Saudi Arabia is studying draft regulations that could see the creation of a real estate refinancing company similar to U.S. firm Fannie Mae, according to proposals published by the central bank this week.
The regulations are part of long-awaited government efforts to develop a housing mortgage sector in the conservative kingdom where the restrictions of Islamic sharia law have made it difficult to secure lending against property. The world’s top oil exporter faces a housing shortage, particularly among lower and middle-income people, as land prices rise rapidly. In July, the government passed laws to regulate mortgage and lease lending………………………………………..Full Article: Source