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New Saudi mortgage market should be sukuk-based

Posted on 24 August 2010

From Istockanalyst.com: The best Islamic Finance principle to base the much-awaited Saudi mortgage law should be sukuk-based with a Shariah-compliant set of guidelines, Giambattista Atzeni, vice president and MENA business manager for corporate trust and a member of the steering committee of the Gulf Bond and Sukuk Association at BNY Mellon Corporate Trust in Dubai told Arab News.
“Sukuk would be the best way to mortgage homes in a Shariah-compliant fashion,” he said. He also believes that the exact scheme would be the issuance of an asset-backed sukuk and then a pool of loans would be sold to a Specific Purpose Vehicle (SPV)…………………………………….Full Article: Source

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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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