved amendment of article 16 of the Implementing Regulation of the Finance Companies Control Law. 
 
From now on, finance companies are allowed to practice financing activities without stipulating the prohibition of combining any of the financing activities. Noting that SAMA retains the discretion to restrict its licensing by certain conditions, stated the SPA report.
 
These amendments reflect SAMA's on-going efforts to review Implementing Regulations of Finance Laws to ensure efficacy and soundness of the financial sector to operate in a competitive environment, it added.



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