Press Releases

<p>Riyad Bank launched a Supplementary Mortgage Finance program in collaboration with The Real Estate Development Fund as an ideal financing option for a vast segment of customers looking for owning the appropriate house with flexible financing solutions in accordance with the policies of the Bank and The Real Estate Development Fund.</p><p>Saleh Al-Saif, Senior Vice President -Head of Personal Services and Products at Riyad Bank, emphasized that this program has many characteristics, the most important of which are: Sharia-compliant, direct registration of the property in the customer’s name, the supplementary mortgage finance can be considered as a down payment or part of the property value with fixed profit margin while the property will be jointly pledged to the Bank and The Real Estate Development Fund, as well as exemption of heirs in case of customer’s death, which is limited to Riyad Bank’s financing amount pursuant to the terms and conditions. Al-Saif also mentioned that the final approval is granted once the property is approved by The Real Estate Development Fund with the possibility of early settlement.</p><p>It is worth mentioning that Riyad Bank is the first bank to obtain SAMA license to practice real estate financing and lease financing, which is considered an achievement for the Bank that reflects the high quality and security of the applied regulations and standards when it comes to practice financing activities, as well as the Bank’s expertise and professionalism.</p>