17.07.2012 - Saudi Arabia: Nod to mortgage law to boost Islamic finance
The approval of the Saudi Mortgage Law by the Council of Ministers earlier this month, which has been almost four years overdue, will not only be a game changer for the housing finance and real estate development market but could propel Islamic finance to the next level in the Kingdom. Islamic mortgage finance could have the same impact in consumer finance as Sukuk is having on the Saudi corporate sector as a fund-raising instrument. But according to Ajmal Bhatty, President and CEO, Tokio Marine Middle East Limited, which is in the process of establishing a Takaful (Islamic insurance) joint venture in Saudi Arabia with Alinma Bank, the Alinma Tokio Marine KSA, the adoption of a mortgage law could boost the mortgage Takaful industry in a big way, which could lead to further developments in mortgage securitization down the line as the market matures..............................................Full Article: Source